People don’t often consider the number of different types of homes that are available to them and it’s often something that should be considered before you begin looking at homes to buy.
While many just assume “buying a home” means buying a single family dwelling there is a lot more available out there and, depending upon your needs & wants, you may end up finding out that a single family dwelling isn’t really the best choice for you.
Various types of homes are available for sale and everything from single family dwellings to investor type units and condominiums are offered. After truly considering the pros and cons of each type of home you may end up thinking that you want a particular type of dwelling as opposed to the typical “first time home buyers” thoughts of wanting a single family home. Below are listed the types of homes and some pros and cons of each.
A single home dwelling is a home that is built for containing one family unit. Often people who are single, living together, newlyweds, or thinking of beginning a family are interested in single family dwellings. For the most part anyone that doesn’t know that they want to buy real estate for an investment think first about single dwelling homes. But there are both pros and cons to buying a single dwelling home.
You may want a single home dwelling if you are looking for a more quiet setting and not wanting to deal with neighbors in extremely close proximities or literally in the same building. Single homes tend to be more spacious than condominiums which tend to utilize smaller spaces more efficiently. Single dwelling homes also tend to be more money per square foot in most areas.
These types of homes also tend to be a better investment; whether you’re buying to live in the unit yourself or rent it out, as they typically increase in value over time better than other types of homes on average. There are places where this is not necessarily true, such as in large vacation areas where condominiums purchased as investment properties for rentals tend to hold values even when other housing units may be seeing a decrease in values.
Some disadvantages of a single home dwelling can include costs and maintenance. As a single home dweller you are solely responsible for any costs associated with the maintenance and upkeep of the home. While as a homeowner in general that may be possible there are certain situations where this isn’t necessarily 100% true, such as when you purchase a condo.
If the condo parking lot needs repaved or driveways repaired the entire condo pays for it from condo fees and takes care of it. If a security light is out the condo fees repair it; no calls to the repair guy, no ladders, no bother for you. The same applies to the grounds in most cases. Most condos have a grounds keeper that is part of the fee you pay, this not only saves you time & money but also saves you from having to buy or replace lawn mowers, tools, etc.
The one other disadvantage of a single home is actually not always a disadvantage for some. In larger cities single dwelling houses tend to be located outside of the city limits; which means a longer commute for most people who work in the city. While this may be a negative for some, others appreciate the commute time and are willing to give up the closeness to the city in order to get a quieter surrounding. Also, especially in larger cities, homes located inside the city tend to be more expensive as property is scarce and generally more per square footage. Of course there are always exceptions to the rules also.
So the final thing to keep in mind is that you have to decide if you are willing to put up with the cons in order to reap the benefits of the pros when buying a single dwelling home. You also have to think about the pros of other types of housing; which we’ll be writing about in other articles! So don’t make that decision about what type of house you really want until you’ve seen the pros and cons of everything out there!