Picking the Right Home Type for You
What kind of home would you like to purchase? It can be daunting picking the right home for you, but besides “location,” your future home type is an important decision you must make. The main classifications of home types are single-family homes, condominiums, townhouses, and tiny homes. Each home type has distinct features and their own set of advantages and disadvantages.
A Single-Family Home
A single-family home might be the most recognizable and common home type on this list. The single-family home has become a staple in its own right for its depiction in television shows and commercials, but that is not to diminish other home types.
The pros of a Single-Family Home
Space
Out of all the home types listed, a single-family home provides the most living and entertaining space for you. If you choose to invest in a single-family home, you have control over home projects of the interior and exterior of your home. Also, the extra space is beneficial for bigger families while also having private space.
The cons of a Single-Family Home
Cost
To obtain a single-family home you will have to plan and set aside money to afford this type of home. Outside of the initial cost of buying a single-family home, you will be responsible for the upkeep of it. Services like roofing, plumbing, and landscaping are just a few examples of the costs you as the homeowner will have to cover. Lastly, single-family homes may be subject to HOA fees and regulations depending on the location and the neighborhood of the home.
Condominiums
So, what is a condominium? A condominium or condo is an individual unit within a larger building or detached structure within a community space. This typically means that the property itself will be owned by you.
The pros of Condo Living
The Perfect Combination
Owning a condo allows you to have your own living space with the added bonus of shared spaces. You get to retain ownership over your property without having to do the maintenance. Living in a condo community is maintenance-free living, so there is no snow removal or external upkeep. Additionally, if you decide on a condo for your next (or first!) home, it lessens the expense for high-ticket items within the structure.
Price and Location
For the price, a condo can make a great option for a first-time home buyer. As noted before, the expenses of the upkeep can be covered by your condo community. Another benefit of living in a community are things like pools or lower utility bills depending on the location. Finally, a condo enables you to live in a more desirable area like downtown or even the center of a city.
The Cons of Condo Living
HOA Fees
The most notable disadvantage is the Homeowner’s Association fees (HOA). The HOA is a body that governs the budget for your community. Those fees can be expensive depending on the location. You may also find the HOA to be too controlling for your needs because they can also dictate things like paint interior colors.
The Tiny House
In recent years many have broken free of the traditional family mold of owning a two-story house for the dream to travel at their earliest convenience. Their solution? Tiny homes. A nomad’s dream, or maybe yours, here are the advantages and disadvantages of a tiny home.
The Advantages of Tiny Homes
Freedom
Tiny homes are usually 200 to 500 Sq. Ft. Due to their small size, many owners of tiny homes are explorers and frequent travelers. With less bills (heating, cooling, gas, etc.) when compared to a single-family home or even a condo, you have extra money to spend on the things you love doing.
Ecofriendly
If you are into living green, then a tiny home might be a considerable option. As tiny homes use less energy and produce less waste, your carbon footprint will be lower than if you choose a different type of home.
The Disadvantages of Tiny Homes
Legalities
Zoning laws vary state by state, and tiny homes might not be considered a “real” house by some state governments. If your state does not have laws concerning tiny homes, then it goes to the city to decide. Both can make it difficult when trying to find a permanent spot for your tiny home, so be sure to check the laws in your area before joining the tiny house movement.
Safety
Due to its tiny size, weather disasters are not a tiny home’s friend. With this in mind, an extra cost is to be added to the budget to keep your tiny home safe. For example, in Spur, Texas (proclaimed “Americas first Tiny House Friendly Town”) tiny homes must be on a concrete foundation.
Different types of homes offer their own unique advantages and shortcomings. Review these pros and cons and evaluate them to your own preferences to make the best-informed decision. One type of property may be more appealing to you than to others. No matter what you choose, homeownership is a great investment and warrants careful consideration. Now all you have to do is pick your home and get ready for those open houses or virtual tours!
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