When the time comes to buy a home or condo, it's very important to buy the right type of property for your needs. Some buyers will be happiest in a single-family home, others in a condo or a townhouse. Knowing the differences between the different types of properties can help you decide what type of property is right for you.
From the outside, a condo might look just like an apartment. Condos are usually found in buildings that have been divided into units, and each unit is owned by a different person. The building where the condo is located, and the property on which the condo sits, is owned by the condominium corporation.
The condo owner is responsible for maintaining everything inside their condo, but the property and the larger building where the condo is located is maintained by the homeowner's association.
Benefits of Condos:
- No outdoor maintenance
- Compact, easy-to-maintain interior
Cons of Condos:
- Often no space between neighbors; limited privacy
- Homeowner's association can be restricting or limiting in changes that can be made to the property
Who Likes Condos?
Condos tend to be a favorite among seniors and career-oriented people who just don't have time for outdoor maintenance. Condos are also a preference for families living in cities, as single-family residences are often too expensive in high cost of living areas.
Single-family homes are standalone residences that are owned and maintained by only one person or family. The person who owns the home is responsible for all indoor and outdoor maintenance. Single-family homes are generally more spacious than condos, and usually have a yard.
Pros of Single-Family Homes:
- More space
- Freedom to make changes to the property
Cons of Single-Family Homes:
- Maintenance can become costly
- Keeping up with maintenance can be difficult for people with limited time or physical abilities
Who Likes Single-Family Homes?
Single-family homes tend to be the property of choice for families with children. Parents like being able to send their children into the yard to play. Single-family homes are also a favorite of investors who want to fix up the property and sell it for profit.
Multiplexes homes are made up of multiple units. A multiplex usually looks like a home that has been divided down the middle. The multiplex owner may live in one side of the house while renting the other side to a tenant.
Pros of Multiplex Homes:
- Multiplexes allow the homeowner to make money off their property
- Multiplexes are an investment opportunity for buyers looking to rent to tenants
Cons of Multiplex Homes:
- Multiplex homes are not necessary for someone who has no interest in renting or sharing their property with someone else
Who Likes Multiplex Homes?
Multiplex homes are a favorite among people seeking a property with an "in-law apartment." Buyers who believe they may some day open up their home to a senior relative should consider a multiplex.
Townhouses are similar to condos, but each unit is a standalone property, or each unit shares only one wall with the neighbor. Often, townhouses are tall and narrow, with more than one floor. As with a condo, the townhouse is owned by the individual who lives inside, but the property around the townhouse is owned by another entity.
Pros of Townhouses:
- More space and privacy compared to standard condos
- No outdoor maintenance to worry about
Cons of Townhouses:
- The homeowner's association can be limiting
- Indoor stairs can be difficult for seniors to navigate
Who Likes Townhouses?
Townhouses tend to be a favorite among families with small children. Parents like having outdoor space for their children, a spacious interior, and no outdoor maintenance to worry about.
Know What to Buy? Contact a Real Estate Professional
If you're a Brentwood home buyer looking for a property, contact a real estate professional to get started with your home search. Your agent can help you decide whether a townhouse, multiplex home, single-family home or condo is right for you.
The Ashton Real Estate Group of RE/MAX Advantage
The #1 Real Estate Team in Tennessee and #2 RE/MAX team in the World!