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6 Different types of homes

Posted on: 06th Oct, 2012 05:23 am
Home requirement is different from person to person. You may look for a small & simple home or may want to stay in a stylish & expensive house. To meet your needs, there are different types of homes. Each type of home has different features. Depending on your needs and income, you have to select the type of home. Here is the discussion on 6 different types of homes.


Single-family home

It is a free-standing residential structure. It is occupied by a single household. Usually this type of home is surrounded by open space. Here, you are the owner of the building as well as the open space. Some advantages and disadvantages of staying in a single-family home are listed below.
Advantages:
  • You can extend the existing structure
  • You have the liberty to use the open space as per you wish
  • More privacy for you
  • Have more appreciation value
  • More resistant to down market risks
Disadvantages:
  • All repair and maintenance costs are borne by you
  • The cost is high than comparable multi-family home
  • Amenities such as swimming pool and gym will cost a lot

Multi-family home

A multi-family home is a residential housing structure which consists of separate housing units. Here separate households are contained in different units of the same building or in several buildings of the same residential complex. Common examples of a multi-family home are: 2, 3 or 4 flat-building, duplex, apartment building etc. Here, common spaces are there for all the inhabitants. Multi-family homes are comparatively cheaper than big single-family homes which many of you can't afford to buy. The advantages and disadvantages of buying a multi-family home are listed below.
Advantages:
  • Comparatively less costly than equivalent single-family home
  • Great investment for the future
  • Repair and maintenance are looked after by the community body
  • Costs of amenities such as swimming pool, gym are shared
Disadvantages:
  • Less liberty with the building and the open space
  • Privacy is less than in case of single-family homes

Condo

A condominium or a condo refers to a large property complex where there are spaces for individual units and at the same time there is space for common use. The major difference between a single family home and a condo is that in case of a condo, there is no single ownership of the plot of land. The property is actually controlled by the condominium management. If you do not have a family and lead a busy life, then a condo is a good option for you. The advantages and disadvantages of condominium ownership are listed below.
Advantages:
  • No or little maintenance cost
  • Additional facilities such as fitness center or swimming pool are less costly than in case of single-family homes
  • Security personnel are there in condos
  • You will be closer to other people at the time of emergency
Disadvantages:
  • Open space and outdoor areas are less
  • Less privacy
  • Communal living may not suit you
  • Your freedom is restricted by condominium rules
  • The monthly condominium fees may go up

Bungalow

A bungalow is like a cottage, cabin or a one-story building. Usually bungalows do not contain much area. Originally, bungalows were meant to meet the housing requirements of the working class. Advantages and disadvantages of owning a bungalow are listed below.
Advantages:
  • Bungalows are flexible in the sense that modifications can be made
  • More privacy
  • Good investment as its value does not decline usually
  • Ideal for homeowners with limited mobility
Disadvantages:
  • Bungalows are usually overpriced
  • Usually look and shape are out-dated

Townhouse

A townhouse is a medium-density housing in city areas. Usually a townhouse is a single-family home that is attached to another home. A townhouse is a good choice for the newly married couples and for a single individual. Here are the advantages and disadvantages of owning a townhouse.
Advantages:
  • Maintenance costs are shared
  • Additional facilities such as swimming pool, playground, tennis court are less costly
  • Less costly than comparable single-family home
Disadvantages:
  • Privacy is less
  • Living space is more vertical than horizontal
  • Limited land
  • No chance to add on to the building

Mobile home

If you are willing to own a home with comparatively less price, then a mobile home is a good option for you. There are different types of mobile homes available in the market. You may choose one as per your requirement. Mobile homes are first built in factories and then taken to the site. Mobile or manufactured home loans are also available for you to make the purchase. The advantages and disadvantages of owning a mobile home are listed below.
Advantages:
  • Cheaper than traditional homes
  • Repairs are cheaper
  • Mobile homes are delivered very quickly
  • Mobile home parks are usually within your affordability
  • Attractive amenities are offered at mobile home parks
Disadvantages:
  • Unlike the traditional homes, mobile homes usually depreciate in value
  • Safety is a big concern
This gives you an idea on different types of houses. These are the commonly used home types. Apart from these, there may be some other home types which are however rarely used. Anyways, if you are a homebuyer, you need to fix up your mind regarding the type of home that you want to buy.
There can be two more property types added to this list:

Vacation home : It is a residence used for holiday vacations. It is also known as second home. It can be an asset for the homeowner as renting the property will provide the owner with an additional income.

Timeshare : It is a property with a specific form of ownership or use rights. These are mainly resort condominiums wherein multiple parties hold rights to use the property.

Thanks
Posted on: 07th Oct, 2012 11:55 pm
As there are different types of houses, the loan types can also vary depending upon that. At times there may be special lenders who will offer loans for a particular house type.
Posted on: 09th Oct, 2012 03:54 am
It is some very rare but a finest research that you have posted for the houses. Pros and cons will be most effective for customers to choose their perfect home
Posted on: 10th Oct, 2012 01:26 am
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