Are you familiar with various types of housing that are available in the market for purchasing? It is important that you know the difference between a single family home, a condominium, and a townhouse if you are on the market for a new home. You make a wise decision in home purchase by getting familiarized with the advantages and disadvantages of each.
Single Family Homes
The most common type of housing in the United States is single family homes. This type of housing dwelling designed for a single family and has its own land. You can purchase and sold the house and the land together.
Single family types of housing are not attached to other homes unlike townhouses and condominiums. Aside from regulations from your neighborhood or subdivision, you are free to do whatever you want to do with your home.
With a single family home, it is your responsibility for bearing the cost of maintaining and repairing the home, whether you do it yourself or pay someone else to do it. Additionally, it is also your responsibility to bear landscaping and lawn maintenance. 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 are at your freedom to do what ever changes you want to do. 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. You can find the characteristics of both types of housing. Many times, a townhouse is attached to at least one other house. You own the home as well as the property on which the home sits when you own a townhouse.
Because townhouses are a part of a larger community, you can generally find many of the amenities such as swimming pools, fitness centers, tennis courts, etc that you might find with an apartment.
Although you are responsible for some of the maintenance and repairs, it will not be to the extent of that of a single family dwelling. In most of the cases, townhouses are often part of a Home Owner's Association, to which you are required to be a member.
Condominiums
A condominium, which is also known in short as condo, is a type of housing that is best described as an apartment that you are able to own. You own everything inside your walls and share ownership of common areas with your neighbors when you purchase a condo.
Often, you need to pay a monthly fee that covers repairs and maintenance to the common area with condo ownership. The exterior maintenance and repairs is handled by condo association, but in several cases, you contribute to the cost through dues or assessments.
Most often, the prices of Condo more affordable that those of single family homes and townhouses. In many cases a number of amenities are available for you to use. You are at minimal responsibility for exterior maintenance and repairs.
It can be a difficult to resell a condo. They are known to spend a longer time on the market than other types of housing.
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