Is a single family home right for you?
If you’re trying to figure out if a single-family home is right for you, here are a few things to think about.
If the idea of getting as much space as possible for your dollar’s value appeals to you, a single-family detached home might be the best option. This allows you to increase the area in square feet.
A single-family home may also appeal to you if you prefer to control the landscape and appearance of your home. Oftentimes, apartment associations have strict rules that you must abide by regarding the appearance of your home.
Finally, you can opt for a single family home if you are looking to make some home investment income on a small scale. Whether you are renting out all of your units and converting the house into rental property or using it as a primary residence while renting out other units, you can have up to 4 units as single family housing without having to apply for commercial financing.
On the other hand, you may opt for another living condition such as an apartment if the idea of access to some of the condo association-paid amenities appeals to you. It can be a good idea to go to the pool once a week without having to worry about maintenance.
Apartment and townhouse associations are often also concerned with exterior maintenance, so if you’re not interested in that sort of thing, it can be a good option as well as having someone else in charge of your home’s exterior.
Different types of homes to consider
If a single family home doesn’t make sense in your mind, there are several other types of homes you can take a look at. Here is a short list:
- Residential apartments: When you buy an apartment, you own everything inside your home. Meanwhile, the condominium association possesses the outward appearance. The best part about the apartments is that you may be able to make use of the communal facilities and you may not be responsible for lawn care or snow removal. The association is also responsible for external maintenance. The downsides are the HOA fees and the inability to truly customize the look of your exterior.
- Townhouse: A country house is a type of dwelling with at least one wall attached, but each owner owns his own unit, and this is the main difference between a town house and a single-family dwelling where there is one primary owner and the others are renters. These also tend to have engagements to deal with external maintenance.
- attached housing unitAbu Dhabi University): An ancillary housing unit is another structure built on the land on which there is already a single family home. These go by other names including granny wings. They have full kitchens and bathrooms and can function as completely separate living areas. This might be a good option if you want to be around the family, but you also want your own space. Before creating an ADU, check the zoning restrictions in your area to make sure they are legal.
- Multi family home: A multi-family home contains 5 or more units. These do not qualify for regular home financing. It is important to keep in mind that you can have a single family home of up to 4 units. You don’t need multi-family accommodation if you just want a duplex apartment.