There are a few different types of homes and each of them have positives and negatives. A single family home has positives such as you actually owning the land and the home but the negative is that you’re responsible for maintaing your property and for purchasing insurance. Condos and co ops have maintenance fees and these fees do not cover content insurace or your taxes. However, they are great as they are more affordable and give you an extra sense of security and community.
- If you choose a single family home, you are responsible for all of the maintenance and there won’t be group amenities such as a pool or gym.
- Both condos and co-ops have maintenance fees, and these do not cover taxes or content insurance.
- Newer townhomes are often part of a gated community that is run by a board that manages its finances.
“People who choose single-family homes tend to appreciate privacy, the potential for more storage space (in a garage or other structures) and heightened autonomy when it comes to making decisions about the property.”