In this day and age, you can do more than buy a house. The possibilities are seemingly endless, and some are more accessible than ever before. Here’s a quick look at three modern housing options and what they offer.
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Buying a House
One of the most common goals people aspire to is buying a home. It’s seen as a lofty achievement because it’s quite expensive — more often than not, homes cost several hundreds of thousands of dollars. The housing market constantly fluctuates too, so it can be difficult to project how much a house will cost without help from a professional like Stefan Soloviev. Once you’ve secured a home, you’ll be paying monthly mortgages on it for upwards of thirty years. The good news? You’ll have a beautiful place to live and the house will be yours once you’ve paid it off. You can sell it, renovate it, or even pass it down to your children.
Getting an Apartment
This is where many people start in life. Apartments are more accessible than homes because their down payments and security deposits cost far less than the initial expenses of buying a house. You can secure an apartment with a deposit that may fall into a large range, depending on where you are and what you are looking at. You’ll still be making monthly payments, but renting doesn’t offer the same investment return as paying a mortgage. Unless you’re renting to own, you’ll never see your rent money again, and you won’t get a return of any kind once you move (unless you can get your initial deposits back).
Nomad Life
Living on the road has become massively popular in recent years thanks to the rise of the remote workplace. Some people choose to live out of a renovated work van while others opt to tow a camper or drive an RV across the country. However you approach it, these living arrangements are about the same: your most expensive investments are the vehicle(s), auto insurance and renovations. Once you’ve fixed up your nomad home, your only expenses are fuel, food, water and similar bills. You also have the benefit of taking your home anywhere in the country, although it’s far smaller than most houses or apartments.
Different housing options suit different lifestyles, and you have several choices at your disposal. Any home you choose should be tailored to your needs, and remember — you can sell or move if you decide you need a change.