It’s difficult to choose the type of dwelling you want to
purchase, especially if you still don’t have a clear picture of how much you
can afford and which one will suit your lifestyle. Here are a few things you
have to know about single family homes, townhouses, and condos that will help
you make an informed decision.
Single-Family Homes
A detached building that sits on its own lot is a
single-family home. While it’s the embodiment of the American dream, they tend
to cost more than condos and townhouses and require much more maintenance. Many
owners feel, however, that the privacy and independence are well worth the difference.
A single-family home usually appreciates the fastest since it’s the most
sought-after dwelling type and typically easier to sell.
Townhouses
These are smaller than regular houses and typically vertical
in design. Townhouses have slightly more room than condos and are laid out
similar to a normal house, complete with garage and front and back lawns. They
are governed by a homeowners association which is made up of individual owners.
The association determines monthly fees and makes decisions regarding
structural improvement.
Condominiums
A group of housing units attached to one another in a
building, condominiums (or condos) are run by associations just like
townhouses. What condo dwellers lose in privacy they gain in lower maintenance
fees, enhanced security, and being strategically-located like condos for sale.
People with a keen sense of community and work well in groups are best suited
for condos.
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