For many couples and families, the choice of what type of home to buy may not be immediately clear. Some families may want to downsize while others are looking to take the next step. Both of these options often lead buyers to townhouses and single family homes.
But which home buying option is best for you?
In addition to working with qualified realtors, consider the following guide to understand these options and select the best one for your family’s needs.
Single Family Homes
Spacious and generally tucked away in neighborhoods, single family homes can be a great investment for many people. But they also take more work to keep up with. The following are some of the pros and cons of this type of home ownership.
- Space For Growth: If you are planning to grow your family, a single family home might be a wise investment. This way, you have the space for more people and the opportunity to renovate.
- Personalization: A single family home is yours to change once you sign for it, so you can dive in to any projects you want.
- Selling Value: Single family homes are generally easier to sell when working with the
- Initial Expense: Single family homes can be more expensive up front, and the payments can be higher than other types of property.
- Maintenance Costs: When you own a home, maintenance is completely your responsibility. And this can add up depending on the home’s condition.
- Farther Commute: While there are exceptions, these types of homes are generally located in suburbs or rural areas. This can lead to more driving.
When single family homes are too big and expensive, a townhouse may be right for some families. According to a Zillow survey, about 20% of buyers are looking for this type of home, making it the less popular option. The following are some pros and cons to owning an attached unit.
- Lower Costs: Townhouses are generally less expensive than single family homes,
especially up front.
- Urban Locations: These homes are also located more centrally much of the time, making them a good option for those looking to live in a city without renting.
- Maintenance Assistance: When buying a home of this type, you will likely still have a property manager to help with maintenance.
- Less Personalization: Townhouse companies generally have restrictions on how much you can modify the house, which might feel restricting to some buyers.
- Difficulty Selling: While there are realtors available to make it easier, putting your townhome for sale is not always as easy as with a single family home.
- Less Space: Townhouses are also smaller than single family homes, which may not support family growth.
Remember that the best way to weigh your home buying options is to work with a real estate company and visit various homes. This way, you can experience the homes first hand and logically decide which to purchase.