If you recently sold your condo or townhouse and need to buy a new house, have you thought about what type you want to purchase? Many people move from multi-family homes, like condos, to single-family homes, primarily for the benefits that single-family homes offer. If this is what you hope to do, you might want to prepare yourself for some differences, as these two types of homes are very different. Here are several things you should know about these differences.
Your Expenses Will Change
The first difference to expect involves the changes to your expenses. Owning a single-family home results in several changes. The first is you will likely not have a monthly homeowner's association fee as you had with a condo or townhouse. Therefore, you will have one fewer expense. You will have a mortgage loan, though, and you might have increased utility expenses. Single-family homes typically have more space than condos or townhomes, so the utilities are usually more costly.
You Must Purchase More Homeowner's Insurance
The second difference to expect is higher homeowner's insurance premiums. When you live in a multi-family unit, the association pays part of the insurance expenses, mainly because they own part of the home. With a single-family home, you will need more insurance because you own the entire thing. As a result, your insurance costs might increase.
You Will Have More Work to Do
The third difference is the amount of work you will have when moving to a single-family home. You will have to maintain the inside and outside of the home, whereas you might not have had these duties with your multi-family unit. Also, if things in your home break, you will have to hire a contractor to fix them, and you will have to pay the expenses.
You Can Experience Many Benefits
The other difference is the benefits. Moving to a single-family home offers a way to have more space and privacy. You will no longer have close neighbors, and you will have a yard to use. Additionally, you will have more freedom with the house. You can make changes as needed without getting approval for the changes, and you can use the house as you wish.
As you see, living in a condo or townhouse is different from living in a single-family home. If you want to shop for a house to buy, it might help to start by hiring a real estate agent. Look for single-family homes in an area you like.