After your bank calls you to let you know that you are preapproved for a mortgage, you will probably want to start looking for a home to buy right away. Before you call a real estate agent, you should decide if you want a single-family home or a multi-family property. If you are not sure which type you want, it might be helpful to learn the following four differences between these home types.
The primary difference between a single-family home and a multi-family home is the structure. Single-family homes have their own walls and are completely separate from all other structures. Multi-family homes are built in clusters and have shared walls. A multi-family home property might have two units attached or dozens. You can guarantee that they will have shared walls and common areas. You will not have common areas with single-family homes, and you will not have any shared walls.
The Privacy Levels
Due to the differences in structures, you will find a difference in privacy levels when comparing these two options. If you prefer complete privacy, a single-family home is your best option. If you want to live in a community where you often see your neighbors, a multi-family home provides this lifestyle.
The Rules and Guidelines of the Communities
The third difference is the rules and guidelines in the community. Multi-family home communities have homeowner's associations (HOAs) managing them. An HOA creates rules and guidelines that the homeowners must follow, and they enforce them. They also charge a monthly fee for the homeowners. Few single-family home communities have HOAs, which means they offer more freedom to homeowners that live there.
You may also notice a difference in sizes with single-family homes and multi-family units. In general, multi-family housing units are smaller than single-family homes. If you want a smaller home, you can choose either option. If you hope to buy a larger home, a single-family house is the best choice, especially if you want a basement. The last feature to consider is the size of the yard. You might not have a yard with a multi-family home, but you will with a single-family property.
Both types of homes have pros and cons, yet one type is probably better for you than the other. If you feel that you would rather have a single-family home, contact a real estate agent to set up viewings on homes that meet your budget and needs.
This website can serve as your home for information about real estate. Here, you will find articles about the buying process and others on the selling process. We've also included content related to getting a mortgage, finding a real estate agent, and scheduling an inspection. We hope that by addressing all aspects of the real estate world, we will make you better prepared to handle any real estate transactions that might be in your future. After all, real estate can be a really smart investment, but only if you buy the right home and know how much to offer. Start reading, and enjoy what you find.