Property buying can seem incredibly difficult as there are loads of steps to take. Before you do anything else, you should settle on what your perfect property is. Today’s guide will talk about the three main property types available on the market. Each one is different and ideal for different types of people.
Make sure you read this guide carefully as it will tell you more about each property. Then, by taking the information onboard, you can judge which one is best for you. So, check out everything you need to know in the guide below:
Houses are probably the most popular property option out there. In truth, most people will tell you they aim to own a house during their lifetime. There are many benefits of a house, and it can be the perfect property for lots of different people.
The thing with houses is that they come in all shapes and sizes. You can get ones with only one floor, or some with multiple floors. The number of bedrooms also varies, as does the garden/garage size. However, the fact is that houses have the potential to offer you things like a garden, garage, basement, attic. They’re the most spacious property type out there and are perfect for families. This is why they’re very popular, a house will give you a ‘complete’ property. Houses are also great property investments as you can do so much to increase their value. People have bought small homes and extended them to become much bigger and hold more rooms. They’ve then sold that home for double what they paid for it. So, if you’re looking for a property to invest in, houses are probably your best bet. The other reason they’re so popular is because of the choice you have. Essentially, there’s a house out there for almost everyone.
Living in a house can provide many pros that might make it perfect for you:
- Great for families
- Potential for lots of extras – garage, garden, etc.
- Fantastic investment opportunity
- Loads of different types to choose from
- Can make improvements
As for the cons, there are a couple of things that might put some people off:
- Tend to be very expensive to buy meaning you’ll need a mortgage that takes ages to pay off
- Can often be situated outside of main city areas and away from public transport
Houses are the best property type for families to purchase. They’re also exceptional if you want to invest in something that can easily grow in value.
Apartments are a very popular property type that many people look to buy or rent these days. Essentially, they’re aimed at people that don’t need as much space as a house will provide. While you can get apartments with two, three, maybe even four bedrooms, you do miss out on many things a house has. An apartment won’t have a basement or an attic, you won’t have a personal garden. There are also restrictions on the work you can do to an apartment, even if you own it. For example, it’s pretty impossible to extend an apartment as it’s part of a building with other apartments that you probably won’t own.
So, if an apartment doesn’t offer as much as a house does, why are they so popular? When you look at them, it’s probably down to a few main things. For starters, apartments tend to be in very good locations, particularly for people working within cities. You’ll struggle to see housing blocks built right in the middle of a busy city, but you can bet there’s be an apartment for sale that’s right in the middle of all the action. In a sense, that’s one of the main aims of an apartment, to provide properties for people in busy city areas. Secondly, it goes back to that point about apartments not really providing as much as a house goes. While this may be a negative for some, it’s a huge positive for others. There are single people out there, living alone, who want somewhere to live. It’s impractical for them to fork out hundreds of thousands of dollars on a house that they won’t use to its full potential. It makes far more sense to look for something smaller that suits their situation better. Finally, apartments can be much cheaper than other properties – in both rental and outright purchasing prices. It can often be much cheaper to live in a two bedroom apartment than a two bedroom house. Especially when you take into account the location of an apartment. There’s no comparison between the cost of a house near the city and an apartment in the city, the house will be way more expensive.
There’s a lot to love about apartments, and they have a few big positive points that people may enjoy:
- Often in good locations near busy cities making them perfect for working individuals
- You get as much space as you need and don’t waste money on things you won’t use
- Cheaper than houses in the same area
- So many on the market up for rent/sale at all times
With that being said, there are some negative points that might put certain people off too:
- Not ideal for large families as there’s restricted space
- No personal garden
- No personal garage
- May have to pay ground rent even if you own the apartment itself
Is an apartment the perfect property for you? If you’re living alone or with one or two other adults, then it might well be. If you’re living with a family, then an apartment should never be more than a temporary place of residence.
Finally, the third most popular property type is a condo. What is a condo? Well, it’s similar to an apartment but not the exact same. The size of each property is very similar, and they’re both situated in buildings with other condos/apartments in the same building. The difference is that apartments are in buildings that are owned by someone. Whereas, in a condo complex, everyone owns their individual condo, and no one owns the building itself.
Condos are popular for people that have accrued a decent amount of wealth and want to invest in a small property. Owning a condo is great as you can then rent it out to someone else in bring in a lot of money. They also tend to be in excellent locations with the complexes featuring things like swimming pools and other social areas. Many people in the real estate industry see condos as a luxury property, they’re more for people that want a relaxing environment to live in.
The pros of a condo can be seen down below:
- Great buy-to-let investment
- Luxury living in popular locations
- Cheaper than buying a house
- Complexes have lots of extras and friendlier environments than apartment buildings
As with every other property, the pros come with some cons:
- Not great for family living
- Can’t make improvements to increase its value
- Rental costs can be quite high
A condo is great if you’re looking for a change in your life and want to step away from a big city and live somewhere more peaceful. It’s a luxury purchase, and also a brilliant one if you want to get involved in the buy-to-let game.
In summary, you should be able to figure out which property is perfect for you by reading this guide. Once you’ve figured this out, you can get started hunting for your ideal place to live.