Are you in the market for a new home, but not sure which property type suits you best? Choosing the right property type is important; there are many factors that go into making the decision. Where are you in your life? If you’re young and single, you may want to find a place that has the opportunity to grow into if you should get married and have children. If you’re married and empty nesters, maybe you’re looking to downsize. Here are some things to consider before you make the big investment.
Condominiums are a great place to start when buying a home for the first time. Though they still have close neighbors, there are a number of positives for this option. One perk to a condo compared to renting an apartment is that many come with carports and/or garages. Living in Colorado, this is a huge perk. Not having to clean snow and ice off of your car in the winter is a bonus. Frequently condos have a fitness center and pool, which is convenient and you won’t require a separate gym membership. Like apartments, much of the maintenance is covered by the HOA. For example, snow removal and disposal may be included. Further, costly expenses like the roof are often covered by the association fee as well.
Townhouses are the alternative to both condominiums and single-family detached homes. A townhouse is just like a single-family detached home, except they’re attached to other units. Frequently townhouses have multiple stories and garages, either attached or not. Townhouses are great because they give a decent amount of square feet without the hassle of caring for a yard. Another perk to owning a Townhouse is that the HOA usually covers expenses related to the exterior of the building. Townhouses sometimes come with a small patio space, but there isn’t a yard to maintain. This can be a great starter home for a new family with small children. Additionally, for empty nesters looking to downsize and reduce responsibilities in upkeep, this is a great option.
Single-family (detached) homes are a great option for those who seek a little more privacy. On the one hand, SFH offer a yard which is nice for children (four-legged too!) On the other hand, you would be required to maintain the yard, which includes fences (if you choose to have one), landscaping, sprinkler systems and deck/patio upkeep, if you have them. SFH also offer a bit more reliability in resell value compared to condominiums and townhouses.
Ultimately, choosing the right property type comes down to your lifestyle. If you travel a lot for work, maintaining a single family home may not be for you, you might like a condo or townhouse more where much of the maintenance is kept up by the association. If you have a family and need multiple bedrooms and a yard for playing, a single family home will probably be your best option. Whatever you choose, be sure you have everything ready to go when you want to make a purchase because houses are selling fast. Even if you haven’t yet worked out which property type you want, we can help you prepare so that you’re ready when you find your new home.