| There are three main home types preferred by clients presently - single family homes, town homes and condominiums. The term 'house' is clear to everyone, while some clients as well as real estate agents still have a unclear idea of the terms 'town home' & 'condominium'. It is essential to differentiate the terms when searching for an appropriate property.
'A house', or 'a single family house', is a detached unit suitable for a typical family to live in. Both the house & the lot are in the owner's possession. There are no walls to be shared with neighbors and, that is why, one may enjoy his or her privacy to the fullest. As 'a house' is in the owner's absolute possession, any renovation exterior of a house can be done.
Nevertheless, possessing 'a house' may be exceedingly expensive comparing with townhouses or condos. Moreover, the owner is also supposed to take a proper care of the outside and pay all the maintenance work by himself/herself. Quite often the expenses are shared between owners within a townhouse or condo community. The community's funds are made up of charges mandatory for all condo owners.
When purchasing a condo, one should always keep in mind that only interior of the unit is owned, while the exterior is in the communal possession. To put it differently, everything that is interior the condo is the owner's property and everything inclusive of green lawns, gardens, hallways, parking places outside the condo is owned by a condominium community.
Condominiums are generally bought by somebody who cannot afford expensive single family homes and maintenance expenses. Yet, possessing a condo may have a few disadvantages. First and foremost, you have no privacy, as neighbors are all around you. Secondly, you have no private garden or a lawn where you can grow your favorite flowers. Anyway, when buying a condo, look for the one which has fewer shared walls. It will cost more, in case you would like to sell it. Fees should also be considered prior to purchasing a condominium, as in some areas they are gradually increasing. Fees may rage from 100 to 500 dollars a month, therefore it will greatly raise the cost of your home.
Town homes have basic features of both single family houses & condominiums. Therefore, when possessing a townhouse you will have to share walls with your neighbors, but only on either side of you. There will be no neighbours above or under your unit. Lucky are those buyers who own an end unit, since they share only 1 wall and, that is why, can sell their property easily & at a higher price.
Compared with condominiums, there is normally a nice yard attached to a town home which is as big as that attached to a house, but is not that high-priced. Therefore, town homes may be an appropriate option for those people who are looking for private space of a single family house & quite reasonable prices of a condominium.
Being able to differentiate house types is believed to be a vital key to choosing a proper place to live in that will satisfy all needs of the owner. |
Article Details
