When you decide to purchase a home, there are many factors that need to be considered. Whether a house will be able to accommodate the expected level of future lifestyle and living conditions that are envisioned by you, decides the choice of a residential building. The different types of residential building that’s available in the market are discussed below.
Single Family Homes
A single-family home or SFH is residential building that is constructed on a single piece of land or a single lot. These don’t have any shared walls with a few of the SFH’s having a detached or attached garage. Since they are built independently and don’t share a wall, they have a higher level of privacy and it may have a private front and back yard as well.
These properties fetch higher resell values as compared to other residential buildings. So, if you don’t mind bearing the maintenance cost for the property and you seek privacy at your home, then the SFH is the residential building for you.
Condominium or Condo is a single unit accommodation that’s a part of a larger building. The primary benefit of opting for a Condo is the sharing of the maintenance cost of the building with other Condo owner without sacrificing the comforts and luxury of a premium home, as Denis Vranich, a Canadian real estate developer explains. Additionally, you get amenities like gym, pools etc. The only drawback of a Condo is that the privacy is not absolute since you share a wall or two with other Condo owners also you will be restricted by the rules of Home Owners Association in regards of remodelling.
Co-ops, like a Condo, is also a single unit that’s the part of a larger building or community. The primary difference between a Co-ops and Condo is the type of ownership. In the case of Co-ops, you and other members of the community jointly hold the title of the entire building.
But, as Denis Vranich mentions, usually, you have to face an interview process before you can become a part of a Co-op community. The ownership model is a benefit, but it’s a problem when you consider a loan. The financial obligation of the building is shared by all its residents.
These are a rarer type of residential building. It could be a duplex, triplex or a fourplex, with each unit having a separate entrance. The entire building is owned by a single individual. These are primarily used as an investment alternative in which the owner resides in a single unit and rest is rented to others.
If you want something between a Condo and an SFH, then townhouses are for you. A townhouse is comparatively more spacious than a Condo. Like Condos, a townhouse shares a wall or two with its neighbours. They are smaller than an SFH and may have a rooftop deck or a small yard.
They are affordable compared to an SFH and usually have a joint maintenance agreements in place for handling the maintenance of the building, but they don’t have shared amenities as is the case with Condos.