The Ultimate House Showdown: Which Home Type is Best?
Navigate the Pros and Cons
Learn about different home types, including single family homes, townhouses, duplexes, condos, apartments, and co-op housing.
Understand the unique features and benefits of each home type.
Discover how to choose the best home type based on your lifestyle, budget, and long-term goals.
When it comes to finding a place to call home, there are various options available to suit your lifestyle. But if you don’t have a lot of experience in housing the terms can seem overwhelming. What is a townhouse, what is a duplex… why do you need to know and how does it help you?
In this article, we will explore and provide insights into the different types of homes that you might want to consider if you’re looking for a new place to live. Each residential type offers unique features and benefits. So which home type is best?
Choosing the best home type depends on your needs and preferences. Single family homes offer privacy and space, while townhouses provide convenience and a sense of community. Duplexes and triplexes combine homeownership with investment potential. Condos offer low-maintenance living with shared amenities, while apartments provide flexibility for renters. Co-op housing promotes community and active participation. Consider your budget, long-term goals, desired level of maintenance, and lifestyle preferences when deciding on the best home type for you.
Single Family Homes
Single family homes are standalone properties with free-standing buildings designed for a single household. These homes typically offer more privacy, space, and control over the property. A single family home typically has a yard around it, that can be little more than the footprint of the home to hundreds of acres. Single family homes are ideal for those who value independence and prefer a quieter living environment.
If you’re not a fan of doing lots of yard-work, or you don’t want to do a lot of work to your home, consider a condo or a co-op type of property.
Some of the most common types of single family homes are: Colonials, Cape Cods, Split Foyers, Split Levels, Ranchers, victorians and contemporary. Learn which styles you respond to and which ones you don’t.
Remember that narrowing down your search is important – it can save you time looking at homes that you know won’t work for your lifestyle.
Attached Houses, Townhouses & Row-houses
Attached houses and row & townhouses are properties that both share walls with neighboring units. They offer a balance between the privacy of a single family home and the convenience of a community. A row-house is almost identical to a townhouse, with the exception that a row home is generally the same as the others on the block, whereas a townhouse has differences than it’s peers.
Townhouses often have multiple floors, with shared walls on either side. They are popular for their affordability, as they offer a lower-cost alternative to single family homes while providing a sense of community and shared amenities. The yards for these properties can be larger but are typically smaller in size.
If you want a little yard, but not a lot, then a townhouse could be a great solution. One of the biggest issues with all attached houses is how thin the walls are. Thick walls that muffle sound are the best. If your walls are too thin you might feel that your neighbors are too close.
Duplexes and Triplexes
Duplexes and triplexes are properties divided into two or three separate living units. These units can either be side-by-side or stacked on top of each other. Duplexes and triplexes are suitable for individuals or families who wish to live in one unit and rent out the others for additional income. They offer the advantages of both homeownership and investment potential.
These types of buildings can be great investment vehicles, which allow for an owner to live in the property and rent other parts out. If it interests you, this is a great entry-level way to become a landlord. You could potentially make enough to live payment free.
Condominiums
Condominiums, commonly referred to as condos, are individually owned units within a larger building or community. Condos provide a combination of ownership and shared responsibility for common areas and amenities. In a condominium you own the walls inward. Your condo fees provide for the community services and upkeep for the walls outward.
Communities can offer benefits like swimming pools, fitness centers, and larger parking lots. They are a popular choice for those seeking a low-maintenance lifestyle with access to various facilities.
If you want to own a property, but not worry about the exterior maintenance, a condominium might be a great option.
Apartments
Moving on to apartments, these are rental units within multi-unit buildings. Apartments offer flexibility in terms of lease duration and are typically managed by property management companies. They are known for their convenience and accessibility to urban areas, making them suitable for individuals or families prioritizing location and affordability. Apartments often provide amenities like on-site maintenance and security.
In some parts of the country, like New York City, an 'apartment' can be owned much like a condominium. The vast majority of the U.S. refers to apartments as housing that someone rents and does not own.
If you want to own a property, then apartments should be considered a temporary stop – talk to a loan officer to make a plan. If however, you decide that you don’t need the hassle of ownership, renting can be a great way to affordably live without having any concerns over property values if you need to relocate.
Co-op Housing
Cooperative housing, or co-op, is a unique form of homeownership where residents collectively own shares in a cooperative corporation. Each resident has the right to occupy a specific unit within the cooperative building. Co-op housing promotes a strong sense of community and active participation in decision-making processes. Residents typically contribute to the maintenance and management of the property.
Co-Op housing can be harder to buy and sell than leasehold because the Co-Op board must approve new owners – as they have a proportionate interest in the company controlling the building.
Which Home Type is Best?
There are a diverse range of housing options. The best one is the one that fits your unique budget, needs and preferences.
Whether you desire the independence of a single family home, the convenience of an apartment, or the community spirit of a co-op, there is a type of home that can fulfill your requirements.
Consider your lifestyle, budget, and long-term goals when exploring these different housing options. Remember, the perfect home is the one that aligns with your needs and makes you feel comfortable and secure. Happy house hunting!
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