Single Family Dwellings
A majority of citizens in the United States live in single family homes (SFR). This means they are taking residence in a detached home of approximately 600 sq. ft. to 6K sq. ft., whose foundation sits on its own plot of land. Single family homes are not attached to any other home or residence, and the land is sold in combination with the home.
Possibly the reason single family homes still house the majority of North Americans is due to a large amount of personal control in single family homes. Other than neighborhood or city regulations, single family homes can be altered in almost any way an owner wishes, that means remodels, landscaping, and almost anything else.
If you want to paint your garage a new color or add on a new room, you have complete decisive jurisdiction (within the limits of permits, codes, etc). The American dream is somewhat based on this same idea, that the individual has control over their destiny and circumstances, and so, the single family home is a very popular living scenario. However, even though single family homes are very popular, it is very important to recognize the positives and negatives to owning a single family home before making the decision to purchase. Make sure it is the right situation for you and your family.
Every repair that needs to be made on a single family home will fall on the owner of the home, whether that means fixing it or paying for it. This includes any interior or exterior damage or simple wear and tear on the home. This may not seem like much, but sometimes circumstances change quickly, and this can become quite a financial or time consuming burden. In an apartment complex, the repairs will be paid for and carried out by the management and their maintenance crew.
Apartments and townhomes also have amenities often times, such as playgrounds, pools, exercise facilities and more, which you may or may not be able to afford at a single family residence, but are typically included in a monthly HOA fee. In an apartment, condo, or townhome, these things are often included as part of your share of the rent. Maintenance on a single family home carries over to the land the house sits on. This means maintaining the lawn or other landscaping needs the property may have. Along with these maintenance responsibilities, single family homes are also much more expensive than most townhomes or condominiums.
These things should not discourage a buyer too much, because there are also some great advantages to buying a single family home. As we said before, the house is yours to change and make your own, and any work you do on the home should increase the value. The re-sale values of single family homes are also much better than most townhomes or condominiums. Single family home prices often climb at a rate that is slightly faster than condos and townhomes. And though you’re payment may be larger, so is your investment into something that will almost undoubtedly be worth more money than what you purchased it for. Plus, think of the money saved on property management and other fees associated with the grounds of a community style arrangement.
The biggest issue that divides a single family home from other living arrangements is space. Americans like to have their space, and for this reason, many choose to buy their own home on its own property. If the idea of this kind of living space seems appealing, as well as doing things like keeping up with the landscaping and having control over future changes or additions, a single family home may be the right choice for you. If you enjoy a community setting with amenities provided, and not having to worry about yard work or any kind of maintenance, then condo or townhome living might work better. Think about what it is you want in the place you call home.
After speaking with Peter, he can identify your specific parameters and provide you the listings his search generated. Once you review the initial information, he will want to talk with you further so he can get a much better understanding of exactly what your likes and dislikes are in looking for the right property. If you would like him to focus on something more specific other than what he sent, he can I can modify the search to better suit your requirements at any time. Often times, this requires “previewing” properties in person on your behalf. Peter’s goal is to work closely with you as “a team” to facilitate the best real estate investment on your behalf.