As children, we have all fantasized about having a place of our own. While we thought of mansions as our dream houses in the beginning, as we grew older, our idea of what we wanted our house to look like changed as well. There is an interplay between economics, sociology and changing needs in place that influences our ideas and lifestyle. If you look back 20 years ago, everyone wanted a house in the suburb with a backyard, but recent statistics depict other.
After the housing crisis, the interest in houses began to drop and has still not recovered to this day. There was a decrease in investment in real estate and property ownership. Things are slowly beginning to gain momentum again and in case you happen to be someone that is still grappling over whether or not to invest in permanent property ownership, we strongly advise that you do opt for it. Investing in real estate, especially permanent property ownership serves as a safety net for you in case you ever run into problems in the future. If you want to discuss your real estate options with a professional, you can look into propertycentral for that.
Now, there is not just one way to go about buying property. If you are looking into real estate options, especially living options, then you have three possible choices that you can look into:
Apartments
Renting an apartment is a very common phenomenon and is one of the cheapest ways of living for people, especially by young adults when they first enter the workforce. With apartments, you can sign a lease for a unit and then occupy that unit up until that lease expires, and once it does expire, you can choose to either renew the lease or look for another place to live.
Apartments are appealing for two reasons; firstly, they are comparatively cheap, and secondly, they are usually located near or around the city district. The second benefit is really important because a lot of people have jobs in the city and living in apartments, end up cutting down on commuting.
Apartments are great for people who have not gained full financial stability, but you need to remember that apartments are not permanent property. So, the money you give for rent will essentially be money going down the drain because you have nothing tangible to show for it at the end of the day. Plus, there is an added issue of privacy and having to adhere to building guidelines.
Houses
A house in the suburb with a white picket fence was once considered to be every person’s dream. A lot of people today still prefer houses, and they are a great option for families. A house in the suburb means that you will have a relatively big property which is spacious, independent, and is not under any rules. Plus, buying a house also means investing in permanent property ownership which is something every adult should strive for. So, once you have made all of the payments for the house, then the property is yours.
While houses do sound ideal, they do come with a few problems. First of all, the houses are very expensive, and their property cost is high as compared to their usual resale cost. Paying off the money for a house can end up taking years, so this is a very serious commitment that one needs to make. If you are still unsure, you can contact a real estate agent and have them talk you through the process so that you have a better understanding of whether or not you are ready for that step.
Condos
Condos or condominiums are still a relatively new concept in the world of real estate, at least if you compare them with how long houses or apartments have been around. Condos are considered to be the perfect mix between a house and an apartment, and at a relatively reasonable cost.
If you look at real estate trends, you will find a rising demand in condos, which is not a surprise. A condo can give you many advantages. Firstly, condos, like apartments, are located in and around the city. Secondly, condos can be bought, so you can earn permanent property ownership by buying a condo. There is also the fact that most condominiums are more spacious than apartments, and come with many amenities which can include a shared sports center or pool, a concierge, parking and so on. They also work best for both a few people and families as well.
Of course, with condos, you need to be wary of the fact that some of them might not be made by good developers or might have really strict building rules and policies. So, you always need to do your background search beforehand and get a tour before you make any decision.
