If you’re in the market to buy a home, you may be feeling a little overwhelmed by the number of decisions you have to make throughout the process. One of the best ways to narrow your search from the beginning is to decide the type of housing that’s right for your needs.
By understanding the potential advantages and disadvantages to single-family and multi-family housing, you can ultimately make the right decision—and make your house hunt a lot easier.
A single-family home is what most people generally think of when they imagine a house. It’s a detached, stand-alone structure that’s designed for occupancy by one family or group of people. The owner of the home is responsible for all of its maintenance, utilities, and property taxes.
Perhaps the main advantage to buying a single-family home is that it provides the most privacy. There are no shared walls or common spaces; the homeowner essentially has free reign over the entire property and structure. However, it is important to understand whether or not the home is governed by a Neighborhood Homeowner’s Association.
On the other hand, single-family homes also tend to be among the most expensive options. You’ll be responsible for all the utility bills, property taxes, and maintenance (both exterior and interior). This can quickly add up, and unexpected home repairs are often the responsibility of the homeowner.
Multi-family housing refers to a situation where one building or structure contains several residential units. Some common examples of multi-family residences include duplexes, townhouses, and condominiums.
One of the best aspects of multi-family housing is that they often come along with far less maintenance (especially on the exterior) than single-family housing. For example, with a condominium, you may be responsible for interior maintenance, but you’ll likely have groundskeepers on hand to take care of landscaping and exterior maintenance (such as roofing leaks and window cleaning). Any immediate repairs needed to your property are often handled by the building’s management team, which adds to the convenience of multi-family properties.
On the other hand, multi-family residency also means sharing common spaces and living in close proximity to your neighbors. Many multi-family communities also have a homeowners association which places guidelines on what you can and cannot do as a resident. Any changes you want to make to your property may need to be approved by the HOA, so it’s important to keep that in mind when searching for your next home.
Both single- and multi- family homes come with their inherent pros and cons. The option that’s right for you will depend on your lifestyle and budget. If you are in the market for a new home and want to know all of your options, contact The Parker Group. Our team of real estate consultants have decades of local experience in Greenville, SC and we are here to help ensure you find a home that exceeds your expectations.