Everyone dreams of buying and owning a home. But it’s easier said than done. There are innumerable considerations that play a part in making a decision about what to buy and why to buy it depending upon the buyer’s need, his financial status, long term plans and his lifestyle. To help you make a well informed decision we have enlisted the pros and cons of owning a specific kind of home.
Here are the pros and cons of owning house and lot, condominium, townhouse or apartment.
HOUSE AND LOT
- You have control over decisions that involve decoration, renovation, furnishing and so on.
- You can live an unrestricted life because there is no one telling you how to live in your own house. This means a better quality of life
- With no interference from anyone you have maximized personal space and privacy.
- You have to make daily trips to school, office or commercial establishments no matter how far they are as there is no option to shift to a nearer location. Thus there is the problem of distance.
- As the owner you are the one responsible for all the repair and maintenance work of the house.
- Unless your house is fully equipped with all amenities you have to go to special places such as gym, park, swimming pool etc. for fulfilling your needs.
- Condominiums are mostly located nearby commercial business districts thus you can choose one near the university or business district
- There is little maintenance as you don’t have to worry about maintaining a yard or repairing a roof.
- Condominiums are highly secure with gated entries, monitored elevators and walkways and full security services.
- There is limited privacy as other owners live in close proximity with shared walls.
- You get limited in the size of the condominium. You cannot expand the size at your will and you do not have any control on the land beneath you
- You have to follow certain rules of the management regarding number of visitors etc.
- You have easy access to multi-purpose courts, gyms, pools and other amenities.
- Purchasing a townhouse is more economical and requires low maintenance
- You have a close-knit community and can make lasting bonds with people in the same area.
- Houses share common walls and roofs thereby limiting the privacy of owners.
- You cannot do external changes in the house to suit your needs such as driveway, outside fixtures etc.
- You can access a pool of amenities within walking distance.
- You are close to offices, commercial establishments, public transportation, university etc.
- You do not have to worry about cleaning outdoors and common spaces or landscaping. There is a minimal maintenance cost.
- Due to comparatively more crowd in apartment buildings there is reduced privacy.
- You cannot change much in your house in terms of external paint, fixtures etc.
- There is limited space unless you purchase an additional unit.
Keeping the pros and cons in mind it’s always better to identify what suits your needs and then go ahead with buying a house.