Single-family Home
These one unit structures have open space on all four sides and are not attached to any other building. Single family homes come in many different styles and sizes, giving you more options when searching for the home that suits you best. Since these homes are so versatile, they tend to be more expensive than other options and require more maintenance.
Condominiums
Condos are separate living spaces that may be attached or detached to one another to make up a larger building. Special features of a condo may include common areas, fitness centers and recreation areas. Condo buildings belong to an association made up of all of its owners. This association is in charge of determining the governing rules and regulations of the building as well as the monthly assessment fees. Since the association handles the up keep of the building, owning a condo is very low maintenance for the owner. When living in a condo, owners must pay monthly condo assessment fees which are in addition to the monthly mortgage payment.
Townhouses
A townhouse is a row home that typically is two- stories and is more spacious than a condo. They are usually vertical in design and some of them have attached garages. Some townhouses are a part of a homeowners association, which comes with the added benefit of exterior maintenance. Townhouses are very common in cities and can be built in Planned Unit Developments (PUD), that also have space for public schools, parks, and other conveniences in the neighborhood.
Fixer-uppers
These are typically homes that are in need of extensive repairs, updating and maintenance. These homes usually provide significant value to buyers who want to personalize their property and further create equity. Buyers need to be prepared for additional costs due to the repairs the home needs compared to purchasing a move-in condition home.
It is important to get the home professionally inspected to ensure that you are aware of the necessary repairs prior to purchase.
New-construction Homes
Building a brand new home gives you the freedom to design every feature to your liking. You can choose the layout of every room, the light fixtures, finishes and more. You may also be able to work with a builder and choose from redesigned models. Purchasing a home pre-construction is typically more cost efficient and allows you to have more control during the building process. If you decide this is the right option for you, research the builder or developer to make sure they are reliable and have a good track record.
Green Homes
Green, or eco-friendly homes, are becoming more popular. A green home, according to the U.S. Green Building Council (USGBC), is built out of materials from recycled products that are quickly renewable. These homes use less water, energy and other natural resources because it generates energy from photovoltaic cells (solar panels) or wind turbines.
Green homes also have well-insulated windows and doors. paints and carpets are all made using environmentally friendly organic compounds. Green households also come with Energy-Star lighting and appliances, and showerheads and toilets that use less water that ultimately save you more money. To ensure that the home you are purchasing meets sustainable construction standards, look for the USGBC’s LEED certification in a green home.
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