Differences Between Single Family Homes, Condos, Co ops, Town Homes and Patio Homes

Buying a home is undoubtedly a very big, tough, and stressful decision. With various types of properties in various different cities, it can be very overwhelming to decide on a property. There are many different types of housing ranging from single family homes to condominiums to town homes. So which property does a person consider when looking to buy a home? This article will look at 5 different types of properties and their features. 

Let's start with the single family home. As the name suggests, this piece of property is built for the occupation of a single family. Single family homes are detached and do not share walls with neighbors. The advantages of owning such property is that the space surrounding the home is private and owned by the owner of the house. Also, there are no management fees that come with other types of housing such as condominiums and town homes. However, the drawback of owning a single family home is that expenses are much higher as it is the sole responsibility of the owner. For instance, the landscaping must be taken care of and all maintenance and repair of damages are the responsibility of the owner.

Some of these expenses can be cut living in a town home, condominium, a cooperative, or a patio home. All these properties share walls and in most cases amenities such as pools and Jacuzzis. Town homes and condos share multiple walls with neighbors and also amenities. Town houses and condos can vary from buildings with 20 units and more to 3 or 4 unites. Cooperatives on the other hand are a series of building complexes owned by corporations and stock holders. Therefore, in most cases, cooperative apartments aren’t sold but rather leased. Lastly, there are patio homes which are a series of single family home-like properties which share a wall with each neighbor. Like condominiums and town homes, patio homes share amenities such as pools, and maybe even a backyard. 

With various types of properties to consider, before investing in a property, the investor must consider the pros and cons of each and also the financial and maintenance responsibilities. 

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