When shopping around for a home to buy, it is important to know your options. There are a variety of residential building types to choose from and choosing one can easily overwhelm. Knowing your options will make the task of choosing your home easier that fits your needs and lifestyle.
A good realtor in Colorado Springs can assist you when making the right decision. But before you go house hunting, you can use this guide to pick the right type of residential building. Read here to learn more about how you can make the right choice.
Types of Residential Buildings
Follow this handy guide to know the different characteristics of each residential building type.
Choosing the right type of residential building. (Image Source: Unsplash)
1. Single-Family Home
As the most common type of residential building that home buyers look for, a single-family home is built on a single lot without a shared wall. In some cases, there is also a garage that is either attached or detached from the main house. It is preferred by home buyers because it offers more space and privacy.
The Amenities
The extra space comes from the private front or back yard. Since you are not restricted by space, you can choose your ideal home design or even extend the home if you need more space. It is also favored by home buyers because of its high resale value and the high appreciation value.
What to Watch out for?
The main downside of buying a single-family home is that it will be costly to maintain. As a homeowner, you will be the one responsible for all the maintenance costs on the plumbing, roofing, and yard maintenance.
2. Condominium
The next type of residential building that is commonly available these days is the condominium. Commonly referred to as condos, these are often located in the city or other high-density urban areas. This is a single unit that is contained within a larger building (often several stories high).
A Good Investment
When you invest in a condo, you will be sharing a wall with other unit owners. The location is part of the appeal for those who want to invest in a condo unit. The location of a condo often gives easy access to restaurants, shops, malls, offices, and other commercial establishments.
The primary benefit of investing in a condominium unit is the minimal responsibility on the unit owner’s part when it comes to the upkeep and maintenance of the facilities. And speaking of facilities, you have access to them to suit your lifestyle and needs.
The Amenities
Among the common types of facilities available in a condominium are swimming pools and fitness centers or gyms. You can also find nearby business centers, gardens, and more.
This type of residential unit is ideal for single individuals or young professionals. It is suited for people who want to avoid the work involved in maintaining a single-family home.
What to Watch out for?
While there are many benefits to choosing a condominium, there are also a few downsides. One of those downsides is the maintenance cost. You will be splitting the cost of maintenance with other unit owners, though.
Also, you will be paying a monthly fee for the homeowner’s association. This is true regardless if there is a need for any maintenance work. Another downside to living in a condominium is the lack of privacy.
You will have to remember that you will be sharing a wall and amenities with other residents. Hence, you won’t have the same level of privacy as you would in your own home.
3. Townhouse
What are the different types of residential buildings? (Image Source: Unsplash)
A townhouse is another type of residential building that you can find when you want to invest in real estate. This is a mix of the features and characteristics of a single-family home with a condo unit.
The Amenities
This residential property is often built into a building with multiple floors. You can also share walls with other property owners. You might have a small yard or roof deck but the space is quite limited as your home isn’t built on a single lot.
But if you want a bigger space for your family, you can get more space in a townhouse than a condo. If you cannot afford a single-family home, a townhouse is the best alternative for your family.
Also, it has the benefits of a single-family home with the affordability of a condo. It has more privacy than the latter, too. But you will still be paying for a homeowner’s association monthly fee to cover the upkeep of the units.
What to Watch out for?
One of the things you have to remember in investing in a townhouse is that you won’t have access to modern amenities. This is usually what you would expect to find in a condominium
Some examples of these are a pool, gym or playground. You won’t enjoy the same privacy as a single-family home because you are sharing a wall with other occupants.
4. Multi-Family Home
This type of residential building is the least available in the market today. If you are looking for one, you need to enlist the help of a realtor in Colorado Springs to find the ideal one for your needs.
The Amenities
This is essentially like a single-family home in design but is converted to offer two or more units. It can either be designed as a rowhouse-style home or contain several floors.
The size of the multi-family home can vary largely, but the most common type of multi-family home is a duplex. For your privacy, there are separate entrances for each unit.
What to Watch out for?
Unlike condos, multi-family homes cannot be purchased by individual units. If you want to invest in one, you have to purchase the entire building containing several units. For this reason, this type of property is purchased mainly for investment purposes.
Many people invest in this type as rental property. In some cases, the owner will live in one of the units and make the others available for rent as an additional source of income.
Find Your Ideal Home with the Best Realtor in Colorado Springs
Types of residential buildings to choose from. (Image Source: Unsplash)
With an understanding of the different types of residential buildings in the industry, you can make the right choice based on your budget and needs. Whether you are buying for personal use or investment, your choices can vary significantly.
With the help of top realtors like Brian Boals and Remax real estate group in Colorado Springs, you can leverage their expertise to find the ideal investment. You can get started on finding your ideal property here.