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Buying a Home: The Different Types of Homes

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Every home has different features and advantages. A home may look striking to one but may look drab to another. Your choice may also be influenced by your current status.

The single-detached homes refer to those built on their own lot. It can either be a bungalow-type of home or can have two or three floors. They are suitable for families with children. The bungalow-type is not only ideal for a family but also perfect for elderly couples. These homes have a gated backyard and require more maintenance compared to other types of homes. del mar office The architectural design of single detached homes can either be contemporary Victorian, Georgian, Colonial or Tudor.

The condominiums, popularly known as condos, are situated in a building. This building has individual units that have all the amenities present in any home. The building is also equipped with the usual facilities like pool, gym and recreation area. Administering the building is the homeowners association, who is in-charge of determining the monthly fees that are to be paid by its members as well as the maintenance and improvement of the building. Equity is needed to own a condo similar to that of single-detached homes. Upkeep is lesser than single-family homes; however, its depreciation is greater than a house.

The cooperative apartments or co-ops are comparable to condominiums but are cheaper. These types of homes are more visible in big urban areas, like New York City. Compared to a condominium where you need to buy a condo unit, a co-op requires you to buy shares in a corporation that possesses the building. You need to get the approval of the board of directors of the co-op building prior to buying stocks. As a stockholder, you get the right to rent a unit in the building. You may find it difficult to sell your co-op unit, though, as you have to wait for the board’s approval.

Townhomes are designed vertically and usually consist of one, two or three floors. It is similar to that of a single-detached home. A few may feature their own garage. It has the advantage of a condominium particularly with regards to external maintenance, as it is managed by the homeowners’ association. Townhouses are built in planned unit developments, which is a group of communities that offer both residential and commercial areas including public areas like schools and parks.

The fixer-uppers refer to condo units and single-detached homes that require broad repairs and maintenance. It suits buyers who want to place some sweat equity into a real estate property while at the same time refurbishing it per their preference. However, it can hurt your pocket if it has plenty of major deficiencies. If you plan to buy this type of home, it would be wise to hire a home inspector.

Vacation homes are intended to give you respite from your busy schedule so you can enjoy solitude and relax. These homes are usually located in areas near the lake, the sea or in the woods. The downside of these homes is in the maintenance, as it is far from your own place. Your alternative to buying a vacation home is to lease one and hire a local rental-management company to handle any problems.

The newly constructed homes allow you to design it in the way you want. You get an architect to design your home based on your specifications. This permits you to choose your fixtures and finishes. Newly constructed homes are naturally expensive.

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