By: Edward McCarthy
President: Sell By Owner Listings, Inc.
Types of Housing
Are you familiar with the different types of
housing that you can purchase? If you are on the market for a new home,
it is important that you know the difference between a single family
home, a townhouse, and a condominium. Familiarize yourself with the
advantages and disadvantages of each so that you make a wise decision
about your home purchase.
Single Family Homes
The single-family house is the most common
type of
housing in the United States. This type of housing dwelling designed
for a single family and has its own land. The house and the land are
purchased and sold together. Unlike townhouses and condominiums,
single-family types of housing are not attached to other homes. Aside
from regulations from your neighborhood or subdivision, you are free to
do whatever you would like with your home.
With a single family home, you are
responsible for
the cost of maintaining and repairing the home, whether you do it
yourself or pay someone else to do it. In addition, landscaping and
lawn maintenance are also your responsibility. If you want to have a
pool or playground in your backyard, you will have to provide such
amenities.
The good thing about single-family homes is
that
you have the freedom to make whatever changes you with. Improvements to
your home can greatly increase the resale value, which is already
higher than that of other types of housing.
Townhouses
A townhouse is the middle-ground type of
housing
between a single family home and a condominium. They share
characteristics with both types of housing. In most cases, a townhouse
is attached to at least one other house. When you own a townhouse you
own the home as well as the property on which the home sits.
Since townhouses are a part of a larger
community,
you can usually find many of the amenities that you might find with an
apartment. This includes swimming pools, fitness centers, tennis
courts, etc.
While you are responsible for some of the
maintenance and repairs, it will not be to the extent of that of a
single-family dwelling.
Townhouses are often part of a Home Owner's
Association, to which you are required to be a member.
Condominiums
A condominium, condo, for short, is a type
of
housing that is best described as an apartment that you are able to
own. When you purchase a condo, you own everything inside your walls
and share ownership of common areas with your neighbors.
Often condo ownership requires you to pay a
monthly fee that covers repairs and maintenance to the common area. The
condo association handles exterior maintenance and repairs, but in many
cases, you contribute to the cost through dues or assessments.
Condo prices are often more affordable that
those
of single family homes and townhouses. There are often a number of
amenities available for you to use. You have a minimal responsibility
for exterior maintenance and repairs.
It can be hard to resell a condo. They are
known to spend a longer time on the market than other types of housing.
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