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Whether you’re interested in moving, investing, or simply seeing what the market has to offer for living spaces, exploring the different types of residential buildings is important. Different stages of life will require different kinds of living situations, and you can always find something that meets your needs perfectly. Perhaps you’re looking to settle down and grow your investments both financially and personally. That will require a different housing option from a young, single person exploring a new city for the first time.
No matter your priorities, you can find a place that works with everything you’re looking for. Who knows? You may discover a few types of residential buildings you’ve never even thought about for a fresh take on housing. Here are some of your options:
1. Traditional House
Buying a home is a big step for anybody, both financially and practically. Purchasing a house is a great option for those with stable finances and more concrete plans for their future. It offers a permanent move, unlike renting. On a month-to-month basis, mortgage payments are often more affordable than rent, even though a mortgage is a longer-term investment. Houses offer more privacy and space than other housing options, too. It’s an investment that’s completely about you and your needs — no landlords, no tenants.
Apartments are almost always rental spaces, and they’re often perfect for single people, roommates, friends, or young couples who enjoy more frequent changes to their living situations. When you rent, you don’t have to worry about the changing housing market or property values. You only need to care for your own unit and treat your living space with respect.
Big repairs and maintenance tasks are the building owner’s responsibility, not the renter’s, so those things can be less of a stressor. Apartments are also great for those who don’t need a lot of space but still value privacy.
Condos can be available for rent or purchase and are often a great middle ground between apartments and houses. While you have a bit more space and perhaps outdoor rooms or even multiple floors, there are often fewer tasks to worry about, as homeowners’ associations (HOAs) or building services can be a part of the deal.
Many condos offer the same amenities you’ll find in apartment buildings, but this occurs on a case-by-case basis, so you should find something that works specifically with your needs.
4. Housing Co-Op
While other housing options might offer neighbors or even community programs and amenities you can opt into, housing co-ops are communal spaces built around intentional sharing. Rather than owning or renting your specific unit, the collective owns the building together. There are sometimes interviews to become a part of the community, and residents might have more responsibility, which comes in exchange for cheaper rent prices.
Co-op housing can be great for those looking for a wider sense of community, or younger renters on a tighter budget who are willing to put some work in.
5. Multifamily Home or Multi-Home Property
If you’re looking to truly invest in your residential property beyond your personal living space, a multifamily home or property with additional residential spaces might be ideal for your situation. If you’re prepared for the upkeep, buying a place with multiple units can be a soft invitation into your slice of the rental property world.
While this type of residential building will give you a place to live, you can also rent out the other units to help with the mortgage or give yourself a financial boost.
Home Is Where the Heart Is
Wherever you find yourself, one of these types of residential buildings will have an option that’s perfect for you. Chances are, you’ll find yourself in different housing options during various life stages. It’s all a journey to find the best home.