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There are 3 main home types preferred by customers now - single family homes, town homes and condominiums. The term 'house' is clear to everyone, while some buyers as well as real estate agents still have a ill-defined idea of the terms 'town home' & 'condominium'. It is crucial to differentiate the terms when looking for an appropriate property.
'A house', or 'a single family home', is a detached structure suitable for a typical family to live in. Both the house & the land are in the owner's possession. There are no walls to be shared with neighbors and, hence, one may enjoy his or her privacy to the full. As 'a house' is in the owner's absolute possession, any renovation exterior of a house can be done.
Still, owning 'a house' may be exceedingly expensive in comparison with townhouses or condominiums. In addition, the owner is also expected to take an appropriate care of the exterior & pay all the maintenance work by himself/herself. Commonly the expenditure is shared between members within a townhouse or condominium community. The community's budget is made up of charges imposed on all condo owners.
When purchasing a condo, one should remember only inside of the unit is owned, while the exterior is in the communal possession. As stated differently, everything that is interior the condo is the owner's property and everything inclusive of green lawns, gardens, hallways, parking exterior of the condo is owned by a condominium community.
Condos are normally obtained by people who cannot afford high-priced single family houses & maintenance costs. Yet, possessing a condo may have some disadvantages. Firstly, you have no privacy, as neighbors are all around you. Secondly, you have no private garden or a lawn where you can plant your favourite flowers. Anyway, when purchasing a condominium, find the one which has fewer common walls. It will cost more, in case you would like to put it up for sale. Fees should also be taken into consideration prior to purchasing a condominium, as in some areas they are little by little going up. Fees may rage from 100 to 500 dollars a month, that is why it will greatly raise the cost of your home.
Townhouses have basic features of both single family houses & condominiums. That is why, when possessing a townhouse you will have to share walls with your neighbors, but only on either side of you. There will be no neighbors above or beneath your unit. Lucky are those who own an end unit, since they share only one wall and, that is why, can sell their property easily and at a higher rate.
Compared with condominiums, there is usually a yard attached to a town home which is as big as that attached to a house, but is not that high-priced. That is why, town homes may be a suitable alternative for those purchasers who are searching for private space of a single family house & reasonable prices of a condominium.
Being able to differentiate home types is considered to be a key to selecting a suitable home to live in that will comply with all demands of the owner.
Article Source: http://www.everyonesarticles.com
The author of the article is considered to be a pro in issues of real estate, and mainly in Buy townhouse Toronto and House for sale Mississauga.
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