Types of Homes
It is easy to get caught up in the slang and jargon of the housing industry and become lost. One thing that may seem simple but ends up adding confusion to the equation is the names different styles of houses are referred to as. Here’s a quick reference for the types of homes. Find which ones suits you and your needs best!
Single-Family Home: While these homes come in a variety of styles, the term is used to describe a home that is not connected to another unit and sits on its own lot.
Condominiums (Also known as Condos): These homes are attached to others of the same style, usually in an apartment-like design. The entire building of condos is maintained and ruled by an association made up all the owners. The association determines the rules, fees, and maintenance for the property as a whole.
Townhouse: Usually built with a vertical design, these units are built in clustered communities usually managed by a homeowners’ association (HOA) similar to condos.
Fixer-Upper: This term is used to describe a property that is in need of repairs, maintenance and updating. The units usually sell for a great price with the knowledge that the new owner will be putting in substantial time and funds to get the property back in shape.
Vacation or Second Homes: The term represents a property owned that is not used as the primary residence.
New Construction Homes: Want to design your own home from the ground up? New construction homes allow the buyer to help with the logistics and design aspects of the space and work directly with the builder.
These are the basic, most-likely-to-come-across types of homes in the housing market. Let this help you differentiate between the selections available to you and allow you to make an informed decision on what best fits you and your lifestyle!