When you start looking into buying your first home, it can be surprising to see just how many homes are on the market. Many people wonder if they should buy a single-family home or consider a condo, townhome, or multiplex. However, there are many perks to investing in a traditional house. Here are three signs a single-family home is right for you.
1. You Want To Own Land
Single-family homes are situated on lots, which can vary in size from something with a small front, back, and side yard area to large acreages with meadows, water access, and views. However, if you invest in a condo, you only own the space inside the condo, and if you purchase a townhome, you only own the long, rectangular plot of land the townhome is situated on.
If you want to own land, purchase a single-family home with a large yard. Talk with your real estate agent about neighborhoods with large yards, or think about buying multiple lots of land and building on one.
2. You Aren't Interested In Being A Landlord
While some people purchase duplexes, condos, or multi-plexes because they want to rent out the land, the fact is that many people simply don't like the idea of managing tenants. Think about whether or not you like the idea of regularly communicating with tenants, fixing up your owned apartments, and managing multiple properties. If you don't enjoy the idea of being a landlord, try to stick with something simple, like a single-family home.
3. You Don't Like Community Oversight
While only some homes are governed by homeowners associations, most duplexes, townhomes, and apartment complexes are, which could make it difficult to change anything about your home or yard without a great deal of paperwork and stress. If you aren't a big fan of getting permission from others before you make changes to your home or yard, consider investing in a single-family home that has no involvement with an HOA.
Investing in a new home can be nerve-wracking, but by making the right decisions really early on, you can enjoy where you live. Always work with a licensed, experienced real estate agent when you are ready to start moving forward with investing in a home. These professionals can help you to submit offers, negotiate terms, and get a great price for a property, making it easier to navigate the deal.
For more information about single-family homes, contact a real estate agent today.