Wondering what type of housing suits your current lifestyle? Take our quiz and find out.
Score 10-14: Apartment.
Located in a larger apartment building, most apartments rent through a landlord, though some are for sale. In cities with limited space, apartment demand is high. And no wonder. Compact city-living is a common choice for those looking for more affordable, temporary housing compared to the commitment of owning a home. Apartments can also come with 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 purchase the property, or the unit. Though, you will not own the common areas or surrounding properties. Also, you may incur monthly association fees for landscaping and amenities in addition to your monthly mortgage. The benefits of living in a condo can include a more affordable mortgage payment, less maintenance, and inclusion in a shared community.
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Score 20-24: Duplex.
A duplex is a small house or condo-style home joined to another property on one side. Like standalone homeowners, duplex owners will be in charge of their own upkeep and maintenance within their property walls and yard areas. Listings often refer to duplexes or four-plexes as “multi-family homes.” When it comes to benefits, duplexes can be more affordable than traditional houses, depending on location. If you purchase the entire duplex unit, you could also make residual income by renting the second unit to a tenant or family member.
Score 25-30: Tiny house.
By definition, a tiny house may be as small as 100 to 400 square feet. But today, many homebuyers looking to minimize and cut costs are downgrading their space as much as they are able. With this attitude in mind, tiny houses have become part of a growing movement to benefit the environment, save money, and support simpler living. Tiny houses may be placed on a privately-owned property or a family member’s property; they are also purchased within tiny house villages. Some of the biggest benefits of living in a tiny house or a small house include noticeably lower utility costs, energy efficiency (found in many designs), less upkeep and maintenance, and less time spent decorating and cleaning.
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Score 36-35: Suburban bungalow.
Suburban homes come in all shapes, sizes, and styles and will typically be found outside of 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 seen in the Northeast; European-style homes in some Southern states capture design elements from England, France, and Italy; and Mediterranean-style homes in the West are easy to spot with their tiled roofs and outdoor courtyards. Benefits of living in the suburbs over the city may include more affordable housing with more square footage at a lower price, access to parks and natural attractions, and, possibly, better school districts.
Score 36-40: Country cottage.
With a house in the country, you can have it as you like it. Quaint and homey or roomy and rustic with wide open spaces. A typical country cottage is small, pastoral, and antique. However, refurbishing or “flipping” a country home is a popular practice. It improves upon design and can cause price to increase. Many homebuyers move from the city to the country for benefits like less traffic, reduced stress, more contact with nature and animals, and, oftentimes, lower crime rates.
If you’re at the crossroads between renting and buying, we can help you weigh your options and make an educated decision. Contact one of our loan officers to get your mortgage questions answered — or stay in touch on the fly with our free app.
For educational purposes only. Please contact your qualified professional for specific guidance.
Sources deemed reliable but not guaranteed.