Whether you decide to buy or rent, choosing a home is a major decision. It’s easy to feel overwhelmed by all of the options out there. How do you go about finding a property that’s right for you? Let’s cover some basic information about common types of properties, as well as some of the pros and cons of each.
1.Single family home
A single family home is a stand-alone structure located on a plot of land. The size of the home and the land will vary from location to location, and usually heavily influences the price. One advantage to choosing a single family home for your residence is the level of privacy you can have. There are no shared walls, so you don’t have to worry about nosey and noisy neighbors. Another plus is they tend to appreciate at a greater rate than condos or townhouses. If you have any inclination you might rent the property at some point, choosing a stand-alone home will be more beneficial than an apartment because you can charge higher rent. Single family homes are highly sought after by renters, especially ones with large families. There are some cons, but they’re highly subjective. If you’re not a fan of yard work or home maintenance, this is probably not the best choice for you.
2. Townhouse
Townhouses offer many of the same features as a single family home. The primary
difference is they are attached to another home. Often times, townhouses sell for less than single family homes in the same area. This is great if location is more important to you than the type of property you live in. You’ll also save on heating and cooling costs. This is because the attached unit offers a layer of insulation you wouldn’t otherwise have. One con is that yard size is sometimes smaller with townhomes than single family houses.
3. Condo
What really defines a condo is the association that creates standards for the property owners. In a condo, you own the unit but the condo association owns the community areas. There are also usually rules that must be abided by for the outside of condos. A benefit of owning a condo is that yard maintenance is usually taken care of and there are sometimes nicer community amenities available for use, such as gyms and pools.
4. Co-living
For many years, young professionals and adventure seekers alike have saved money by living as a community. Usually a large house or apartment building, people split the mortgage or rent among the group to save money. This is especially common in high-cost areas like Brooklyn. In a typical setup, everyone has their own bedroom and common areas like the kitchen, bathroom, and living room are shared. This has a lot of appeal for people looking to live in big cities without sacrificing a certain lifestyle. People who travel for pleasure often also take advantage of this. The arrangement allows them to save money for trips, and still maintain their residence.
If co-living sounds like the right fit for you, you can always check it out on websites like common.com, or you can go on social media and see the Common Facebook account, Twitter page, or Instagram and find information there.
The right living space is out there. You just need to find it. From single family homes to condos and more, there are a lot of options. Now that you have information about some of the types of available properties you’ll most likely encounter, you can start narrowing down your choices.
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