Every family needs a safe and secure place to call home – this is why housing is a significant global issue, as many families seek decent and affordable accommodations. According to the World Property Journal, the US real estate market is worth about $33.6 trillion. There are several residence options suitable for families. Are you keen to learn about the different types of homes best suited to your family? Here are six home types you should consider.
Single-family homes are one of the most popular housing options among American families. These homes are designed for one family only. There are numerous benefits of single-family homes that make them worth considering. They offer more privacy than other housing options since you do not share any walls. Personalizing your landscape in a single-family home is even more effortless compared to other home types. Therefore, it would help if you consider single-family housing when looking for your family’s perfect accommodation.
A condo living space is a single unit in a larger building or housing community. Condos are usually located in the heart of cities, unlike many single-family homes and apartments. The benefits of condominium living are worth considering for your family. Condo residents typically enjoy easier access to major roads and public transport systems. Convenience is another key benefit of condos because facilities like malls are easily accessible due to the dense area population. There is an excellent provision of security in condo buildings due to the presence of round-the-clock security personnel. Many families that chose condos agree that it is a great place to raise kids because of child-friendly amenities and vibrant community life.
Apartments are living spaces within larger buildings and housing communities, differing from condos because you would have to pay rent. Apartments provide a cost-effective housing option for families, as the exorbitant home prices on the market are overwhelming for many. The perks of apartment living include access to amenities like pools and gyms, which single-family homes usually do not have. You can also have quality family time since you do not have to spend time on yard work, as apartment owners hire professionals to take care of the property. The apartment home is also financially flexible, as the rent is usually yearly. Not owning the place also allows you to relocate should the need arise.
Statista data projects that US multifamily buildings will be worth almost $80 billion by 2022. Multi-family homes are single buildings with more than one dwelling unit that serves as homes to one or more families. Duplexes and triplexes are typical examples of multi-family homes. These units differ from condos because the various units cannot be purchased, as one person owns the building. It would be best to choose multi-family housing as a long-term investment to give you rental income. This rental income will increase your cash flow and help you to defray your housing cost. Also, multi-family homes allow for comfortable living with other family members together but separately. Securing a multi-family home mortgage is also easy because of your potential to generate income as a landlord. If you want to make and save money, these homes would be the perfect choice for you and the family.
A 2016 study showed that the ranch-style home is the favorite of American homeowners, being the popular pick in thirty-four states. These houses are known for their simple single-story design, with low-pitched roofing, plenty of windows, and attached garages. Many homeowners mentioned the size, layout, and functionality as elements they like about this type of house. Ranch homes have open floor plans, meaning living spaces are not too compartmentalized. The typical ranch house design offers a seamless transition between the indoors and outdoors due to many windows and glass doors that lead into your backyard. Also, ranch homes are easy to maintain and energy-efficient. It would be best to consider ranch housing if these features and benefits appeal to you and your family.
Townhomes allow you to experience both condo living and single-family housing in one building. They are usually described as a single-family home sandwiched between or next to similar single-family homes. Unlike the condominium residents, townhouse residents own both the interior and exterior space. But, like condos, there are little maintenance responsibilities. Townhome communities are also safe, peaceful, and quiet. These homes cost less than houses, and many real estate experts agree that they are better investments than apartments. Finally, consider townhouse living because of your access to many amenities and recreation opportunities.
This is a collaborative post.