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How to Decide between Renting an Apartment, Townhouse or a Single Family Home

Owning a home or a condo is a big responsibility that comes with many unexpected costs. When you’re unprepared to take on the financial responsibilities of a home or if you don’t have enough to cover a down payment, closing costs, property taxes and mortgage payments, it’s best to stick with renting. Now that doesn’t mean you have to live in an apartment forever. You could also rent a townhouse or detached home as alternative options. In this short guide, we’ll show you exactly how to decide between renting an apartment, townhouse or home based on your current lifestyle and needs.    

When An Apartment Is Best

If you’re single, in a relationship or have a small family of three, an apartment is often all that you need for space. You won’t have to worry about maintaining a yard or the exterior; you’re only responsible for the interior and balcony. This can save you a lot of time and money in decorating, maintenance and general upkeep costs. And if you’re a social person, living in an apartment is like having your own little community outside your front door. Apartments are also less expensive to rent and have lower utility costs than a townhouse or home. So if your budget is tight, you’ll enjoy more money in your pocket by renting an apartment.  

When A Townhouse Is Best

Townhomes are the perfect starter home for young families and single professionals who have a limited budget. They cost less to rent than single family homes and don’t require as much maintenance or care. In fact, most first time home renters have no idea how much it costs to maintain a home and can be left with unexpected expenses. So even if you have enough saved up to rent a single family home, a townhouse can help you ease into the financial responsibilities of a detached property.   Some townhomes are structured as condo properties, which means the common areas will be maintained by a property management company.  This can include the snow removal, gutter cleaning, roof repair and landscaping, which can make life a lot easier if you’re raising a new family or have a busy career and don’t know a lot about home maintenance or repairs.  

When A Home Is Best

There’s something to be said about having your own property lines and yard. Those who live in a single-home enjoy more privacy, less noise disruption and are free to do what they want to their home and property (within the landlord’s rules, of course). When you rent a home, you have more control over the property and will enjoy more space, your own walls, and a backyard for your kids to run amuck! If you have the budget, renting a home can be a better option, especially if you really need the space.   Looking for the perfect place to suit your lifestyle and budget? Allow us to help! At Sleepwell Property Management, we have extensive online listings of apartments, condos, townhomes, and single homes available to view. Get in touch today!