Choosing the Right Home For Your Needs
Blog Updated: December 2017
Choosing the right style of home is an important step to homeownership. Whether you buy a Single Family Home, a Townhouse, or a Condominium depends on many factors. Deciding what your family’s needs are will help you make the best choice for your situation. Location, size of home, amenities, amount of maintenance, and price range all come into play when making the decision on what type of home to buy. The JS Realty Team at Samson Properties can advise you on how to make the right decision!
CONDOMINIUMS
Location: Most condominium complexes are located in an urban setting. If you want to be within walking distance of shops, restaurants, and amenities then a condo might be the right choice for you.
Amenities: Condos also usually provide more in-house benefits such as gyms, party rooms, business offices, and game rooms. Some condos even have small specialty stores such as dry cleaners, gift shops, hairdressers, and coffee shops right on the premises.
Size: Ranging from 1 room efficiencies up to 3 bedroom condos. Singles, couples, and families with 1 or 2 children are all candidates for condos.
Maintenance: Condos take the least amount of maintenance because the outside components of your home – such as siding, roof, and common areas are all maintained by the condo association.
Price: Usually you will pay less for condos than townhouses and single family homes, but you will need to consider the condo fees. Condo fees are usually higher than HOA fees. When considering condo fees, remember that for every $50 in condo fees, your amount purchasing power will be reduced by approximately $10,000. For example, if your condo fee is $300/month, then your purchasing power is reduced by $60,000.
TOWNHOMES
Location: Townhomes offer a more condensed living style than single family homes.
Amenities: Townhomes will typically be closer to amenities than single family homes. Businesses tend to locate themselves closer to smaller areas with a larger number of homes. This works out well in an area with many townhomes.
Size: With options ranging from 2 to 4 bedrooms, townhomes are often a better fit for families with children, and usually offer a small yard for your family to enjoy outdoor space.
Maintenance: Townhomes will often demand more work because you are responsible for your front & back yards, the roof, and the exterior of the home.
Price: While not quite as affordable as a condo, depending on the size and location, townhomes can be a less expensive option than a single family home. You’ll need to factor in the HOA (Home Owner’s Association) fees and what those fees includes.
SINGLE FAMILY HOMES
Location: Single family homes tend to have more privacy, because they have a larger “footprint”, meaning there is more space overall, and your house is not attached to your neighbors.
Amenities: This could mean a short drive to shopping, dining, and entertainment, as these amenities are not always located within walking distance of single family homes.
Size: This type of home is a better option for larger families, or for people who want more indoor and outdoor space.
Maintenance: Single family homes require the most time for upkeep due to larger yards and having to take care of all 4 sides of your home (5 if you count the roof!).
Price: Similar to a townhome, the size and location of a single family home matter when you’re talking price. You’ll also need to factor in HOA fees, and the taxes owed on the property will be higher than a townhome or condo.
As you can see there are pros and cons to each style of home. Contact the JS Realty Team and we can help you work through your options and show you what is available at a price you can afford!