Condos and townhouses are unit-based home purchases. For example, a condo unit will exist within a group of connected condominiums and you purchase one unit or one condo. Townhouses are found in planned developments where all homes are similar in style and you purchase the townhouse but are not responsible for the upkeep of common areas. The same for condos-you are not responsible for common areas, recreational areas, swimming pools or other areas where the Homeowner’s Association you join and pay for each month takes care of these common areas and you must abide by condo and townhome bylaws as well as rules and regulations. You do pay individual property taxes on both condos and townhouses. Here are the top five reasons we found to purchase a condo or townhouse:

1. Less Commitment – Condos and townhouses are great for people who want to own their dwelling space but don’t want to do all the required lawn and common area maintenance. Most condos and townhouses do not require a down payment as large as on conventional homes. While you are committed to the condo or townhome, you buy and must follow the Homeowner’s bylaws, owning a condo or townhouse can be less of a stress when it comes to lawn upkeep and can offer more amenities than a conventional home.

2. The Amenities – Because condos and townhouses are usually in planned areas and are consider a “community” of sorts, certain amenities may come with the purchase of your condo unit or town home unit. These amenities may include a shared swimming pools, tennis courts, recreational areas, common barbecue areas, and picnic areas and meeting rooms that may be rented for parties. Other features could include higher security and a fitness center and newer condominium and town home structures are offering entire community conveniences such as grocery stores, drycleaners, and restaurants all within the development giving you the option to never leave the condo area for certain consumer needs.

3. Overall Price & Ownership – Buying a condo or townhouse can be much cheaper than a conventional home. Whether it’s a condo for sale, where you enter into a main lobby or a townhouse that allows you to have a private entrance and perhaps your own carport or garage, both are cheaper all around than a conventional home. Ownership of a condo or town home is much the same as a conventional home. You finance or pay cash and own the title to the condo unit or townhouse you buy. When you sell it, you do this on your own as long as your follow the bylaws, covenants, and restrictions. With a town home for sale, you will usually also hold title to the land the townhouse sits on.

4. Appeal for the Elderly – If you are in your retirement years, often a condo or town home is your best bet, especially when it comes to security and community involvement. Some town home and condo communities are dedicated for the elderly only and can provide activities at the same location where you live.

5. Simple Care – Because almost all townhouses and condos have management, if you do need to “fix” up your dwelling, there are provided specific guidelines on what you can and can’t do. If you aren’t the creative type, town homes and condos are great for a structured way to keep up with the exterior maintenance such as exterior paint color (which can usually be arranged through the Homeowner’s Association) and other exterior options that are allowed.

Sharing accommodation was always popular among students, but with the economic recession, it’s becoming an attractive option for everyone. If you are considering rental property for your own accommodation, it might be a good idea to find a roommate. There are plenty of websites available today offering roommate finder services and depending on your requirements, you can easily find someone who can be the other pea in the pod and won’t be an obstacle to your lifestyle.

First, it’s your roommate’s gender. Some people are quite comfortable with sharing their accommodation with either gender, but you shouldn’t be too quick to accept anyone. Think about how someone from the opposite gender could affect your current household, in terms of existing roommates, varied lifestyles, personalities, certain gender-oriented characteristics etc. The age of your roommate will be another point of consideration. People of different ages hold different viewpoints, interests and living patterns.

Specify whether your household is smoking-friendly or non-smoking. You don’t want any arguments after all the living arrangements are made. Drinking habits should also be discussed prior to accepting anyone as a roommate, because if the grocery expenses are shared, either party may not be happy about spending money on alcohol.

Personalities influence a group’s dynamics and interaction pattern. If you have several roommates and some of them are quiet and laid-back while the others are loud and outgoing, you will definitely notice some friction between the two types. Ensure you make a thorough selection by understanding each person’s personality. Hobbies and interests are equally important in this equation, because if tastes in entertainment, food and activities differ considerably among the roommates, conflicts are quite likely to occur.

Be clear about the roommate’s expected length of stay. Some rentals are provided on an annual basis, while others are just monthly or weekly. Clarifying such issues and binding the agreement on paper are essential if you are to have a good relationship with your roommates. Additionally, you should look for a roommate who has a similar entertaining style to you. If you prefer a quiet household and your roommate constantly entertains people, it will not work out very well. Your roommate’s level of independence will play a key role as well, especially if it conflicts with your own style.