Finding a home that is perfect for your family can be a challenge.
After all, every family is different and has different needs.
When you’re looking to move, exploring the different types of housing can seem overwhelming.
Fortunately, this process doesn’t have to be complicated.
The key is to understand the advantages and disadvantages of the various housing options so that you can make the right decision.
This article takes a look at different kinds of housing.
Keep reading to discover insight into the type of places that you can choose from for your next home.
Single-Family Home
A single-family home is a free-standing house built on a lot.
It doesn’t share any walls with other structures. This type of home often includes a garage, but not always.
Homes without a garage will typically feature an external carport where members of the family can park their vehicles.
This type of home offers more privacy and space, and also generally have a front and back yard.
A single-family home will also generally have a higher resale value than condos or townhomes when space, features, and location are similar.
Condominium
Condominiums are small housing units inside a much larger building.
Each of these units shares at least one wall with other units.
This type of housing unit is common and extremely popular in urban areas where space is limited, making the cost of housing much higher than in rural communities.
This is especially true for options like Lakeview Village condos in Toronto, which is located in a well-known area that are quite the magnet to tourists. The upsides to picking condo locations like this are the great view and a huge possibility of great increase in property value in just a few years time.
Residents of condos typically belong to an HOA, or homeowner’s associates, and are thus required to pay yearly dues in order to live there.
These dues are used to cover full-time maintenance costs and pay for property taxes.
The benefits of living in a condo include minimal responsibility for things like maintenance of the individual units, and many buildings offer onsite gyms and swimming pools.
The major disadvantage is the restrictions that come with living in a small space where noise from neighbors can be annoying.
Townhouse
A townhouse is basically a combination of a single-family home and a condo.
This type of housing general shares at least one wall with another unit, thus you will also share the front and back yard with your neighbor.
The major advantage over a condo is increased space and privacy, but you also sacrifice amenities like a gym or swimming pool.
Here is a resource where you can find information about renting a villa.
Co-Op
A co-op is different than a condominium in that you not only own your individual unit, but everyone also owns the building together.
Because of the unique ownership situation, an applicant to purchase a unit must go through an interview process with the current co-op board.
A co-op will typically have lower dues, but you’ll have more responsibility for the upkeep of the building.
Multi-Family Home
A multifamily home is essentially a single-family home that has been divided into multiple units.
This is the least common type of home featured on our list.
Different Types of Housing for Your Family
Choosing a new home for your family and be confusing and stressful.
Fortunately, the different types of housing listed here will help make your search for a home a little easier.
Keep scrolling to see more great real estate tips and advice.
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