6 Popular House Types for Future Real Estate Owners
Becoming a home owner is an exciting thing. But finding a home that fits all your needs can be really hard, especially due to the vast and colorful offers that are out there on the real estate market. Take a look at some of the most popular house types and find out which one might be the one that makes you a happy real estate owner!
Only people who have been looking around on the real estate market hoping to find a suitable housing option for them know how many different types of housing there actually are. Common housing types are so much more than just single-family or multi-family homes!
It’s not unusual to see mixed and fusion-like housing styles either! People are building and buying homes in accordance with their own needs and preferences.
There are different criteria which can be used to divide house types. Here are two of them:
- The number of units: depending on how many families are supposed to live there, there are single-family and multi-family homes, both of which are very popular house types, and which can be divided further into different sub-types;
- The type of ownership: homes can be wholly-owned properties, or there can be a condominium type of ownership.
The Different Types of Housing – at a Glance
1. The Classic: Single-family Homes
Single-family homes are freestanding and unattached units which often have an additional area that surrounds the house (yards).There is usually a yard, which the home owners have for themselves. Also, single-family homes usually don’t share walls with other buildings and houses.
Undoubtedly, many future home owners dream of owning a house. One advantage is the possibility of not having to have any shared walls or ceilings and therefore having more privacy. Also, there might even e a yard where the entire family can spend some quality time together, which is a very appealing thought for home hunters. Also, they are usually larger than other common types of housing.
On the other hand, the purchase price of single-family homes is usually very high. And being the main and only owner of a property is a lot of responsibility. It’s also a lot of work: whatever breaks, cracks or goes wrong (and it will), you’ll be responsible for fixing it. It is therefore very important to include this in your monthly budget and to plan ahead. Renovation and maintenance costs can be very costly!
The classic detached single-family home is the one of the most common housing types in the United States.
The exact number, however, depends on the particular location. While cities like Detroit show a large percentage of single-family homes, cities like New York City, Baltimore, or Boston have a significantly lower percentage. Such cities seem to prefer different types of housing.
2. Cottages – One of the Smallest, Yet Most Popular House Types
Cottages are single-family homes as well. The difference between a regular single-family home as described under point 1 is that the size is usually much smaller. Cottages are often connected to cozy and/or charming environments. This is why they can be found in rural mountain or even seaside locations.
3. Cabins – a Different Type of Housing for People with Different Ideas
Seaside locations and mountain areas – that’s where cabin-lovers like to build there houses as well!
Similar to cottages, cabins are freestanding and individual single-family homes, which are usually small and cozy. The difference between them is that cabins usually have a second-story space and that their design is more rustic. Especially wooden cabins can be charming and inviting.
As for their purpose, cabins are often second homes, especially in ski resorts. They make terrific vacation homes for those who love coming home to a cozy and homey places after skiing – or swimming!
4. The Villa – for Those Who Love Surprises!
Villas are also one of the most popular house types. In terms of structure, villas are single-family homes as well. Defining villas can be tricky, because the size, configuration and purpose vary heavily and depend on the location and the price of the property.
There are not many similarities with the different kind of villas. Many of them are multi-story buildings, but that’s about it if we’re looking for similarities. Villas can be big, they can have small gardens, a swimming pool – no limits whatsoever. Only one thing is certain: the term “villa” is a very broad term. The term itself, therefore, isn’t an indicator of market value.
5. Multi-family Housing Options
There are different types of multi-family houses. One that has two units per building is called duplex, three units per building make a triplex, and four units per building a quadraplex.. The arrangement of the individual units can vary. The units can be built side-by-side, in one row, which is often the case with the duplex and the triplex. The units of a quadraplex are usually constructed back-to-back.
6. The Western Classic: Condos
Condos – the full name is condominium – are not so much about housing types, rather than types of home ownership. In this case, condos refer to shared home ownership structures. This means that the owner only owns his or her own unit, and all units together share ownership of the areas of common use.
This is the main difference between condos and other common housing types: all home owners together own the land surrounding the units.
The arrangement of the units can vary. Many of them are apartments or duplexes.
The home owners pay a certain fee each month which the condominium association manages and distributes according to its policies. This part of owning a condo can make it difficult to make changes to the inside or the outside of the condo. The reason is simple: the condominium’s association has to improve all changes.
But there are also important pros of owning a condo. Most of all, you won’t have to rent a hotel room while on vacation. As a result, you’ll have your own sweet get-away-place where you can spend your time off. This is also why condos are a more than popular house types in vacation areas.
If you’re looking for this kind of housing type, check out Moneycrashers’ view on the pros and cons of buying a condo!
Is there a popular house type we forgot to mention? Let us know about your favorite type of housing and how your house hunting story went!