With so many housing choses out there, it is important to analyze what will work the best for you. With choices between single-family and multi-family, it is necessary to realize – before shopping – what exactly you want and the reasons behind why it would work the best for you.
A single-family residence means that there are no shared walls, and the home is situated on a lot with a surrounding yard. Multi-family can contain several different options: Townhome (row houses), condominiums, and co-ops. Townhomes (row houses) are homes that have a street entry and are purchased as if they were single-family homes; there is also a chance that there could be a Home Owner’s Association that is responsible for taking care of certain exterior amenities (for example fencing and landscaping). Condominiums are condos/apartments where the owners own the air space (square footage) of the unit – which is calculated into the total square footage and value of the total property. Co-ops is simply purchasing a piece of an association ownership of a total property – owning part of the common areas along with the building.