What Are the Different Types of Homes That Exist Today?

Did you know that the average sales price of U.S. houses sold in the second quarter of 2022 reached $525,000? That’s $10,900 more than the previous quarter and $27,700 higher than the final quarter of 2021.

Despite those prices, many U.S. adults still regard homeownership as part of the American dream. Indeed, nearly three in four say it’s their top hallmark.

So if you’re one of those folks and are in the market as a buyer, it pays to know the types of homes available today. That way, you’ll know which ones fit your budget, helping you narrow your search.

To that end, we created this guide on the most common residential property types. Read on so you can prepare better and have some idea of what your dream home can be.

Single-Family Homes

A single-family home is a freestanding residential building built on a land of its own. It usually has one kitchen and doesn’t share walls or utilities. It’s for the exclusive use of one household, thus the word “single” in the term.

One of the best features of single-family homes is that it offers the most level of privacy. After all, it sits on its parcel of private property and has no shared walls. Moreover, you can build a fence around the land you own.

A chief disadvantage to this type of home is that it usually costs the most compared to other houses. That’s especially true if the property comes with a massive land area.

Duplexes

A duplex is a multi-family home where two housing units sit next to each other. They share a wall, but they have an entrance of their own. Each unit also often comes with separate utilities, such as water and electric meters.

In most cases, only a single entity owns a duplex and then rents out the other half. So, a duplex may be a good idea if you want to generate rental income while only dealing with one primary tenant.

Twin Homes

Twin homes are like duplexes with a shared wall that divides a structure into two housing units. They’re also like many duplexes in that the houses look identical.

The primary difference is that a twin home usually has different owners. Each owner is responsible for insuring and maintaining their side of the lot.

Townhouses (AKA Townhomes)

Townhouses are residential buildings consisting of several dwellings that sit side by side. Moreover, they usually feature several floors or stories. Each townhouse can have two or more units separated by shared walls.

Townhomes, like duplexes, also have individual entrances and utilities. The difference is that some townhouse units share a wall on each side.

For example, if there are five units in a townhouse, the three in the middle have shared walls on each side. Likewise, they share walls on the property’s upper floors, too.

Apartments

An apartment is a single building with multiple housing units inside. Each building can have few to many rental units, depending on its size.

Each apartment unit can be a studio, while some have one, two, or three bedrooms.

Condominiums

Condominiums, or condos for short, are pretty much like apartment buildings. Each condominium building can have dozens, even hundreds of individual housing units. Each unit can also be studio-type or have one to three bedrooms, sometimes more.

The primary difference between a condo and an apartment is that you usually buy a unit in the former. Whereas with an apartment, you either own the entire building or rent one of its units.

If you buy a condo unit, your name will be on its deed. However, you’ll likely also face additional costs like homeowners association (HOA) fees.

Fixer-Uppers

Just do a quick online search for “sell my house now,” and you’ll likely see a few ads from cash buyers. Most are real estate investors specializing in the purchase and rehabilitation of fixer-uppers.

Fixer-uppers, in turn, are residential properties that often require significant repairs. In most cases, they’ve deteriorated so much that their owners want to sell them as-is.

That’s what real estate investors who flip houses do: buy such homes, fix them, and sell or rent them for profits.

If you’re an excellent DIYer with a knack for building, you may want to consider buying a fixer-upper. You can buy a distressed property for a low price and then repair it. You can then live in it, rent it out, or sell it for profit.

Tiny Homes

Tiny homes are, well, small houses with sizes ranging from 60 to 400 square feet. Some are a little larger, but it’s rare for them to occupy more than 500 feet. That’s why they’re cheaper than a typical house, which is also likely why 68% of tiny house owners have no mortgage.

You might want to consider a tiny house if you’re a single-person household. But it’s not such a good idea if you plan to build a large family.

Mobile Homes

Also known as manufactured homes, mobile houses are structures pre-built in a factory. They then get attached to a trailer chassis, which, in turn, allows for their transport. And although they’re movable, most get installed in a permanent location.

You can find the majority of mobile homes situated in mobile home parks. These are communities specifically designed to accommodate mobile houses. In most cases, you only have to pay for land rental, water, sewer, garbage, and recycling fees.

Invest in One or More Types of Homes

And there you have it, the many different types of homes you can invest in today. From single-family houses to condos, they can all give you the pride of homeownership.

However, if you have the budget, consider buying more than one home. You can then rent out the others; that way, you can generate extra income. Owning several timeshares properties for rent would be a good option to achieve that. When you feel like you no longer want to keep some of it, you can also get rid of your timeshare by seeking help from timeshare exit companies.

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