Whether it’s your first home or an investment property, it can be difficult to know what type of house to look for. There are two common parameters that define a home: structural type and style of home. Both are equally important while house hunting and deciding where to live. Below, we’ll take a look at different home structures and what defines them.
Condominiums, also known as condos, are buildings made up of individual units that are individually owned. The owner is responsible for the upkeep of the interior and exterior of the unit, such as the balcony or front door. Condos typically come with many shared amenities and common spaces as well as a monthly Homeowner’s Association (HOA) fee. Unlike apartments, where monthly payments go to a landlord, condominium monthly payments are turned into equity for the owner.
A townhouse is a home that shares one or two walls with the homes next to them. The land is also shared, with each home having its own private entrance. People who live in townhouses are the owners of their portion of interior and exterior walls and roof.
A tiny house often ranges between 60 to 400 square feet in size. They can be complete custom builds or prefabricated. Tiny houses have a lower environmental impact than other home structures because there is less space to heat, cool, and light. These types of homes are affordable and great for those who don’t mind downsizing. Keep in mind that you will need to also purchase or rent land for your tiny home to occupy.
These homes are freestanding residential buildings. A single-family homeowner typically owns the building and the land the building sits on, unlike condos or townhomes. Single-family homes provide more privacy than some other structural options, but owners are also responsible for all their own interior and exterior maintenance.
A multifamily home is any residential property that contains more than one housing unit. Each unit likely has their own main entrance, kitchen space, and bathroom. Houses that are outfitted with various separate entrances and designated spaces, townhouses, condos, homes with accessory dwelling units, and cooperative housing are all examples of multifamily homes.
When you’re ready to look for your dream home, contact us. It’s important to note that some of these types of homes may have financing challenges. Talk to your Loan Originator to find out if the type of home you’re looking at can be financed with us.
Homestead Funding offers exceptional customer service and a convenient mortgage process. Whatever your financing needs, our goal is to exceed your expectations.