Buying vs. Renting
 
Housing Options
What do you Need?
Pros and Cons of Renting
Pros and Cons of Buying
What is right for You?

Have you given any thought to where you will live when you are "on your own" - out in the world earning a living? You will have many decisions to make as you look for a place to call home. It's time to find out what is right for YOU!

Housing options - types of housing available today:

house graphicWhat is the first thing that comes to your mind when you hear the word "housing"? A two-story house? A high-rise apartment? A townhouse? Chances are the first thing that comes to your mind is the home in which you live right now. As you go out on your own, the housing that suits you best might be quite different from the housing you've lived in as you grew up. Let's look at the options.

Take a moment to think of all the different types of housing.

In today's world, there are many kinds of places to live.

  • Single-family homes. These come in all sizes, and styles; they may be built on very large or very small pieces of land (lots); and they may be located in many different types of neighborhoods.
  • Multiple family homes. These include apartments, duplexes, and town homes
    • Apartments, too, come in a variety of styles and sizes. Some are in high-rise buildings, others are in smaller buildings with only a few units; some may be in a huge complex (many apartment buildings clustered together), others may be in a single building; apartments may be located in an area that also features other residential properties, or near a commercial center.
    • Townhouses/duplexes. These are housing units, in which at least two units are attached, sharing a common wall. Townhouses often come in clusters of 4-8 units in one structure; duplexes are just two units.
  • Mobile/modular homes. Few "mobile homes" today are actually mobile. Most of these units are set on some type of foundation or footing (pad) in a mobile-home park and are never moved. Some of these homes are quite spacious, but construction is generally less sturdy than in a traditional home. However, they offer a relatively low-price option for someone who wants to own a home.

apartments graphicThese differing types of homes may be owned or rented. Most apartments are for rent. However, in a cooperative apartment building, residents buy shares of stock, giving them ownership of a share of the property (proportionate to the amount of space they occupy). Residents do not have title to their property; they have shares in the cooperative. Condominiums are similar, but in condos individuals have title to the unit in which they live and have an interest in the common areas, such as grounds, pools, recreation areas, lobbies, etc.

Town homes and duplexes may be owned or rented. Occupants pay an additional monthly fee for maintenance of their yard space and other common areas shared by all residents of the complex. If you rent a townhouse or duplex, the fee is generally included in your rent payment. Some townhouse complexes charge a large enough fee to provide for all exterior maintenance on the units (painting, roof repair, etc.).

Although single-family homes can be rented, the occupant owns most. As an owner, you are responsible for all maintenance and yard care for your home. When renting a single-family home, the maintenance is the responsibility of the owner; but in many cases, the owner and renter may agree that yard care is the responsibility of the renter.

Mobile/modular homes may be owned or rented. If you own, you will pay a rental fee for the space/pad that includes property taxes, maintenance of grounds (at least shared areas), and other shared facilities in the complex. Most mobile homes are purchased with a personal loan (like automobiles) rather than a mortgage loan.

Rent or buy? Apartment? Town home? Single-family house? There are many decisions to make. You will have to look at what kind of housing suits your lifestyle and whether renting or buying is a better choice for you at this time.

What Do You Need?