If you want to make an income from your property or need a tenant to help pay bills, check the HOA rules before you buy. In addition, condos come with HOA fees. These dues help pay for a property management company and cover maintenance costs.
When most people talk about buying a house, they mean purchasing a single-family home , which is a standalone structure on a foundation. Single-family homes can be single-story ranch homes or have multiple stories, as well as a basement or attic space. Many single-family houses also have yards, so you get more outdoor space to enjoy. Although you get all the space when you buy a house, that also means a higher sticker price. Think lawn care, keeping the gutters clean, servicing the furnace and other routine maintenance.
Those tasks can add up to significant time and money. Here are more differences between a house vs. Most modern townhouses , which are technically considered condos, have small footprints, multiple floors and shared exterior walls with neighboring homes within the community. Some townhouses might have small yards or patios, and can be much cheaper to buy than a single-family home.
For homebuyers debating between a house or condo, a townhouse might be the best of both worlds. You get multiple levels, often more space like a single-family house with less exterior maintenance a major perk of condos. Pet owners will also like the fact that their townhouse may have a small yard for their four-legged friends to enjoy. Townhouses usually come with HOA rules and dues. When it comes to the ability to make your own choices about your property, you might have a bit more autonomy, but your decisions still typically have to be HOA-approved.
Depending on the age of the property and amenities offered, the HOA fees can add up fast. An apartment is the general term that can be used to describe any residence inside of a residential building where the individual units are rented.
In bigger cities, these can be condos that are being individually rented, or large buildings of units owned by a single owner. A big factor in determining if you should look for a condo vs. There are other considerations to make, too. How long do you plan to live there? Are you likely to have a job or lifestyle change that would require you to move? If you plan to move within five years, it could potentially be better to rent instead of buy. Apartments give residents a place to live without most of the responsibilities that come with homeownership, such as property taxes, maintenance fees and building upkeep.
The buildings could come with community amenities like a gym, pool or dog park, as well. Usually, properties having sky-high rates in metros compel most homebuyers to look at apartments as their preferred choice.
These come slightly cheaper than independent property which could be in the form of a villa or an assortment of floors built on a plot. While it is common knowledge that the latter comes at a price, there are some marked differences between the two. MakaanIQ explains some of these differences to help you make your buying decision easy and know flat or house which is a better choice for you-. Amenities comes at a cost: While an apartment property comes with added values, such as security, enough parking spaces, power back-up, water systems and fire safety mechanism in place, an independent property needs extra effort for setting up of these services.
This would also include an extra cost. It is estimated that one needs to spend per cent of the total property value on these amenities around an independent villa property. This would include setting up of a small power back-up in the form of an inverter or a generator set, and your own water mechanism. Security will still remain a constraint. In case your villa property is located in a colony of such villas, the inhabitants can form a Residents' Welfare Association RWA.
The RWA can then look after security and other such issues. On the contrary, in an apartment society, the developer provides all these in advance for the first 2 to 3 years. Later, the management of services is taken over by the RWA. Mortgage: In case you are buying the property by taking a home loan, it is easier to get the loan for an apartment than an independent property.
Lending banks often prepare a list of sanctioned projects where a buyer can easily get his loan approved. Our tools and calculators can help you plan your budget and work out how much you can borrow, what your repayments will be and more.
Apartments tend to be more affordable to buy than houses. So choosing an apartment could save you money and saddle you with a smaller mortgage. They may also, however, offer less potential for capital growth than a house, particularly if you buy in a very apartment-dense neighbourhood. Book appointment. This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.
As this information has been prepared without considering your objectives, financial situation or needs. You should, before acting on this, consider the appropriateness to your circumstances.
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