Should You Buy a Single-Family Home?

As you’re browsing through properties during your home search, are you considering the different types of residences?  

There are many, and one type that many homebuyers desire is the single-family home. While its definition can vary depending on who you ask or what you read, the sentiment is still the same. 

To ensure you’re making the right decision about your future residence, learn more about the benefits and drawbacks of single-family homes and whether or not it could work for you.

What is a Single-Family Home?

While mostly self-explanatory, a single-family home doesn’t necessarily mean you need to have a family to own one. This type of property is a standalone residential building meant to be lived in by a single household. It has its own utilities, facilities, land and rooms like its own kitchen. Further, it cannot have multiple units that share walls and have their own facilities. This would be considered a multi-family home.

Pros vs. Cons

If you’re considering buying a single-family home, you should understand all the advantages and disadvantages first.

Pros

Privacy and Personal Facilities 

Since you’d be living in a home that doesn’t share walls with other households, you’d have more privacy and the freedom to use your amenities whenever you need or want to. In addition, noise and air pollution would be less prevalent in a single-family home so you wouldn’t have to worry about hearing music through the walls at bedtime or smelling cigarettes through the door and window cracks.

Typically More Space

Single-family homes generally have bigger rooms, storage and yards than other types of properties. If you need more space for any reason or have pets or children who require room to play and run around, a single-family home could be your solution.

Have More Control

A separate residence from others means you can essentially do anything you want with it (as long as you’re not violating any codes) without having to worry about breaking down a neighbor’s wall or cutting into someone’s pipes. You can even work on the exterior of your home or in your yard. It’s all yours!

Cons

More Upfront Costs

Typically, single-family homes may cost more than a condo, for example. You may need to save a bit more for the down payment and closing costs and ensure you can pay the monthly payments. If your funds are limited, a single-family home may not work for your situation.

Financial Responsibility

If you’re buying a single-family home, it’s likely you’ll want to live there for a long time. However, this means that you’re solely responsible for it financially for the whole time you live in it, which can get even more costly as the home gets older. Additionally, since it’s bigger, there’s more to be at risk of damage and in need of repair.

Maintenance and Repairs

Owning a home means being responsible for its upkeep. Any time something breaks or isn’t running as efficiently as it can be, you’re the one that needs to fix it and pay for it. Living in another type of property means you may be able to call the building manager, landlord or Homeowner’s Association to resolve the issue.

Should You Buy a Single-Family Home?

While the question still stands, you’re the only one that can answer it. 

If you’re looking for something with more space for you, your family and your belongings and have the funds immediately available as well as the stable income needed to pay the mortgage every month, a single-family home could work for you.

Property Alternatives

If you find that you can’t afford a single-family home, don’t need that much space or just don’t want the full responsibility of a huge, costly residence, you have some other options to consider. 

Multi-Family Home

As mentioned previously, a multi-family home is a dwelling that hosts individual units for different households. Investors typically buy multi-family homes to rent out to occupants and sometimes live in one of the units.

Condominium

Similar to a multi-family home, condos are individual units in a larger building. However, each condo has an owner while the building’s common areas are owned by everyone. Condos tend to be less expensive, and you may be able to have less individual maintenance.

Townhouse

Townhouses are like a combination of a condo and single-family home. Owners own the interior, exterior and land of the townhouse, and they are usually bigger than a condo. A community of townhouses typically belong to a homeowner’s association and share amenities with other owners. This can include a pool, gym or courtyard.

Modular Home

Built in a factory and installed on-site, modular homes typically cost less than single-family homes since they’re pre-built. You can even possibly choose from some custom designs for more personalization.

What Kind of Home Do You Need?

It’s no secret that single-family homes are desirable among many homebuyers. The ability to remodel, renovate and personalize and have more privacy and space make it a dream home come true. However, it may not be the only choice for you. By learning more about different types of homes and their advantages and disadvantages, you can continue your homebuying journey with resolve.