The Best Types Of Homes You Can Possibly Own

Published on 09/08/2022
ADVERTISEMENT

You’ve definitely noticed that there is a lot of jargon around house styles and their structures, whether you’re shopping for your first house or a new investment property. Understanding this jargon will help you find the house you’re looking for, anticipate typical problems during your home inspection, and discover the advantages of particular home types.

It’s crucial to be aware of the two basic factors used to categorize homes: the kind of structure and the design. The building type is referred to as the structure. The architectural details and design, such as Craftsman or contemporary, are referred to as the style.

In order to help you focus your preferences and find your ideal home more effectively, we’ve gathered the most common home designs and architectural elements.

House

The Best Types Of Homes You Can Possibly Own

Apartment

An apartment is one of a number of comparable dwellings that make up a single building structure. The requirement that you rent the space from a landlord is an essential component. Apartments and apartment complexes frequently have convenience features like a pool, gym, laundry, or a repair person on-site.

You’ll have many more advantages and drawbacks to consider when selecting whether to buy or rent, even though you won’t have as much privacy and won’t be accumulating equity in your home.

Positives: Maintenance and repairs are handled.

Cons: Because there is no buying option, there is less choice and freedom.
Rocket Mortgage® does not currently provide loans for apartment purchases.

Condo

A condo can be a wonderful option for you if you enjoy the perks of an apartment but want to own. You are responsible for taking care of all maintenance and repairs in place of having a building management or landlord handle your apartment.

Positives: For older folks who want to own a property and have a mortgage but don’t want to deal with the maintenance of a single-family home, condominiums are a terrific option for city life.
Benefits of homeownership and less maintenance than a single-family home are pros.

Cons: There is less freedom of choice and privacy.

Co-Op

A cooperative for housing is another name for a co-op. Compared to the other housing options on our list, this one is pretty unique. In a co-op, as opposed to owning the building outright, you are purchasing a share of the company that owns it.

The amount of space you are granted in the co-op generally related to the number of shares you possess. You will vote on common areas once you’ve been admitted into a co-op and after buying shares, and you’ll divide maintenance charges and other fees.

Positives: Co-ops offer a strong sense of community and cost less than regular homes.

Cons: There is less freedom and group consensus is required for decisions.

Single-Family (Detached)

In contrast to condos, apartments, or townhomes, a single-family home has the important distinction of being entirely separate from other dwellings. Single-family homes make up the majority of houses in the United States.

They often occur in suburbia and are less prevalent in densely populated areas. Except in cases where there are restrictions imposed by homeowners associations (HOAs), single-family houses are typically more private and provide more customization possibilities.

Positives: Compared to most other homes, single-family residences offer more freedom and solitude.

Cons: They usually cost more to own and maintain.

Tiny Home

The popularity of tiny homes has increased recently, igniting the so-called “tiny home movement.” These little homes typically range in size from 60 to 400 square feet. While some tiny homes are entirely custom constructed, others are prefabricated.

Due to the fact that certain tiny homes are movable and can be moved to different locations, they have become popular among single individuals and couples who want more financial and physical independence.

Positives: Tiny houses are more reasonably priced and give you more physical flexibility.

Cons: There is less room for family expansion due to the much smaller size.

Townhome

Having its own entrance from the street and sharing at least one wall with another unit, a townhouse or townhome is a privately owned residence. They are most well-liked in large cities with constrained space.

Townhomes often preserve horizontal space by being built side by side with neighboring residences while maximizing vertical space with numerous floors. There are occasionally common areas amid a group of townhouses.

Positives: Generally speaking, they are less expensive than single-family homes.

Cons: You have less freedom to alter the outside and less privacy.

ADVERTISEMENT