| There are 3 major home types preferred by clients today - single family houses, town homes & condos. The word 'house' is clear to everyone, while some purchasers as well as real estate agents still have a unclear idea of the terms 'town home' and 'condominium'. It is essential to distinguish between the terms when searching for an appropriate property.
'A house', or 'a single family home', is a detached structure suitable for a typical family to live in. Both the house and the lot are in the owner's possession. There are no walls to be shared with neighbors and, hence, one may enjoy his or her privacy to the fullest. As 'a house' is in the owner's absolute possession, any redecoration exterior of a house can be done.
Nevertheless, owning 'a house' may be really expensive if compared with town homes or condos. Furthermore, the owner is also assumed to take an appropriate care of the exterior and pay all the maintenance work by himself/herself. Normally the expenditure is shared between owners within a town home or condominium community. The community's budget is made up of charges mandatory for all condominium owners.
When obtaining a condo, one should always keep in mind only interior of the unit is owned, while the exterior is in the communal possession. As stated differently, everything that is inside the condo is the owner's property & everything including green lawns, gardens, corridors, parking lots outside the condo is owned by a condominium community.
Condos are very often purchased by somebody who cannot afford high-priced single family homes and maintenance expenses. Nonetheless, possessing a condominium may have a few cons. First and foremost, you have no privacy, as neighbours are all around you. Secondly, you have no private garden or a lawn where you can grow your favourite flowers. Anyway, when purchasing a condo, choose the one which has fewer shared walls. It will cost more, in case you would like to sell it. Fees should also be taken into consideration before obtaining a condo, as in some areas they are gradually increasing. Fees may rage from 1 to 5 hundred dollars a month, thus it will largely increase the cost of your house.
Townhouses have features of both single family homes and condos. So, when owning a town home you will have to share walls with your neighbors, but only on either side of you. There will be no neighbours above or below your unit. Lucky are those people who own an end unit, since they share only 1 wall &, thus, can sell their property easily and at a higher rate.
In comparison with condos, there is very often a yard nearby a town home which is as large as that attached to a house, but is not that high-priced. That is why, townhouses may be a suitable option for those buyers who are searching for private space of a single family house & quite reasonable prices of a condo.
Being able to differentiate house types is believed to be a neccessary key to finding a suitable place to live in that will meet all requirements of the owner. |
