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.
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.
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.
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.