Actively looking to buy the ideal home can be confusing. The first question the realtor asks is the type of home you are looking to buy. You might answer: a traditional home or a modern apartment. But it is interpreted differently by each person. This article gives you a list of the kind of homes people look for, and hopefully, one of them fits within your description.
Single-family home
A single-family home is a freestanding residential building that you can call your own. Evernest, Encore and Rent Progress manage Atlanta rental properties, and their experts provide hassle-free and smooth services by helping you find a suitable single-family home faster and within your budget, using a data-driven and the most advanced approach.
A single-family homeowner owns the land along with the building without sharing a structural wall with any other residences. It does not share any heating, air-conditioning, or utility systems with other dwellings. Each house has its private exit and entrance with direct access to the road.
Single-family dwellings are great for people who need everything that comes with that quintessential ownership experience, including privacy, yard, and freedom. It takes on different shapes, square footage, and sizes. It is a good choice for those who need a space in the form of a bigger kitchen, a basement for storage, or more bedrooms.
Multifamily home
This dwelling is a residential structure that has more than a single housing unit, with each of them having a bathroom, main entrance, and kitchen space. It is a single building divided to accommodate several families living separately. Typically, the owner occupies one unit and rents out the other units.
A multifamily home can also be a duplex with two houses within a single dwelling. The financing rules are based on whether the owner will live there or not. If you are the owner who lives elsewhere, you will be considered an investor. The projected rents from the property can qualify you for a home mortgage and a higher loan.
A multifamily home can start as a single-family home that the developer or owner decided to divide and turn into a multifamily home, each with its amenities. However, people living in multiple units may not have much privacy because of the shared walls, although they have separate entrances and exits.
Semi-detached home
This dwelling is a single-family home, typically with all the homes having the same design that shares a common wall. For example, if the kitchen is sharing a wall, it would have kitchens on either side of the wall. A semi-detached home has a back yard and a front yard.
Semi-detached dwellings can offer a compromise between autonomy and affordability. Though this housing affords less privacy, it can be made up with the lower rental cost or purchase price. In other words, it can be cheaper and affordable because it comes with efficiencies obtained through the utilities and construction side.
If you own a semi-detached house, you are responsible for the maintenance cost. If a homeowners association owns it, you pay your dues to them. Then the maintenance becomes the responsibility of the association that owns it. If you rent it, the maintenance cost is borne by either the landlord or the property manager.
Townhome
A townhome, interchangeably called a townhouse, is a multi-floor home. It has its entrance, kitchen space, and bathroom. It shares two walls on either side unless the house is at the end. Townhouses in the suburbs are uniform homes in a community with a homeowner’s association.
It is more affordable to buy a townhouse than a single-home dwelling, and your maintenance cost will be less because of the smaller size. Townhouses can include amenities, such as a clubhouse or pool, outdoor space, a patio, and a garage. The price of a townhouse goes up or down in tandem with the broader real estate market.
It would be in your best interest to have a friendly and casual chat with potential neighbors because of the closer proximity you will be living in. Ask them if there are any issues you must know about or what they like the most about the vicinity. It would give you a sense of what to and what not to expect.
Condominium
Condos are buildings of individual apartments that are owned by private individuals. They can feel and look like a community or an apartment building. An owner of a condo owns the interiors of the condo, and the equity goes up with every monthly mortgage payment. Condominiums are commonly referred to as common interest development.
Condo owners share common areas, such as garages, pools, elevators, gyms, and hallways. Typically, the homeowner’s association oversees and manages the common areas. Some condos are in skyscrapers, but you can find detached condos in some other places.
People buy condominiums for their simplicity because you only take care of the interior of the home and not the exterior. You do not have to cut the lawn or flowerbeds or maintain the driveways. Condos are ideal for elderly people who can travel often or do not have time to spend on maintenance. It is more affordable than a single-unit house.