4 Different Kinds of Homes and Their Pros and Cons

If you’re looking for a new home, you might have some things on your list that you feel you need. You’ll have to consider whether you’ve got a family or not, whether you’re okay renting or whether you have the money for a down payment, what geographical features you want close to you, and more.

With that in mind, we’ll consider some different home options now. We’ll also talk about pros and cons that go along with each one you should consider.

Single-Family Homes

When looking for a new home, you’ll first need to select a city or region that appeals to you. For instance, if you live in British Columbia, you might look at Ashcroft real estate if you’d like a small, sleepy town where everyone knows your name. If you want a big-city feel, you might look at Surrey or Vancouver.

Once you’ve located a city or town that appeals to you, you can decide whether to look at a single-family home. A single-family home will require you to get a mortgage and hand over a significant down payment. You might also pay for the house outright if you have enough money to do that.

Single-family home ownership appeals to some people because you no longer have to pay rent to a landlord each month. Landlords are sometimes a nightmare to deal with, and getting away from them can serve as ample reason for never wanting to rent a home again

However, if you buy a single-family home, you’ll need to pay to maintain it. You can no longer call the landlord to have them fix a backed-up toilet. You’ll need to call a plumber or handle that yourself.

A Rental Apartment

A Rental Apartment

Getting a rental apartment often appeals to individuals or families who can’t afford a mortgage and the down payment on a home. Unfortunately, many families and individuals need to keep renting because a bank won’t give them a mortgage unless they can show evidence that they have plenty of money or multiple revenue streams for the same household.

Rental apartments don’t usually have as much square footage as you’d like, especially if you have a family. You might wish you had more than one bathroom or enough space for each child to have their own bedroom. Unless you can get an excellent job and scrape enough money together for a down payment on your own house, staying in an apartment may be your only viable option.

At least you can call the landlord if anything goes wrong with the place. You can also get a short-term lease if you don’t want to commit to staying in the same place for more than a few months at a time. A nomadic person or family might like this feature.

A Trailer

You might buy a trailer instead of a house. A trailer generally does not cost as much. You can probably afford one if you save your money for a while, and you won’t have to go through a bank to try and get a mortgage.

If you live in a trailer, you likely won’t have much more room than an average-sized apartment. You probably can’t live there comfortably with a large family.

Still, the trailer lifestyle does appeal to some people because you have a place of your own. Maybe it’s not as large or desirable as a house, but you’re still living under your own roof, which you can’t say if you’re paying rent on an apartment.

An RV

An RV, also called a recreational vehicle, is kind of like a little home that you can drive around. Some people will buy an RV and drive it around in the summertime when they feel the urge to explore the open road. However, some people will set up an RV to use as their primary residence.

If you live in an RV, you can cruise around the country and see all kinds of different sights. You might stay in one place for a while and then pick up stakes and move whenever the urge strikes you. If you like the nomadic life, you might consider this option, especially if you have a job that does not require your physical presence.

If you live this lifestyle, though, you may find making friends hard. Maybe you start getting to know a particular community, but then you leave before you can establish very many meaningful friendships or any romantic relationships.