Home Buyers Seminar Lesson 5 - Types of Homes
What type of home are you going to be looking for? In this session we will be looking at a few different types.
Single Family Homes - These are homes that stand alone & have a yard around them.
Townhouses - These are attached homes that share a common wall with one or more other unit & may or may not have a yard.
Condominiums - This term does not necessarily describe a property type. It could be an apartment style, town home, or a high rise. It has more to do with what you own and the maintenance that is supplied.
SINGLE FAMILY HOME
This by far is the most common type of home found in most areas. Charlottesville, Virginia is no exception to this rule. This type of property sits on its own parcel of land, which could be as small as 1 tenth of an acre to 15 or 20 acres or more. Single family homes are not attached to any other dwelling. There are advantages and disadvantages. Let's talk about the advantages first.
ADVANTAGES
With a single family home you have control of what you can do to improve or modify the property. Within State, County, or City zoning laws of course. This is your own space and if there are no local restrictions you can add a garden if you like or paint your front door red. You may even add a garage or deck etc. as long as you conform to the local building ordinances. However, should your property belong to a neighborhood HOA "Home Owners Association" you will need to be familiar with their restrictions.
Generally there are no property management fees as there may be if your home is in a HOA or other property owners association. Generally re-sale value is the highest on single family detached homes.
So if you like your own space and the thought of apartment living gives you the willies this type of home may be for you.
DISADVANTAGES
First and foremost is the maintenance. It may be your castle, but you will either need to maintain the mote and grounds yourself or hire someone to take care of it for you. For example, interior and exterior painting, mowing the lawn, upkeep of the flower beds, roof repairs, plumbing etc. If this type of work does not appeal to you or your budget does not allow for hiring help this may be a big consideration.
Also there may be a lack of amenities (for example pools, playgrounds etc.) that can be found in other types of housing.
In lesson 6 we will discuss Townhouses and attached homes. So stay tuned for more.
Also, feel free to ask any questions or make any comments.
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