Before buying any home, you should always consider your medium- to long-term lifestyle needs. My Albuquerque home search page lets you drill down your search based on the types of home you’re interested in. However, if you’re not quite sure about the various types of homes, here’s an explanation of the four basic residential types in Albuquerque.
1. Single Family Homes (SFH), also known as detached homes, are built on a single lot, with no shared walls. You may find a garage, either attached or detached.
The upside is that you generally get more privacy in this type of home than the others, since SFH don’t share walls. Usually the largest type of home, SFH often get front and back yards. Likewise, they tend to have a more reliable resell value than the other home types.
However, the drawback is that you, the homeowner, are responsible for all maintenance work/costs.
2. Condominiums are single units within a larger building or community. The unit often shares walls with other units. Expect to pay typical monthly homeowners’ association (HOA) dues to maintain the common grounds and other amenities. Condos are usually conveniently located close to restaurants and retailers.
Those HOA fees means the convenience of no responsibility on the homeowner’s part to contribute to maintenance and upkeep. Amenities can be nice as well. Some condos offer fitness rooms, pools, and rec rooms.
Unfortunately, HOAs establish limitations on remodeling your condo. Because of common walls, there may be noise policies in place after certain hours. Further, you may find pet restrictions.
3. Townhomes are a cross between a condo and a single family home in features, and basically place in between in size. Often multiple-floored with shared walls, townhomes can have small yards or a rooftop deck.
Residents of townhomes often have more privacy than condos provide. Some even have HOAs. And they tend to be more less expensive than most single family homes.
Townhomes, however, don’t usually have the shared amenities that condos do. And they don’t generally offer the amount of privacy that SFH homes do.
4. Multi-family units comprise the smallest type of residencies. They’re often two residential units that have a common wall. Each unit typically has its own separate entrance. Multi-family units generally can’t be purchased individually; one owner owns the whole building.
Usually, people looking for multi-family units want an investment property. They can live in one unit, and rent out the other units. There are generally fewer people you’re sharing your building with, making it more private and quiet. You may also get some yard space.
Multi-family units, like townhomes, are a hybrid between a single family home and a condo. They’re fairly small and less private. If you’re renting, you’re paying maintenance to the landlord. If you own one as the landlord, you’re responsible for handling all maintenance costs, plus trying to find renters.
What type of home would you like to make your next? Let me know in the comments below.
And if you’re looking to buy your next home in metro Albuquerque, contact me today so I can help you find it!
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