What Type of Home is Right for You?

If you have decided you are at a place in your life where you want to own your own home, one of the first choices to make is what type of home you want to buy. While there are many different kinds of living arrangements out there to choose from, three of the most common are condos, townhomes and single-family homes. It’s like ice cream: hundreds of flavors, but when you take out the toppings, you’re essentially looking at vanilla, chocolate and strawberry.

Also like ice cream, choosing a flavor really depends on personal preference. Each one has pros and cons, but when you know what taste you’re in the market for, it can be pretty easy to nail down which of the three will be most satisfying for you.

Condo

We’ll start with condos, possibly the vanilla of the housing market. We don’t mean to say condos are basic or plain – some can be more extravagant than some single-family homes – rather, the home ownership process is simplest with this option.

Condos are much like fancier apartment living. Owners aren’t responsible for upkeep, maintenance is all covered by the condo association, there’s no yard to landscape, and if you want to travel, you simply lock the door and go. Many complexes have swimming pools and other amenities that would cost an arm and a leg to install in a single-family home.

Location can also make a difference. Condos are often the arrangement of choice for those looking to live in the heart of popular cities, like San Diego. If proximity to shops, restaurants and public transportation is a key factor, you may prefer this type of home.

The ease of mind and lack of responsibility comes at a price, though. Typically, condos are smaller and neighbors are right on the other side of your wall – and sometimes the ceiling and floor. You’ll be fighting those neighbors for outdoor entertainment space like barbeques and pools, and you’ll most likely be told where to park. You probably will need approvals for any changes or improvements you plan to make, sometimes even for little things like painting interior walls. In addition, while you avoid maintenance costs, there are association fees (on top of your mortgage) which may go up annually.

For some buyers, though, being centrally located and having the peace of mind that major repairs are in someone’s else hands are a fair trade for a little less control.

Townhome

Splitting the difference between simple and complex, townhomes are the chocolate ice cream of the housing market. If a house and a condo had a baby, it would be a townhome.

While they usually do not have the yards and sprawling floorplans of a single-family home, they are larger than condos and may have some homey traits like garages or some minor landscaping. This is still a great option for travelers, with only slightly more responsibility than “lock the door and go.” Townhomes also aren’t typically held to the same stringent appearance rules, so the owners have a little more leeway in putting the ME in “home.”

Maintenance costs are a hybrid of condos and homes, too. Townhomes are typically managed by homeowner associations, who are responsible for community maintenance, leaving the home owners responsible for unit maintenance. In other words, if your roof leaks, you are footing the bill, but if there’s a pothole in the road in front of your unit, the community will pay for that.

Neighbors are usually not as close as condos, but still not as detached as a single-family home. Since townhomes lack a yard, outdoor entertainment is still at the mercy of what the community offers and whether or not your neighbors got there first. The homeowner association will also charge monthly fees on top of your mortgage, so keep that in mind when budgeting.

If you feel like the Goldilocks of homeownership, searching for a little more home than a condo without the commitment of a single-family home, a townhouse could be the perfect choice for you.

Single-Family Home

Last but not least is the strawberry ice cream of the housing market: single-family homes. Interest rates are typically lower for those looking to purchase a single-family home. Neighbors can be as far away as you like. Floorplans are typically larger than condos and townhomes. Yards can be as big as you choose. Outdoor entertainment for you or the kids can all be contained on your property, meaning you’ll never have to share the hot tub again! While some homes may be regulated by a homeowner association, for the most part, you can do whatever you want with the appearance, both inside and out. Feel like painting every wall in your house green? Grab a roller! Want to plant a vegetable garden and get off the grid? Here’s a bag of non-GMO carrot seeds! Should you choose to move someplace else, single-family homes are also easier to sell than their smaller counterparts.

Your home might be your castle, but heavy is the wallet that holds the crown. Maintenance costs are 100% the responsibility of the home owner. Some issues may be covered by insurance, but for the most part, repairs are coming out of your pocket. Everything from patching a hole in the wall made by a wayward door handle to replacing the washing machine when its spun its last load of laundry will all be paid for by the homeowner. Landscaping is also your responsibility, whether you pay to have professionals trim the palm tree or prune the front hedges yourself. That refreshing swimming pool you have all to yourself will be your cost to install and your cost to upkeep – especially in the winter months – whether you use it or not. Never has the phrase, “you break it, you buy it” been more true than with homeownership. That said, if the DIY shows on TV finally get to you, you also have the freedom to replace anything you want and revitalize your home at any time.

If you are willing to trade up convenience for freedom, a single-family home is the best bet.

So what is your flavor of choice? Condo? Townhome? Single-family home? Whatever you choose, you’re in luck – GCD offers communities with each of these types of living! Looking for a condo close to the hustle and bustle of Park City? Try Park’s Edge. Prefer a townhome that puts you close (but not too close) the city? Rustler was tailor-made for you. Ready to commit to the bold flavor of a single-family home? Traditions will be your dish of choice. Maybe you’re looking for a two scoop sundae of primary home strawberry and vacation home chocolate. We can do that, too! Still pondering the menu? Reach out to us! We’re happy to help you taste test each type of living and find your perfect match.