With that said, a discussion of home purchase options is in order. There are many types of homes out there and a basic discussion of home types is in order.
Are you familiar with the different types of housing that you can purchase? If you are in the market for a new home, it is important that you know the difference between a single-family home, a townhouse and a condominium. We have explained them below so you can familiarize yourself with the advantages and disadvantages of each.
Single Family Homes
The single-family home is the most common type of housing in the United States. This type of dwelling is 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, subdivision or municipality, 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 like and the improvements to your home can greatly increase the resale value.
Townhouses
A townhouse is a cross 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 too, which you are required to be a member of. These associations typically charge a monthly fee to maintain the various amenities provided and common areas.
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 than those of single-family homes and townhouses. There are often a number of amenities available for you to use. You have minimal responsibility for exterior maintenance and repairs.
Condo’s have become a popular form of ownership for young professionals as well as empty nesters.
The type of home you purchase depends on many factors. Let our team of professionals assist you in choosing your perfect home!
Chris Farkas is a Realtor with EXIT Realty Associates
www.YourWhatcomRealtor.com
www.RealBellingham.com
www.WhatcomShortSale.com
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