Factors to Consider in Choosing a Housing Type
Moving to a new place can be complicated because there are many factors at stake. First, you might get confused about deciding which type of property suits you best if you are not going to stay in the same place permanently. Second, if you opt to buy a home, there are also various options for you. Condos, apartment, houses, cottage, are only several types of housing that can be on your list. Third, there are some restrictions on each of those housing types.
Investment Value
Before you decide to spend your money on housing, you have to consider the investment value of your decision to move. If you look for a new home so that you can be closer to your workplace, then you may not need a permanent house. If you want to have a commercial property, then applying a mortgage for an apartment or condo unit in the business district might be the soundest option for you.
People mostly think that a mortgage is profitable only if it is used on buying a townhouse. However, most units in the crowded areas are lavishly expensive, and so is the maintenance cost. Hence, house-flipping is the wisest business model for townhouses, yet it applies only to the suburb regions, and it requires you to wait for at least two to three years before you can reap the profits.
Apartment and condos, on the other hand, will give you fast money if you own them for commercial purposes. In most business districts, condo/apartment units are more affordable than the townhouses in the same area. The maintenance fee of condos/apartments is also less expensive than townhouses. You can validate this statement by conducting a quick survey on property websites.
The Building’s Age
Purchasing a new building is not an available option for many people these days. Real estates’ price has been increasing rapidly, and it leaves only the vacant ones affordable. Consequently, some buildings might be too old to be sufficient for occupancy. And this condition is where house agencies can play an important role.
If you employ an agency, they will do the investigation for you. You can give them a set of criteria, and they will go to the field to check if any units fit your request. Old buildings may be astonishingly cheap, but then you will be required to spend some money on renovation and maintenance.
The Eco-Friendly Statistics
The third factor to consider is whether your desired home is eco-friendly or not. Not only an eco-friendly house will prevent you from being an ignorant and wasteful person, but it will also save you from excessive monthly charges.
You can ask an energy audit to evaluate the power use efficiency in the building and the quality of the electrical wiring. Old buildings usually still use knob-and-tube model, which can eat up more power than necessary. Moreover, it does not have a ground system, which makes it unsafe for you and your electrical devices.
The next thing to do is to call a plumber to detect hidden leaks in the water lines. Leakage can be subtle, yet it may lead to major damage in the building’s structure and increase your utility fee. Pipes also need replacement at some points. Checking on them before they burst can save you from a messy problem.