What Type of Home is Right for Me?
What Kind of Home is Right for Me?
Which type of house will best suit you? Depending on your lifestyle and finances—you can have various options. Single-family homes, multifamily units, condos, and co-ops are a few choices. There are pros & cons to each. In this article, we’ll evaluate the pros & cons of each living style.
Single-Family Detached Homes
As the name implies, single-family properties are built to house one family. In contrast, multifamily properties can support more than one family.
Single-family homes give you more privacy and are less expensive compared to purchasing a multifamily house. However, single-family home often costs more than an apartment or a condominium.
- You are the homeowner. It is your home. If you want to renovate your house, that’s perfectly fine. As long as you are not violating any construction laws, you are free to alter the construction or style as per your liking.
- You own the construction, and the land. As the value of the land appreciates, the price of your property will go up.
- Detached homes are expensive as they have a yard often bigger than the house itself.
- It is your home, so management is also your responsibility. Unless there is an active homeowner’s association, you must tackle everything, including landscaping, frequent repairs, and spraying for pests.
Townhouses are conjoined units that share at least one wall. You own the individual unit, lawn, and driveway. Parks, playgrounds, gyms, and other such amenities are common for the entire society. Speaking of architecture, townhouses are like row houses.
- Purchasing a townhouse can be an inexpensive option compared to other choices.
- Since you’re sharing walls, you can hear your neighbors, and they can listen to you. If you like socializing with neighbors, a townhouse can be the right place.
- Privacy can be a concern.
- You are responsible for the maintenance of your home. However, you might have to pay a fee for the maintenance of common areas.
It’s a separate unit located in a community with multiple units. You own the condo, but you share common areas with other residents. There will be condo management tackling common repairs and maintenance tasks.
- You don’t have to deal with home repairs. The condo management will help you there.
- Most condo communities give you access to on-site amenities such as first-class gyms, fitness centers, pools, and game nights at the clubhouse.
- Condos often cost less than a single-family home.
- You own the construction, not the land. That’s why you are not allowed to alter the structure of the property. You cannot undertake any remodeling projects.
- In some regions, condo prices increase at a slower rate compared to single-family homes.
- You often have to pay a monthly maintenance fee.
You can think of a cooperative as a condominium. However, you can own a condo, which is not true about co-ops. When purchasing a co-op, you are buying a share in the corporation. As per your lease or occupancy agreement, you can live in one of the units. You are a shareholder, but not the owner of the home.
- Since you don’t own the deed to the property, it’s less expensive to buy a co-op.
- Co-ops societies care about their values & rules. Although they cannot discriminate, they can choose not to let you buy the house. You will likely have to go through an interview process before your application is approved.
- The co-op board has all the control. The board can reject a buyer/tenant like a landlord. For the same reason, it can be challenging to sell your share.
- The cooperative association usually charges you a higher monthly fee because they include real estate taxes and utility bills in the payment.