As you likely already know, the real estate market is full of different types of properties. From big to small and new to old, there’s something out there for everyone. In this blog, we will explore the three most common types of homes, condos, townhomes and single-family homes to help you determine what’s the best fit for you!
Often overlooked by homebuyers, condos have a lot to offer for a more affordable price. Condos are similar in size and style to apartments, except you own them. They can range in size from just a few hundred square feet to a few thousand square feet. In 2019, Florida’s average condo price was around $190,000, making them a more affordable option than single-family homes. A major perk to condo living is that they are usually maintenance-free. Condo owners benefit from locking and going without having to worry about lawn care, pool maintenance and other various upkeep. Unfortunately, condos almost always come with monthly condo fees that you must consider when buying. These fees take care of things like routine maintenance, trash collection, security and landscaping. Luxury condo communities with long lists of amenities usually charge relatively high condo fees, but you do get what you pay for, like most other things in life. First-time buyers, empty nesters and even retirees are often those best-suited for condo living.
Townhomes are the best of both worlds. They provide larger living spaces than the average condo, but still for a lower price than a single-family home. The average townhome price in Florida was also about $190,000 in 2019. You might be asking yourself why you would choose a townhome over a condo if they’re about the same price. Well, townhomes usually come with small yard space, a private garage, and separate living and sleeping spaces. What steers people toward a townhome instead of a single-family home are the amenities. Most townhome communities benefit from the same amenities as condo communities. To get these amenities in a single-family home community the price could drastically increase. If you’re looking for the size of a single-family home with the price and convenience of a condo, a townhome might be a perfect fit.
The most sought-after property type is single-family homes. People of all ages and in all stages of life view purchasing a single-family home as a milestone. Single-family homes are known to be detached on all sides and surrounded by a private yard. This type of home is the most sought-after by Americans because they provide larger living and yard space that growing families require. However, they do come with a few downfalls. The average price for a single-family home in Florida was around $245,000, making it the most expensive option for buyers. They also leave all maintenance to the homeowner, leading to added hassle for those who wish to live a more carefree lifestyle. Most single-family homes don’t come with the amenities that condo and townhome owners enjoy, although some planned communities do include swimming pools, gyms, clubhouses and other amenities. Due to the decrease in amenities and oversight by a property management team, many single-family homes don’t come with any additional monthly fees. However, if you choose to buy in a newer planned community, you will likely be responsible for an HOA fee. If you’re looking to purchase your first property or your tenth, you can’t go wrong with a single-family home.
Condos, townhomes and single-family homes each have their unique pros and cons. An experienced realtor can walk you through the entire home buying process and help you determine what type of property is the best fit for you. Call me today at 904-626-1551, so I can get to work finding you the home of your dreams!