Residential properties come in different types and sizes. If you are looking to buy a home or invest in residential property, it’s important to find out what’s available or what’s in demand in your region of interest before you make any financial commitments. The real estate market is extremely volatile and before you purchase a property or invest in one, take into consideration how different aspects of your lifestyle or that of your target market (if you are an investor) may evolve in the next few years. One of the most popular types of residential properties are single family homes, but what is a single family home? What really defines a single family home from other types of residential properties?
The answers to the questions above have been elusive to prospective renters and investors alike. This primer seeks to clear the confusion by outlining the characteristics, advantages, and disadvantages of each type of residential properties to help prospective renters and investors as well as homeowners looking to rent out their property making the correct decisions before they purchase, invest in, or lease out a property.
Sometimes abbreviated as SFH, single family homes refer to houses erected on a single lot and their key features is the absence of shared walls. In some cases, single family homes come with an attached or detached garage, swimming pool, or a yard. You are most likely to find these homes in a big city suburb or out in the country. A single family home is probably a good choice for you if you are tired of being bothered by noise from your neighbors blown out stereo system or the ever-quarreling couple in the apartment just above yours.
Consider all the benefits and drawbacks of living in an apartment before you call the moving company. More often than not, people living in single family homes end up paying more for having the opportunity to live without having to share walls with their neighbors. Therefore, make sure that you afford such a lifestyle change before you decide to move.
Advantages of Living in a Single Family Home
Owning a single family home comes with a lot of benefits over other types of residential properties. Some of the most attractive characteristics of a single-family home include:
One of the biggest advantages of living in a family home is the freedom of conveying your personality however you see fit. If you own the house and don’t have to answer to anyone or live in one of those neighborhoods with strict rules, common rules that apply to apartment dwellers don’t apply to you. Want to build a castle of recycled junk in your backyard? Go for it. If you like to park your classic motorbike in your sitting room, you can do that too; it’s your house. You can even paint and repaint the walls with your favorite colors as many times as you like.
Single family homes give people who love nature an opportunity to exercise their hobbies and do pretty much whatever they want to do with their front and backyards. You get the chance to do what you love closer to nature on the outside. You can choose to embellish your front yard with fern boxwood or even grow your own vegetables.
Spending and Consuming
It’s easy to develop hoarder characteristics if you live in an apartment if you fail to manage your consumption tendencies. Residing in a single family home gives you room for junk activities, and you can freely indulge in yard sale excursions, warehouse club shopping, and other forms of consumer-oriented recreational activities. It is imperative to keep track of your budget though to make sure you are not overspending on these activities just because you have space.
Isolation and Privacy
A stand-alone house that sits on its own yard comes with high levels of privacy and isolation impossible to attain over the thin shared walls provided by condominiums and apartments. Though single-family homes are designed to increase backyard activity, dwellers can still interact with their neighbors, create personal relationships with them, and build communities.
Disadvantages of Living in Single Family Homes
There are a few drawbacks of living in single family homes. People who live in single family houses regulated by HOAs have a crippled ability to express their individuality in their own homes. HOAs make the rules of what you can or can’t do within your compound taking away your freedom, one of the best features of owning a single family home. Other disadvantages of living in a detached single family home are the maintenance costs that fall on the shoulders of the homeowner. You never have to stress about those costs if you reside in an apartment or a condominium.
Condominiums and Townhouses
A condominium (or condo) is a single unit within a larger building. If you live in a condo, you share a wall with your neighbors. Townhouses have the characteristics of both a condo and a single family home. They come with a shared wall and several decks. Condominiums and townhouses are popular in the major cities where housing is a problem. In both types of housing, there are minimal maintenance costs compared to single family homes.
Increase in Rental Single Family Homes in the Country
Strict lending policies and increased foreclosures have led to a dramatic increase in the number of rental single family homes in Texas and other parts of the country. Now that your question of what is a single family home has been answered, you can make the correct decision. Visit a property Management Company in Humble for more information on available units if you want to rent a single family home in that area. If you are looking to lease out your single family home, condominium or townhouse, there’s a big pool of property managers in Humble you can approach if need help with it. Consider the cost, location, emerging trends and personal preferences before you decide to purchase or lease a property.