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Which is Right for You?

House, Apartment or Townhouse: Which Is Right for You?

You've finally saved up enough money, and you're ready for a new housing situation. You've always planned on buying a home. But as you explore other housing options, you wonder whether buying a home is the right choice for you.

If you live in Ringwood, Victoria, you have many housing options available to you. Use this basic overview of the different housing types to help you choose the right one.

House

Buying a home is many people's dream-and for good reason. By becoming a homeowner, you're making an investment that can increase in value over time. Owning a home also gives you the flexibility to do what you want with your new space. You can paint, renovate or landscape to your heart's content.

But owning a home is expensive. According to Your Investment Property magazine, the median price of a home in Ringwood, Victoria is $835,000. Lenders will encourage you to pay at least 5% of the home's price upfront. Paying 20% or more is even better because then you won't have to pay for Lender's Mortgage Insurance (LMI).

You also need to make sure you can afford your monthly house payments. And don't forget about all the other expenses of buying a home, such as utilities, yard work, repairs-and the list goes on.

If you don't have the money to buy just yet, renting a home is also an option. You'll get all the benefits of living in a home, but you won't have to worry about expenses like upkeep and repair. Instead, you'll pay a monthly payment to a landlord. But you won't get the investment and personal comfort that accompany being a homeowner.

Apartment

Many people who can't afford a house live in an apartment. Many apartments are quite spacious and comfortable. Plus, many apartment complexes include exciting amenities like pools and playgrounds.

However, living in an apartment means you share walls with neighbours. This translates to less privacy and more noise. Living in an apartment also means you don't have your own garden-but you won't have to care for a garden either.

If you're not ready for the responsibilities of homeownership, renting an apartment is a great option. Like renting a home, renting an apartment means you pay a monthly fee to a landlord. He or she is responsible for repairs and maintenance. However, he or she will hold you financially responsible for any damage you cause to the apartment.

Townhouse

A townhouse has qualities of both a house and an apartment. Like an apartment, a townhouse shares walls with the neighbouring property. But like a house, a townhouse might come with a private garden. However, this garden is generally smaller than what you would see at a house.

As with buying a home, buying a townhouse might mean you have to pay fees to a property management association. This association oversees things like trash removal and street maintenance. Along with paying a fee to the association, you must agree to follow their rules.

While these fees can add up, living in a townhouse is generally less expensive than living in a home.

 

Although buying a home is certainly a worthy goal, you might not be ready for the cost or the responsibility. Apartments or townhouses provide their own unique benefits for both owners and renters.

After you've decided whether to live in a house, an apartment or a townhouse, you still need to find the perfect living space for you. The real estate agents at Carter Real Estate can help you find a housing option that fits your space requirements and your budget, so call us today!

Call Us Today 03 9870 6211

Carter Real Estate