Single Family Home – What You Need to Know
Most people hear the word home and think of the cozy place they lay their head at night & make memories with loved ones. But did you know that “home” can take many different shapes? Whether it’s a condominium, a townhouse, or the most common – a single-family home, understanding the differences and benefits will help you in your path to homeownership.
What is a Single-Family Home?
While the phrase itself may seem self-explanatory, the true definition of a single-family home has more to do with the structure of the home itself rather than simply being a house designed for one family. Simply put, a single-family home is a free-standing residential building with one owner, no shared walls & its own land. But as you will read below, there’s more to it!
Structural Aspects of a Single-Family Home
One common structural aspect of a single-family home is that all walls are not shared with any other residences. Because of this, a single-family home is also sometimes referred to as a single-family “detached” home. They also must have private entrances and exits.
Note – in some instances, a residence can have shared walls & still be considered a single-family home if the dwellings are separated by a ground to roof wall.
When purchasing a single-family home, you not only own the building but also the land it sits on. In contrast, when purchasing a condo, the owner has claim only to the interior of their unit. There are typically shared common spaces, entrances, and exits.
Single family homes also have sole ownership and use of utilities, heating, and air conditioning systems. They can not share those with any other residences.
Benefits of a Single-Family Home
While there are many benefits to owning a single-family home, it’s situational based. The below list is just a few benefits that can be attractive depending on your needs!
While single-family homes vary in terms of square footage, typically you have more space – whether that’s a basement, an extra bedroom, or a larger kitchen. Since you also own the land, it’s common to have a yard or outdoor space to take advantage of.
Although your neighborhood may have a homeowners association, they tend to be less restrictive in neighborhoods of single-family homes compared to condominium associations meaning you have more control and flexibility in changes or upgrades you want to make to your home!
Since you don’t share walls with anyone you don’t need to worry about noisy neighbors! You also don’t need to deal with shared areas that you may typically encounter when renting an apartment (laundry/mail rooms/etc.).
Downsides to a Single-Family Home
- With more space, comes a higher price tag (typically). You are paying for the extra square footage, backyard, larger rooms – and the land that comes with the home.
- Higher price points also could mean needing to bring more cash to close for your down payment and/or closing costs.
- Without a landlord or homeowners association, maintenance and repairs are your sole responsibility.
Alternatives to a Single-Family Home
If a single-family home doesn’t seem quite your speed; whether you don’t need the extra space, or maybe you want the benefit of shared common spaces or an HOA to help tend to the lawn, there are plenty of great alternatives. The two most common being:
- A Townhome
- A Condominium
Whether it’s a single-family home, a townhouse, a condo, or another residential property the first step to homeownership is always getting with your real estate agent & your mortgage lender to get pre-approved!
For more information, chat with us at callhallfirst.com or give us a call at 866-Call-Hall.