Housing Types

Before you start you home search you need to know what type of home you want. Chances are that you will be choosing between a single-family home, a condominium, and a townhouse. Each one has its own pros and cons that you need to consider before you decide which one is right for you.

What comes to mind to many people when they consider their dream home is a suburban cottage with a front yard and a white fence. Such residences, known as single-family homes are the most common in the country. Any residential property that is completely detached from any other building, housing only own owner can be considered a single-family home. Usually such properties also come with some plot of land, like a yard.

Like all types of housing single-families have advantages and disadvantages. Here are a few to consider:

• If you need more space you can add on to your house without getting the approval of a condo association.
• You have the shoulder all the duty (as well as the expense) of maintaining the property.
• Usually, single-family homes fetch the highest resale values.
• You are responsible for making sure the grounds look nice. Many people underestimate the amount of effort landscaping actually takes.

Condominiums can be considered apartments that you own as opposed to rent. Like apartments you share the building itself with other residents. Because of this the actual property that you own is considered to be only the area within the walls of your condo. Here are some advantages and disadvantages to condos:

• Building maintenance is a shared responsibility. Thus, if the furnace gives out, the cost of replacing it is not only upon you.
• You have to pay a Condominium Association fee on top of all of your other expenses.
• Condos many times come with amenities, such as pools, gyms, playgrounds, etc.
• Additions and other cosmetic changes to your property are all but out of the question.

Townhouses are more or less a cross between single-family homes and condominiums. Only one owner occupies a townhouse. However, the building itself is physically attached to the neighboring townhouse. Understandably, the advantages and disadvantages of owning a townhouse are a mix of the other two residencies:

• You outdoor space to call your own/take care of, but it is rather small.
• You have greater freedom to change the exterior features of your property but physical additions are still difficult to pull off.
• There maybe amenities such as a pool or fitness center but you have to pay a Home Owner's Association fee.