What type of house is right for you?
Purchasing a home is a big deal, so you'll want to carefully consider which type of home is best for your budget, taste, needs and wants. If you're not sure what type of home is right for you, get started by taking a look at some of your most common options below.
Single Family Home
A single-family home is a detached home that sits on its own land with only one dwelling unit. Owners of a single-family home enjoy more privacy than those with attached dwelling units and have more options for exterior décor.
While you will likely have more privacy, space, and control when you live in a single-family home, you probably have more responsibility. Unlike a condominium or townhome that is part of an HOA, you will be responsible for any repairs or maintenance that is required on your property.
Because you do not share your property with others, single-family homes are generally more expensive- especially if you have a large lot. Single-family homes are best for families who prefer a large yard and plenty of room to spread out.
A condominium is a unit in a building or a sperate building among many on the same tract of land. Condos are commonly constructed as apartment buildings with individual units that share common areas or recreational facilities such as pools, tennis courts, clubhouses, parking spaces, etc.) However, lately, you might have noticed an increase in the number of detached condominiums, which resemble single-family homes but share yards, corridors, building exteriors, or driveways as well as recreational facilities.
They are typically governed by a condo association that oversees the property and makes decisions about rules, regulations, and property maintenance. Condo owners pay dues to the condo associations which go toward the cost of maintenance, facility management, utilities, etc.
A condominium can be a great choice for buyers who are interested in common amenities such as pools, tennis courts, or gyms, or those looking for a lower-maintenance living. Condos are typically less expensive than single-family homes in the same area, making them an affordable option.
Townhome (or rowhome)
A townhouse is typically a single-family home that is connected or sandwiched between other similar homes. Townhomes typically have multiple levels, their own outside door, and a backyard that is private and maintained by the owner. Townhomes are also typically governed by a homeowner’s associations. Townhouses are a good option for first-time homebuyers or other budget-minded buyers that would like more space than generally afforded in a condo.
A multi-family home is a single building that can accommodate multiple families living in separate dwelling units. This could range from a duplex with two separate dwellings within a single building, to up to four separate units within the same building. Multi-family homes are great for those who want to live near family, such as aging parents, or for those who are interested in getting into real estate investing and are comfortable with the responsibility of being a landlord.
Newly Built Home
A newly built home, or new construction home, means that you will be the home’s very first owner. Often times you will have the ability to customize certain aspects of the home, such as floor plans, color, fixtures and materials. With new appliances and systems, newly built homes typically require less maintenance than a resale home. Plus, they often come with warranties from the builder. There are more safety features and less hazards in newly built homes because they are held to modern health codes and are likely to be wired with the most up-to-date technology.
Resale Home (Previously owned home)
Resale homes tend to be in more established areas that are more convenient to metro areas. They offer more opportunities for home improvement, and you are generally able to negotiate the price or terms of the purchase more than you can with new homes. Resale homes tend to be less expensive than newly built homes- meaning you could potentially use the home as a starting point for customizing an updated, modern home.
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