Buying a home comes with a lot of big decisions. From deciding on the right real estate agent to what your perfect location might be, it can seem a bit overwhelming. That’s why we’re here to help you make one of those big decisions: Determining what the ideal type of home is for you. Follow along while we go through some of the pros and cons of the most popular types of homes you’re likely to see on your home buying journey.
Single Family Homes
This is probably the type of home most people think of when they think of buying a home of their own. A single-family home is a detached home built on a lot and around 70% of Americans live in this type of home. They are more private than other types of homes and often have a front and back yard. They also tend to maintain their resale value better than other types of homes. However, one downside is that you are solely responsible for any maintenance or repairs of a single-family home. They also tend to be a bit more expensive because they typically have more square footage.
Townhomes
A townhome is usually a home that has multiple floors with its own entrance and shares one or two walls with surrounding townhomes. They often cost less than a single-family home because of their smaller square footage and the Homeowners Association (HOA) is usually financially responsible for things like the roof and front door of the home. On the other hand, the HOA is likely to be more expensive than it would be in a single-family home neighborhood, parking is often limited and there can be a lack of privacy.
Condominiums
Condominiums, also known as condos for short, are private home units within a larger building or complex. They often have great common areas with amenities like a pool and gym for the community to enjoy and are a great option for people looking for low-maintenance living. However, HOA fees for a condo are usually expensive and there is limited storage space due to lack of square footage. Additionally, there can be resale challenges because the pool of buyers interested in these types of properties is limited. Families with kids are often looking for a private yard, which is not something a condo provides.
Now that you know more about three of the most popular types of homes, you can move forward with another tool in your belt. Your real estate agent can also help you determine which type of home will be best for you. You can find an Agency-preferred real estate agent in your area on our website to get started today!
