Deciding on the Most Suitable Housing Type for Yourself

Real estate buyers and sellers don’t seem to be on the same page this year. While 64% of buyers think now is a bad time to buy residential property, 77% of sellers think it’s a great time for them to sell.

Both sides are understandable. Buyers are still wary about spending their money because the inventory is low, the competition is strong, and home prices are soaring. Meanwhile, sellers think this is a great time because the demand for residential real estate is high while their inventory is slowly running short.

Despite their differences in real estate opinions, buyers and sellers would both agree that people should make better house-buying decisions because remote work is here to stay.

Before applying for a suitable apartment loan or taking out a mortgage, it’s important to decide which property type is most suitable for your budget and lifestyle. Now’s a good time to start thinking about because the market will remain popular as we wrap up 2021 and look ahead to 2022.


Settling down in an apartment wouldn’t give you real estate ownership. The landlord or landlady owns the entire building. But you will have the flexibility to relocate easily or save up for a down payment because your highest costs will be the security deposit and the monthly rental fees.

An apartment refers to any rental unit within a residential building. It easily gives you a place to live without burdening you with the cost of maintenance fees, property upkeep, and property taxes. An apartment usually has community amenities, too, such as a gym or a swimming pool.

This is an ideal choice if you currently don’t have enough resources to buy a house. It’s also ideal for people who are still exploring relocation opportunities or who are generally uncertain about their next steps in life, either career-wise or in their geographical location.

Keep in mind, however, that you won’t build equity from renting an apartment. You can only make limited changes to the place, based on your contract. Not all landlords would allow pets, too, if you have them.



If you decide to settle in a condominium, you gain ownership of your unit. The cost of earning a property title includes the down payment, monthly mortgage fees, and homeowners association fees. This housing type is ideal for first-time homebuyers as well as for people who are downsizing.

A condominium unit is similar to an apartment. The difference, though, is that you can actually own your condo unit while you can only rent an apartment. This is a convenient option for people who can’t be bothered with house maintenance because you only have to maintain what’s within your unit’s walls. The condominium HOA is in charge of all other maintenance duties and responsibilities.

This option is ideal for singles, first-time homeowners, older people, and people who frequently travel. You don’t have to worry about mowing the lawn, coordinating trash pickup services, and other everyday responsibilities of homeownership. You will be sharing elevators and other amenities with people, though.


If you get a house, you’ll have ownership of the actual house as well as the real estate property that it sits on. You have to check first, though, whether you have enough resources for the down payment and the monthly mortgage payments. This housing type is best for couples and families.

One of the best things about buying a house is that you have the freedom to decorate, renovate, and maintain it however you want — while complying with local ordinances and community guidelines, of course. You don’t have shared walls and commons spaces, either, so you have greater privacy.

The downside to buying a house, especially if you’re on a budget, is that you have to pay more upfront than you would for a condominium unit or an apartment. You’ll also be solely responsible for routine maintenance and any house repairs that you might need down the road.


Much like with homeownership, townhouse ownership includes the actual unit and the property it sits on. In addition to the down payment and the monthly mortgage payment, however, you also have to pay for homeowners association fees. This housing type is ideal for people who think that a condominium unit doesn’t have enough space for them but who aren’t keen on the responsibilities of owning a house.

One of the best things about owning a townhouse is that you get to have your own yard or patio — but at a more modest price than a single-family home. This housing type is the middle ground of a house and a condominium; you get the space that you want without all the exterior maintenance of homeownership.

You’ll have more autonomy with property design and renovation but you will need to consider HOA rules.

Your budget, lifestyle, and ideal amount of involvement in home maintenance all play a part in which housing type to choose. Consider your options carefully before securing a deal.

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