The Best Types of Homes You Can Possibly Own


You’ve definitely noticed that there’s a lot of jargon surrounding home styles and their structures, whether you’re buying your first home or a new investment property. Understanding this jargon will help you find the home you’re looking for, anticipate typical problems during your home inspection, and discover the advantages of certain types of homes.

It is crucial to be aware of the two basic factors used to categorize homes: structure type and design. The type of building is called a structure. Architectural details and design, such as Craftsman or contemporary, are called style.

To help you focus your preferences and find your ideal home more effectively, we’ve rounded up the most common home designs and architectural elements.

The Best Types of Homes You Can Possibly Own

Department

An apartment is one of several comparable dwellings that form a single building structure. The requirement to rent the space from an owner is an essential component. Apartments and apartment complexes often have convenience features like a pool, fitness center, laundry facility, or on-site repairman.

You’ll have many more pros and cons to consider when selecting whether to buy or rent, though you won’t have as much privacy and won’t build equity in your home.

Positive aspects: Maintenance and repairs are handled.

Cons: Because there is no purchase option, there is less choice and freedom.
Rocket Mortgage® does not currently offer loans for the purchase of apartments.

Condominium

A condominium can be a wonderful option for you if you enjoy the advantages of an apartment but want to own it. You are responsible for taking care of all maintenance and repairs instead of having the building management or landlord take care of your apartment.

Positives: For seniors who want to own property and a mortgage, but don’t want to deal with maintaining a single-family home, condominiums are a great option for city living.
The benefits of owning a home and less maintenance than a single-family home are perks.

Cons: There is less freedom of choice and privacy.

Cooperative

A housing cooperative is another name for a cooperative. Compared to the other housing options on our list, this one is pretty unique. In a cooperative, as opposed to owning the building outright, you buy a part of the company that owns it.

The amount of space you are given in the co-op is usually related to the number of shares you own. You’ll vote on common areas once you’ve been admitted to a co-op and after you buy shares, and you’ll split maintenance charges and other fees.

Positives: Coops offer a strong sense of community and cost less than regular houses.

Cons: There is less freedom and group consensus is required for decisions.

Single Family (Independent)

Unlike condominiums, apartments, or townhouses, a single-family home has the important distinction of being completely separate from other dwellings. Single-family homes make up the majority of homes in the United States.

They often occur in the suburbs and are less frequent in densely populated areas. Except where restrictions are imposed by homeowners associations (HOAs), single-family homes are often more private and offer more customization possibilities.

Positives: Compared to most other homes, single-family residences offer more freedom and solitude.

Cons: They generally cost more to own and maintain.

little house

The popularity of tiny houses has increased recently, sparking the so-called “tiny house movement”. These tiny houses are typically 60 to 400 square feet in size. While some tiny homes are completely custom built, others are prefab.

Due to the fact that certain tiny houses are mobile and can be moved to different locations, they have become popular with singles and couples who want more financial and physical independence.

Positives: Tiny houses are more reasonably priced and give you more physical flexibility.

Cons: There is less room for family expansion due to the much smaller size.

Terraced house

With its own entrance from the street and sharing at least one wall with another unit, a row house or row house is a privately owned residence. They are most loved in big cities with limited space.

Townhomes often conserve horizontal space by being built next to neighboring residences while maximizing vertical space with numerous stories. Occasionally there are common areas in the middle of a group of townhomes.

Positive aspects: Generally speaking, they are less expensive than single-family homes.

Cons: You have less freedom to alter the exterior and less privacy.





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