When buying a home you need to think about all your options. Even though you may believe that you know what you want, there are probably a couple things to consider before moving forward. Your three main choices include: single family home, condo, and townhouse. Do you know the difference between the three? Do you know the pros and cons of them? It is important that you think about all three options before you make a final buying decision.
A single family home is the most common purchase. This is a home that is not attached to any other and is built on its own lot. If you are interested in your privacy and do not like the thought of being attached to another, this is probably what you want to buy. Of course, there are some drawbacks of this type of home. To start, you will pay more in most cases. Along with this, your taxes will probably be higher. To finish things off, you are in charge of outside maintenance. Are you interested in landscaping, mowing a lawn, etc?
A condo is much like an apartment. It is located in a complex and has many units. The main benefit of buying a condo is the price. Generally speaking, you can buy a condo for cheaper than a single family dwelling. Of course, this all depends on what you are looking for. Along with this, you are not responsible for any outdoor maintenance. The only thing you have to think about is keeping up the inside of your home. How does that sound to you? The main drawback is that you are attached to other units. In a condo, you may have people below, above, and on both sides.
A townhouse is much like a condo, the main difference being that they are lined up one after the next. You will not have anybody above or below you in one of these homes. This is a big benefit from a privacy and noise standpoint. In a townhouse you may or may not be responsible for outdoor maintenance – this is something to check on before making a purchase. Again, most townhouses are less expensive than single family structures when comparing apples to apples.
Having a hard time making a decision? In this case you should visit several options from each category. This will give you a better idea of which one is right for you. Make a personal list of pros and cons so you can be 100 percent confident in your final purchase.