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If you’re looking to make a change in your living arrangements, you’re probably starting to think about the property type you want. If you’ve always lived in the same type of property, it can be hard to know what might suit you best moving forward. As your needs and your plans change, it can feel tricky to know what kind of home will work for you long-term.
There are several different types of properties, as well as different means of ownership. Depending on your job, family, budget, and location, the property that fits your needs might not be the same as the type of home you grew up in, or currently have. Read on to see what types of properties are out there, and which one calls out to you.
Let’s start with the types of property ownership you can have. Freehold properties are properties where you own everything on the grounds – this includes the home itself, as well as the land it’s on. You’re responsible for maintaining all aspects of the property, and paying for any expenses required to take care of it. Basically, freehold properties are nobody’s concern but your own.
This is a great property type for those who want full control over their land, and the final say on what happens to their home and yard. You have the freedom to do what you want with your property (with some limitations). However, this type of property also requires the most maintenance, which means more work and more payments for you. Consider whether you have the time, money, and patience to take care of your property to this extent.
Condominium owners own a single unit within a bigger group of units or buildings. These can include apartments within a house or complex, a home in a condo complex, a townhouse, etc. While you own your home itself, you don’t own any of the land or grounds. This means you’re not responsible for maintaining anything exterior to your own unit.
Condominiums are a good option for those who want to own a home without worrying about yard maintenance. On the other hand, you pay fees to cover the expenses of maintenance and exterior work. These costs can go up over time, similar to rent.
As you probably know, renting means you have no ownership over the property you live in. You pay rent to your landlord, and you have limited say over both the interior and exterior of your unit. You’re not responsible for maintenance, and landlords cover the cost of minor repairs and damages. Many people choose to buy houses and rent out basements to help with mortgage payments.
While people highly value the idea of owning property, and some think of renting as throwing money away, there’s nothing wrong with renting. It’s a good option if you’re unsure where you want to live permanently, if you can’t afford to own a home, or if you don’t want to worry about property maintenance.
Now, onto the property types themselves. Detached houses are the property type many people think about when they picture a “home.” These are free-standing houses that aren’t attached to any other building. They can be bungalows, two-storeys, backsplits, etc. Detached houses arguably have the most maintenance as they are often the largest property type.
This is a good option for people with families who need more space and have a budget for a larger property. It’s also important to be able to commit to maintaining all aspects of the home and land.
Townhomes can either fall into the freehold or condominium property category. These homes are lined in a row and are attached, meaning they share at least one wall with each other. The units themselves are private, but there is less privacy with your neighbours so close. Townhomes are often found in growing urban areas.
This property type is great for people who want to own something bigger than an apartment, but don’t want to commit to a detached house. Townhomes are in between these two options in both price and size, so they can be a happy medium for young families or for a starter home, for example.
Duplex or triplex
Duplexes and triplexes are similar to townhouses in almost every way. The only difference is that instead of being part of a bigger row of several attached homes, these units only come in blocks of two or three. This means fewer walls are shared with neighbours, and there might be a bit more space and privacy for owners. Much like townhomes, duplexes and triplexes often fall between apartments and detached houses in terms of price and size.
Finally, a condo apartment is a small unit you own, within a group of other units in one building. You only own your unit itself – all exterior entrances, hallways, grounds, etc. are not yours. Condo apartments are often the smallest property type you can own, and are arguably the easiest to maintain.
While they are often less expensive, condo apartments can still be pricey. Since these units are often located in downtown city spots, they can cost a lot of money to own. This is because you presumably have the benefit of being close to city amenities in a desirable area.
The property type you choose to live in will be unique to your own situation. None of them are necessarily better than the others – some will naturally just fit you better. Buying any kind of property right now is challenging, so it’s best to do your research and be prepared for when you decide to enter the housing market.
If you have any questions about the types of properties that might work for you, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.