| Apartment |
| Condominium |
| Townhouse |
| Home |
| Comparison |
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| Apartment |
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A type of property intended for permanent residents who lease a specific space or unit for Rent.
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| Advantages |
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Lowest cost (and Lowest taxes) |
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Lowest maintenance effort because of no private yard (everything is shared and common) |
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Best suited for singles, bachelors and empty-nesters |
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Availability of Shared Swimming Pool, Exercise Room and Small Office |
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| Disadvantages |
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Hardest to sell or Cheapest to rent |
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Generally difficult to finance with low down payment and low interest |
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Least privacy (no private yard) and limited availability of common yard |
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Share common walls, floors and ceilings (sometimes) with neighbors |
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Renting neighbors change constantly for every 6 months to 1 year |
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Crowded neighborhood with many hundreds of units in each Complex |
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| Condominium |
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Individual units in a multiunit structure that have joint ownership of commonly used property like sidewalks, hallways, stairs, and lawn
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| Advantages |
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Lower purchase price than Townhouse or Detached Home |
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Lower cost and taxes |
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Lower maintenance effort |
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Better to re-sale or rent than Apartment |
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Some important backyard activities possible...barbecues, sandbox, swings |
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| Disadvantages |
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Harder to re-sell and Cheaper to rent than Townhouse and Detached Home |
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Value appreciation is modest at best |
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No private yard and land |
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Common walls shared with neighbors |
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Less crowded than Apartment Complex (but still crowded with more units) |
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| Townhouse |
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A dwelling unit containing having 2 or more floors and attached to other similar units via shared walls.
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| Advantages |
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Most privacy at the least cost - best compromise |
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Own small private yard along with the house |
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Best Value appreciation - easy to re-sell or rent |
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Better financing available with low down payment and low rates |
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Some outdoor activities possible in the yard - barbecue, swing, ... |
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| Disadvantages |
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Common wall shared with neighbors - acceptable based on good neighbors |
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More expensive than a Condominium for the same livable area (square footage) |
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| Home |
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Single-Family Home - A detached and stand alone housing unit designed and maintained for occupancy by one or more families.
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| Advantages |
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Provides best living space |
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Own both lot and the house - best value appreciation choice |
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Greatest privacy with greatest amount of control to change (no common walls ...) |
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Best financing available with lowest down payment and lowest rates |
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All outdoor activities are possible - barbecue, swing, swimming pool, gardening, ... |
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| Disadvantages |
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Most expensive option than Townhouse, Condominium and Apartment |
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Requires highest maintenance effort |
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| Comparison |
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Following table summarizes the important features of different Home Types - Apartment, Condominium, Townhouse and Home:
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| Feature |
Apartment |
Condominium |
Townhouse |
Home |
| Purchase Cost |
Lowest |
Low |
Higher |
Highest |
| Monthly Rent |
Lowest |
Medium |
Higher |
Highest |
| Privacy |
Least |
Least |
Modest |
Best |
| Maintenance Effort |
Lowest |
Low |
Higher |
Highest |
| Maintenance Cost |
High |
High |
Lowest |
Medium |
| Seller Market |
Worst |
Limited |
Best |
Good |
| Renter Market |
Best |
Better |
Better |
Good |
| Financing Options |
Worst |
Good |
Excellent |
Excellent |
| Outdoor Activities |
Poor |
Good |
Better |
Best |
| Appreciation |
Poor |
Low |
Better |
Best |
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