Search Homes For Sale with I See Real Estate
Before you consider what kind of home to buy, make sure you know about available options on the market. Besides, it would be to your benefit to try and picture yourself your future lifestyle or whatever needs you might have for the following couple of years.
When you start exploring the real estate market, you’ll find several types of residential buildings you can choose from for yourself. Our company provides you with all the means necessary to narrow down your search effort. Once you know your preferences, it’ll be easy for you to make the right choice. Our short guide, presented below, can help you figure out all the features, pros, and cons peculiar to each type of residential property.
Otherwise referred to as a single-family home, it is a kind of residential housing detached from other living property objects. Compared to condominiums or townhomes, these living spaces have no conjoint walls with other homes. An attached or detached garage is another useful feature for most single-family homes.
Pros: Single-detached homes commonly provide considerable privacy and more space than any other homes available on the market. Most of them have yards either in the front or at the back. As it is your own space and you don’t share it with any other families, you’re free to make any alterations to your outer or inner designs. Moreover, when the time comes to sell your property, it will most surely be more valuable than a townhome or condominium living space.
Cons: When it comes to property maintenance arrangements, you have to take care of everything, like hiring necessary specialists, on your own and face all the expenses on this matter as well. You cannot share all your worries with your next-door neighbors, as it’s the case with condominiums and townhomes.
This kind of property, also called a multi-family home, is a standalone building that includes accommodation for several families in separate living spaces. It can consist of two to four individual apartments. If there are more than four living spaces, the building then typically belongs to commercial property. A certain part of multi-family homes provides individual entrances for each apartment. Other blocks have common entrance facilities. How does a multi-dwelling unit differ from a condominium? The latter is owned by one individual whatever the number of units. The former implies that units can be sold, purchased, and owned by entirely different entities.
Pros: Multi-dwelling units will ideally suit those who want to invest in some type of property. You can buy one unit to live in yourself and rent out all the other units to get some revenue. You may also opt for this type of property if you’re a descendant form large families with multiple generations who want to live in the same building but own separate living spaces.
Cons: Multi-dwelling units are somewhat in between a single-detached dwelling and a condominium. In most cases, the units are smaller than single-family properties and lack complete privacy. If you’re a landlord, you have to bear all the maintenance costs and commit time to finding renting occupants.
Townhomes or townhouses are multi-storied structures erected side by side and having common interior walls with neighboring buildings. They are not the same as historical row houses, which are family-owned apartments. Townhomes have more living space than condominiums. If you want an experience of dwelling in your own living space but still intend to use some advantages and perks provided by your community membership, this type of property is exactly what you’re looking for.
Pros: People who cherish their privacy will have more of it in townhomes rather than in condominiums. Most townhomes belong to some Home Owner Associations or conclude agreements to carry out joint property maintenance and share the required upkeep costs. In most cases, townhomes are more affordable than single-detached dwellings.
Cons: Townhomes commonly lack amenities like a pool or gym. Even though people will have their privacy in this type of property, it cannot be compared with the privacy level provided by single-family homes.
A condominium is also called a “condo” for short. It is a living space owned privately but belonging to a specific community formed with neighboring units. Interiors and structural components of outer walls belong to the owner while common spaces like hallways entrances, garages, pools, gyms, etc are jointly owned by all property dwellers. Most condominiums are multistoried constructions. Still, you can find some detached condos on some markets as well.
Pros: Upkeep and maintenance measures are of minimum concern for condominium owners. For instance, all residents share their responsibilities and costs for things like roofs in case they need some repairs. Moreover, a part of condo homes feature amenities like lounge areas, gyms, and pools inaccessible or unaffordable in some other property objects.
Cons: While owning a condominium, your right to remodel your living space is limited to whatever rules homeowner associations may set. Some condos also restrict pet keeping or renting. Others don’t want some living space owners to replace windows or doors if they are not uniform and safe. Another setback is your privacy, and you have to exercise more caution not to disturb your next-door neighbors.
Apartments are residential properties located in one or several buildings. They are commonly separate living spaces occupying some area on a single floor inside a multi-storied multi-unit building. The house itself may belong to commercial property, but apartments are parts of the residential real estate objects.
Pros: Apartments provide their dwellers with multiple amenities: centralized trash pick-up, parking facilities, and security measures, to name a few.
Cons: Residing in an apartment, you are somewhat limited in your privacy, as you may have neighbors on all sides, as well as downstairs and upstairs. Consequently, some noises, odors, or even smoke may reach you whether you want them or not.
If you purchase a single-detached dwelling, condo unit, or other real estate property, you own only a standalone building, certain part, section, or block in multi-residence houses.
Housing cooperatives are entirely different. Once you’ve purchased a property unit in a housing co-op, you are in fact a co-owner of a housing corporation managing that real estate where your living space is located. As you have appropriated shares for that property, you receive no ownership certificate whatsoever but possess a kind of stock certificate as proof of your real estate share ownership.
Pros: Owning housing cooperative property allows for splitting maintenance and repair costs, so your expenses will get lower. This type of property is commonly cheaper than condominiums.
Cons: If you buy this kind of property using a bank loan, you become financially responsible for the whole building along with your co-owners. Thus, if one of your neighbors fails to pay their part of the mortgage, the bank can arrest the real estate property with all the consequences. Banks are mostly reluctant to offer you loans for this kind of property as this investment poses certain financial risks.
Pros: Purchase a land plot to erect any type of residential real estate listed above or grow agricultural products (subject to local laws and restrictions).
Cons: When you buy land, you’ll have to make larger amounts of prepayment. Fewer banks are eager to finance this kind of endeavor as they want to make sure the plot will get improved to provide revenues and the investment will eventually return to the bank. Of course, it is more likely when there’s some structure on the plot. Your land plot may lack utility infrastructure. Consequently, you’ll have to take care of water, gas, and electricity mains in case you’ve decided to construct any residential space. And finally, any construction will require permits which commonly take months or even years to get, depending on circumstances.