If this is the first time you need to decide to move from your parent’s house, then the options can be confusing. It is a big choice that is going to affect a large portion of your life. You may have seen your friends took house mortgages while the others chose to live in apartments or condominium.
Here, we will discuss the advantages and disadvantages of taking each of those decisions. You should read this through, and you shall find your ideal place to live in.
If you want to live in a house, the first thing to know is that this property is the most expensive one there is. You can either rent or buy a house, but this decision should be made depending on the region’s property market. For example, properties that are close to a business district will be cheaper for rents instead of for sale.
Moreover, the burdens of maintenance, repair, and improvement are all yours. If you buy a house at an unreasonably low price, then the chances are that it has issues that are waiting to reveal themselves as the time goes by. You have to make sure that you get a professional building audit on your desired house before you sign any contracts.
Also, finding the right mortgage deals is not an easy business. If you survey the prices by yourself, you will have the possibilities to miss the lucrative offers and to fail the negotiation stage. It will be best to hire a mortgage broker and let the agency do their job. For instance, if you live in Edinburgh, then you should consider the mortgage broker Edinburgh to be your partner. They employ a comprehensive method of surveying the available deals so that they can give you only the profitable ones.
Living in an apartment will make you experience freedom and restriction at the same. The primary restriction is that you cannot deliberately make any building improvements there. You should consult the building manager before you can replace the plumbing pipes, electrical wires, etc. Aesthetic decorations that alter the original look of the room are also usually prohibited.
However, you will be free from the major maintenance costs. For example, the HVAC (Heating, Ventilation, and Air Conditioning) is a centralized system. You will be required only to pay a modest amount of fee included in your utility bills. You can save a lot if you live in an apartment.
Unlike the apartment, a condominium allows you to own your unit. The maintenance will charge you more than if you live in an apartment. However, the condo management can neither upgrade nor downgrade the facilities without your permission. In fact, if you think improvement is necessary, you can gather votes from other owners and propose the idea to the condo management.
In terms of investment, owning a condo is also as beneficial as owning a house. Crowded business districts often do not have house complex nearby. The available properties are either a condo or apartment. If you own a condo, you can rent the unit fast with a relatively stable price. It will be a profitable commercial property investment.