Purchasing a home is a huge decision. However, sometimes the toughest decision to make is which type of residential home to buy. From single-family homes to condominiums, there are many choices for potential homebuyers. Before you to start shopping, explore the different types of residential homes and decide which one is right for you.
1. Single-Family Homes
Single-family homes are the most popular type of home inthe United States, according to The Washington Post. They are single houses ona lot and do not share walls with any neighboring homes. When you purchase asingle-family home, you also own the property that the house is built on. Themajority of single-family homes typically have:
- A front, back and side yard
- Garage (detached or attached)
Privacy is one of the main reasons why house hunters choose to buy a single-family home. Another benefit to owning a single-family home is the ability to express yourself, especially if your neighborhood does not have a homeowner’s association (HOA). When you own a single-family home, you have a great deal of control over the exterior of your home, including the landscaping, paint colors, and other improvements.
Condominiums, or condos, are single-residential unitshoused in a larger building. When you purchase a condo, you’re buying paint topaint. Similar to apartments, condos share at least one wall with other units. Dependingon where your condo is located in the building, you may have another unitabove, below and/or on either side of you.
Condominium layouts vary from building to building. Somecondo buildings contain multiple floors, but only have one unit per floor,while other buildings have several units on one floor.
Condo owners typically have HOA dues. These dues coverthe maintenance of the building, landscaping and common property, such as poolsand gyms. The limited responsibility and upkeep is one of the advantages ofpurchasing a condo. For example, if the community pool needs to be repaired,you’re not on the hook for the total cost. Your HOA dues, as well as yourfellow neighbors’ contributions, help cover the expense.
From time to time, your HOA may charge all property ownersa one-time assessment fee. These one-time fees cover expenses beyond normalmaintenance. For instance, if the building’s roof needs to replaced, the HOA mayissue a one-time fee to cover that expense.
House hunters can find luxury, high-rise condos in urbanareas or spectacular condos with residential architecture in suburban areas.
For those looking for a convenient and low-maintenancelifestyle, a townhome is an excellent option. Townhomes are a cross between a single-familyhome and a condo. Like condominiums, townhomes share walls with the adjacentproperties, but they don’t have homes below or above them. They are typicallytwo- or three-stories tall.
Townhomes can be found in age-restricted communities andresidential communities. First-time homebuyers and young families oftenpurchase townhomes in residential communities. Most townhomes have a clubhouseand may have another, smaller type of amenity, such as a playground.
Most of the new-construction townhomes in age-restricted communities have resort-style amenities like tennis courts and private gyms.
Types of Ownership
With townhomes, there are two types of ownership: fee-simpleand condominium. Fee-simple ownership is when you own your home and your front,back and possibly a side yard. Homeowners are responsible for the upkeep ofthese areas.
With condominium ownership, you only own the townhome. Thebuilding, the roof, windows and yards (i.e. front, back and side) are communityproperty. The HOA covers the upkeep of these areas.
When you are house-hunting, inquire about the type of ownership available within the community.
4. Multi-Generational Homes
Multi-generational homes, houses that are designed to accommodate multiple family generations, are less common than the other types of residences. However, they are growing in popularity across the country due to economic issues and an aging population.
According to the Pew Research Center, more than 64 million people in the U.S. live in a multigenerational household. Millennials are often moving back in with their parents after college because of student debt. There are also a number of mature adults moving in with their adult children due to health issues.
Multi-generational homes can be a single-family home with an in-law suite. Another popular design option is a townhome or single-family home with dual master suites on the first and second floor. Multi-generational homes typically have one common entrance, but there may be other entrances. They also may have a kitchenette in the adjacent suite, but all family members share the kitchen. These options give family members their privacy, while still allowing them to share the same roof.
When it comes to purchasing a house, there is no right orwrong answer. The type of residential home you buy should reflect yourlifestyle and your unique needs. Perhaps that is single-family home or maybethat’s a townhome. Either way, you’ll be building a lifetime of memories withinit.
Last Updated on April 2, 2019