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Houses, Condos, and Apartments

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There are so many options out there for you to rent. There are apartments, houses, condos, townhouses, and more. Knowing what you need in a rental is paramount when searching for one. You should know, then, exactly what each of your major rental options is and how they are different from one another.

Houses

This one you probably know pretty well. When you rent a house, you rent a stand-alone building and the property on which it sits. Unless your landlord hires a landscaper, it may be your responsibility to take care of the property. That means doing things like mowing the lawn in the spring and summer and shoveling the driveway and sidewalk in the winter. Also, you'll be responsible for choosing and paying for your own utilities.

You do inherit some extra responsibility - and usually pay more - when you rent a house, but doing so is still a great option.

Of course, the decision whether or not you should rent a house ought to be determined, at least in part, by your circumstances. For example, if you have kids, you might want the luxury of your own backyard, so they can play outside. On the other hand, maybe you just need more space. While not all houses are bigger than all condos, there are more size options in houses than there are in condos.

Townhouses and condos

There seems to be a lot of confusion about townhouses and condos. That confusion probably stems from the fact that these two types of properties are very similar. At least, they usually look the same. Both townhouses and condos are individual units within one larger building. In other words, they're part of those big lines of houses that are all connected at the side.

If you rent a townhouse or a condo, you don't have to worry about taking care of the property surrounding your unit. Instead, that is taken care of by the community's homeowners' association. Either you or your landlord (depending on the terms of your lease) will have to pay a monthly or yearly fee for this service. Again, as with a house, you'll probably be responsible for your own utilities.

There is one significant difference between these two types of properties. It has to do with ownership. If you were to purchase a townhouse, you would only own the individual unit. On the other hand, if you were to purchase a condo, you would also own a percentage of the property, including common areas like pools or parking lots. Since you are renting, this doesn't really affect you that much. It is, however, still good to know.

Apartments

With an apartment, you don't have much responsibility when it comes to maintenance, but you will probably have less room, certainly on the outside. An apartment isn't a full house unit. It's a room or series of rooms within a larger building. So, unless your apartment complex has some playing fields or a playground and your apartment happens to be close to them, you're going to have less outside space than you would with any of your other options. However, you're rent is probably going to be significantly lower.

A lot of the time, your choice of these options is going to be determined by the area you're moving to. For example, if you move into a rural area, your main options are going to be houses or apartments within houses. Urban areas, though, are dominated by townhouses and apartment buildings.

TIP: For more on finding a rental see our guide entitled "Finding the Perfect Home".

Adam Mandelbaum  Posted by Adam Mandelbaum on May 14, 2010

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