What type of housing would be ideal for you

Often, utilities are included in these charges. A townhome, also known as a townhouse or rowhouse, is a narrow dwelling that shares at least one wall but no floors or ceilings with an adjacent building. Like co-op boards, HOAs can be magnets for petty squabbles and in-fighting.

Want to paint your house off-white? HOAs also charge fees for the upkeep of any common areas. These are generally lower than they would be in a co-op or condo building that has a full-time staff and a mortgage, though.

Choose a single-family home instead and you can make your own rules. When you own a single-family home, the only person whose financial solvency you really have to worry about is your own. Eligible owners of single-family homes, townhomes and condos can also get cash relatively quickly through second mortgages, cash-out refinancing and home equity loans.

Those in co-op buildings will have to get board approval to refinance, and will also need to accept the risk that it will take a long time to sell should they decide to move. Remember those finicky co-op boards? Now that you have chosen from the different types of homes the one that is best for you, hop on our tool to find out how much house you can afford.

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Find Out With This Quiz! Have you ever wondered what your dream home will look like? Or perhaps you need help deciding which style best suits you?

Fear not, this short quiz will help you figure out what your future home holds. Ready to explore your dream Questions: 10 Attempts: Last updated: Aug 27, Sample Question. Abstract art.

Throw cushions. Marble countertops. Develop and improve products. List of Partners vendors. Choosing to rent or buy your home is a major decision that affects not only your lifestyle but also your financial health. Real estate ownership is touted as an investment that is likely to build equity and a source of tax deductions.

Renting also has its advantages, including little to no responsibility and flexibility. However, people often believe that buying a home, rather than renting, is a more financially sound decision. In the U. This is partly because of the decades-old message that being a homeowner is the key to happiness and part of the American dream.

Real estate is also big business for everyone, from mortgage lenders to real estate agents to home improvement stores. It is a part of our cultural mindset and economy. Consider the pros and cons of each to figure out whether renting or owning is best for you.

Renting means you can move without penalty each time your lease ends. However, it also means you could have to move suddenly if your landlord decides to sell the property or turn your apartment complex into condos. Less dramatically, they could just bump up the rent to more than you can afford. The biggest myth about renting is that you're "throwing away money" every month. This is not true. You need a place to live, and that always costs money in one way or another.

While it's true that you aren't building equity with monthly rent payments, not all of the costs of homeownership will go towards building equity. When you own, you might pay nothing more than your mortgage and regular bills in one month.

While you might be temporarily inconvenienced by a leaking roof as a renter, it's unlikely you'll ever have to pay to replace your roof when you rent. Your monthly, home-related expenses, such as renter's insurance, tend to be more predictable and significantly cheaper.

As a renter, you face unpredictable rent increases each time your lease is up for renewal unless your apartment is rent-controlled. If you live in a desirable part of town, rent increases can be steep. In contrast, if you get a fixed-rate mortgage, your monthly house payments will never increase though property taxes and insurance premiums probably will.

While homeownership is often touted as a way to build wealth, your home can lose value. The acceptable neighborhood you moved in could decline. A major employer can leave the area, causing a significant population decline and a surplus of housing. Alternatively, there could be a residential construction boom, which could also keep prices down. Another bit of misleading conventional wisdom: Get a mortgage to get the tax deduction. True, the home mortgage interest deduction reduces your out-of-pocket expenses for mortgage interest early in your loan term, as long as you're itemizing.

If you don't have enough deductions to itemize and claim the standard deduction, there is no tax benefit to you as a homeowner. Of course, renters get no mortgage tax deduction at all. But they can take the standard deduction that's available to all taxpayers. Do you like having your evenings and weekends to use as you please?

Do you work long hours or travel frequently? If so, then the time commitment that comes with homeownership might be more than you want to take on. There are always projects around a house that you will need or want to take care of, from finding a plumber to replacing a rusted-out pipe and repainting the bedroom to mowing the lawn.

If you live in a community with a homeowners association HOA , the HOA might take some homeownership chores off your plate.

That will usually cost a few hundred dollars a month. But beware of the headaches that association membership can entail. If you rent, your landlord will take care of all the repairs and maintenance, though of course they may not be done as quickly or as well as you would like.

Although not as universal as homeowners' insurance, renters' insurance is often recommended and sometimes required by landlords for those leasing homes or apartments. Homeownership brings intangible benefits, such as a sense of stability, belonging to a community, and pride of ownership.

However, it is not good for restless or nomadic types.