The type of home you want to buy can affect which types of funding are available to you, so its good to have an idea of the kind of home that will best suit your lifestyle and needs. Below are some pros and cons of each: Condo A home that forms a part of a cooperative association for the maintenance of common areas. Think of it as an apartment that you own. Condos usually cost less to purchase and may have community amenities, but they are usually less spacious, come with association fees, and tend to appreciate more slowly. Townhome A bridge between a condo and a single-family home, townhouses are attached multi-story homes. Many of the disadvantages of condos apply, but one benefit is that townhouses can feel more "homey." They are more likely to have a backyard or front porch, and are often brighter, more spacious, share fewer walls, and so on. Single-Family Home More privacy, more space, all the comforts of a complete property. They tend to be found in more suburban or remote areas and may be situated on larger plots of land. Single-family homes have increased in popularity as remote work has increased due to the demand for home offices and no more need to live close to a workplace for a short commute. Multi-Family Home Duplex, triplex, or small apartment building. Great for “house-hacking” — living in one unit and renting out the other units for extra income.
9 · 2024 Buyer Guide
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