4 Different Types of Real Estate to Consider

4 Real Estate Types All Homeowners Should KnowWhen deciding to move to a new home, Cameron Station home buyers have many options to consider. There are more types of homes than just single-family homes or condos, and every home has different advantages and disadvantages that make them better for different people. Therefore, home buyers need to be aware of the differences between real estate types. Here are some popular types of real estate and what makes them a good match for home buyers.

Single-Family Homes

When people think about real estate, they likely think about single-family homes first and foremost. A single-family home is a home built on its own lot, so it isn’t sharing any walls with another home. Single-family homes also commonly have garages, which can be attached or detached. These homes are popular because their detached nature means they give homeowners more privacy than other home types, and homeowners don’t have to worry about their next-door neighbors being on the other side of an eight-inch wall. While single-family homes are typically more expensive than other options, they also sell for more money and have higher potential equity.

Condominiums

Home buyers who have experience living in an apartment and aren’t sure if a single-family home is right for them may want to purchase a condo instead. When owning a condo, the homeowner doesn’t have as much responsibility for the home, so many expensive costs aren’t going to fall directly on their shoulders. However, in order to pay for maintenance, condominium owners will need to pay HOA fees, which can potentially be expensive. However, they do ensure everyone living in the complex won’t have to mow their own lawns or pay for a new roof if it starts to leak. With condos, the owner owns the building they live in, but not the land it’s on.

Townhouses

Townhouses share some features with condos and single-family homes, making them appealing to many home buyers. Like condos, townhouses often share at least one wall with neighbors, so they don’t have quite as much privacy as a single-family home, but they often come with a Homeowners Association that collects dues and uses the money on upkeep costs around the neighborhood. Townhouses are also more affordable than single-family homes, which makes them more accessible. While condos tend to be smaller on average, townhouses are often larger, and some even provide the homeowner with a backyard or patio area.

Duplexes and Quadplexes

Like condos and townhouses, duplexes and quadplexes are one building broken up into multiple homes. A duplex is one building that has two homes, and a quadplex is a building containing four homes. There are also more uncommon variates, such as triplexes, which have three homes. Duplexes and quadplexes often have patios and backyards, so they can be a good option for people who don’t want to spend the money a single-family home.

Home buyers have many choices, and these aren’t even all of the different real estate options available. Before purchasing a new home, home buyers should make out a list of what they want in a home, whether it’s privacy, an HOA to provide assistance in home upkeep, or any other features. This way, they can focus on the type of home that suits their needs most. 

Post a Comment