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Score 10-14: Apartment.
Located in a bigger apartment building, most apartments rent via a landlord, though some are for sale. In cities with limited space, apartment demand is high. With no wonder. Compact city-living is a very common choice for those searching for less expensive, temporary housing compared to the commitment of owning a home. Apartments can also include benefits like gym and pool amenities, maintenance staff, and gated entry on some communities.
Score 15-19: Condo.
For many first-time homebuyers or downsizing homeowners looking for an option similar to apartment living, condos offer added versatility. In most condominium buildings or complexes, you can buy the home, or even the unit. Though, you will not own the common areas or surrounding properties. Also, you may incur monthly association fees for landscaping and amenities along with your monthly mortgage. The benefits of residing in a condo may include a more affordable mortgage payment, less maintenance, and inclusion inside a shared community.
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Score 20-24: Duplex.
A duplex is really a small house or condo-style home joined to a different property somewhere. Like standalone homeowners, duplex owners will be in charge of their very own upkeep and maintenance within their property walls and yard areas. Listings often make reference to duplexes or four-plexes as “multi-family homes.” With regards to benefits, duplexes can be less expensive than traditional houses, depending on location. If you purchase the entire duplex unit, you might make re-occurring income if you rent then the 2nd unit to a tenant or member of the family.
Score 25-30: Tiny house.
By definition, a little house may be as small as 100 to 400 square feet. But today, many homebuyers looking to minimize and spend less are downgrading their space as much as they're able. With this attitude in your mind, tiny houses have become part of a growing movement to benefit environmental surroundings, cut costs, and support simpler living. Tiny houses may be put on a privately-owned property or perhaps a family member’s property; they are also purchased within tiny house villages. A few of the biggest benefits of residing in a tiny house or a small house include noticeably lower utility costs, energy efficiency (found in many designs), less upkeep and maintenance, and fewer time spent decorating and cleaning.
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Score 36-35: Suburban bungalow.
Suburban homes are available in all shapes, sizes, and designs and can typically be located beyond central city limits. Popular suburban home types can vary by architectural influence found in different parts of the country. Ranch or Rambler-style homes are the over-sized, single-story houses commonly observed in the Northeast; European-style homes in certain Southern states capture elements of design from England, France, and Italy; and Mediterranean-style homes in the western world are simple to spot using their tiled roofs and outdoor courtyards. Benefits of living in the suburbs over the city can include more affordable housing with increased sq footage at a lower price, access to parks and natural attractions, and, possibly, better school districts.
Score 36-40: Country cottage.
Having a house in the country, you could have it as being you like it. Quaint and homey or roomy and rustic with available spaces. An average country cottage is small, pastoral, and antique. However, refurbishing or “flipping” a rustic house is a well known practice. It improves upon design and can cause price to increase. Many homebuyers move from the town towards the country for benefits like less traffic, reduced stress, more contact with nature and animals, and, oftentimes, lower crime rates.
If you’re in the crossroads between renting and buying, we can assist you to weigh your options making an informed decision. Contact one of our loan officers to get your mortgage questions answered — or keep in touch on the fly with this free app.