There are many different types of real estate property. These include condos, apartments and single family houses. Single family houses are those that are occupied by only one family and have only one dwelling unit. This is quite different from apartments and condos which have multiple dwellings and are occupied by many families. Like other types of real estate property, these houses also have some advantages and disadvantages. These advantages and disadvantages are discussed below.
Firstly, single family homes have more appreciation in value and are more resistant to down markets than multifamily dwellings. Thus, your investment will be protected and yield greater returns.
Secondly, such houses provide control over your space. You can renovate, remodel or revamp your home the way you want. There are no restrictions on changing the look of your home. Thus, you can make your home match your personality. However, you still have to follow city and locality rules.
Thirdly, there is more privacy in such houses. You don’t share walls with anyone and so, can enjoy the peace and quiet. You also don’t have to put up with any nonsense of other families living in the community.
Fourthly, there is no association to deal with. You don’t have to give any maintenance fee for your home or follow the strict rules and regulations of the association.
Firstly, the cost of single family homes is high. They are more expensive than multifamily homes. Many people cannot afford them single family homes and so, opt for multifamily houses.
Secondly, maintenance is the responsibility of the homeowner. This can be quite a headache as everything from landscaping to plumbing has to be done by the homeowner himself.
Thirdly, amenities like swimming pool and gym will cost a lot in single family homes and are affordable only for those having high income.
Fourthly, the cost of maintenance is high in these homes since everything has to be done by the homeowner. In multifamily homes, the cost is shared and so maintenance is not that high.
Finally, it is better to have an apartment or condo in the city near facilities like hospitals and transport rather than a home in the suburbs where everything is far away. This is especially true if you work in the city and have to commute to your workplace every day.
In the end, the suitability of a single family home depends on you and your needs. So keep these advantages and disadvantages as well as your own preferences in mind when deciding whether or not to buy such a house.