You’ve certainly noticed that there’s a lot of language around home styles and their structures, whether you’re shopping for your first home or a new investment property. Understanding this jargon can assist you in locating the home of your dreams, anticipating frequent difficulties during your home inspection, and learning about the advantages of different home types.
Whether you’re looking for your first home, a rental property, or comparing homes in your neighborhood as part of the home selling process, the first step in narrowing your search is to determine what type of home structure you want. The most common varieties you’ll come across when looking for a new home are listed below.
Tiny House
The “tiny home trend” has exploded in popularity in recent years, with these compact homes typically ranging from 60 to 400 square feet in size. Some tiny homes are prefabricated, while others are built from the ground up. Because some tiny homes are transportable and can be moved to other locations, they have become very popular among single individuals and couples who want more financial and physical independence.
Apartment
An apartment is a unit in a building that is made up of other similar units. You must rent the space from a landlord, which is a crucial element. Apartments frequently provide amenities such as on-site maintenance, laundry, gym facilities, and swimming pools. Even though you won’t have as much privacy and won’t be able to develop equity in your home, there are numerous other advantages and disadvantages to consider when selecting whether to buy or rent.
Co-op
Housing cooperative is another name for a co-op. This is a unique sort of housing. You are purchasing a share of the company that owns the building instead of actual estate when you purchase a co-op. The amount of stocks you possess is usually proportional to the amount of co-op space you have. You’ll have a decision on common spaces after being approved into a co-op and purchasing shares, and you’ll divide maintenance and other fees.
Townhome
A townhouse, often known as a townhome, is a privately owned dwelling with at least one shared wall and its own entryway from the street. They are mainly common in large cities with limited space. Townhomes make the most of vertical space by having numerous floors, but they preserve horizontal space by being built next to each other. There are sometimes common utilities within a group of townhouses.
Cottage
Cottage-style homes are frequently described as quaint and inviting. They have a little physical size but a large personality. Cottages were popular among working-class farmers in Europe, particularly in England. Cottages are popular as holiday homes in the United States, but they are also popular as primary dwellings. Small porches and a cozy fireplace are common features.
Key Takeaway
Which style of home best suits you? It’s helpful to know ahead of time so you can limit down your search. Getting preapproved for a mortgage might make the process of finding your dream house easier. You’ll want to get pre approved before going house looking, because sellers want to know you’ll be able to follow through on any offer, and once you find a home you like, you’ll want to move in as soon as possible.
