Deciding between the three styles of homes available to the American home buyer can be challenging and daunting…especially if it is unclear what exactly the difference is between the three. I mean…everyone knows to tell condos and single family homes apart. One is like an apartment and the other one is…a house. But wait…aren’t townhouses a style of single family homes? And are single family homes with HOA considered townhouses? If you think about it long enough, you’ll realize they’re a bit harder to distinguish than you previously thought. Let me show you how to easily distinguish the three.
Let’s begin with condos. Condos are usually smaller than most homes, but this is not always the case as some may actually have more square footage. What really distinguishes a condo is not its size, but the number of neighboring walls. Condos have three or more neighboring walls. Neighboring walls are walls which are used by other unit
s. Think of an apartment complex. There are neighbors on almost all sides of you and the end walls are shared by neighboring units. This is what determines a property to be a condo. Traditionally, condos are the slowest for appreciation of property value amongst the three.
Townhouses are kind of like single family homes…but also kind of like condos. So to begin, what determines a townhouse is having between 1 to 2 neighboring walls. Townhouses, also occasionally go by the name “rowhomes” which can help you picture them. Because they have no more than 2 neighboring walls, more likely than not, they will be constructed in a row. Townhouses usually rank second for appreciation of property value amongst the three.
Single Family House
Last but not least: Single family homes! Single family homes have NO neighboring walls whatsoever. While not always the largest in square feet, they usually have a larger lot size against condos and townhouses. Single family homes are almost always the fastest appreciating property within a market.
So there you have it! As a new home buyer, you can go into the market with confidence, knowing the difference between the three main styles of home: condos, townhouses and single family residences. If you have further questions on the benefits of purchasing one style of home versus another, we would be happy to walk you through pros and cons. Contact us anytime, for anything.