Single family, duplex, townhome, or condo?

So you think you’re ready to buy a home, you pull up Zillow or Redfin on your phone to peruse the local offerings, and you begin to see different options - stand alone houses, multifamilies, townhouses, condominiums - but you’re unsure what each of them means! They all over different pros and cons, with differing levels of ownership and responsibility. I’ll work to break down some of the differences here, but just a reminder that each individual situation can vary. Read over HOA docs to make sure you understand your responsibilities and what you own!

There are 3 main types in our market with a little bonus option:

For single family homes (unattached), you are going to be purchasing the entire home and the land it is on. You are 100% responsible for home maintenance, landscaping, and any problems that arise. Often with single family homes, you are afforded more privacy, more opportunity to make it your own with aesthetic choices (depending on any HOAs), but you generally are going to pay more to own an individual home up front and the overall cost of maintaining, taxes, and insurance will be higher too.

For townhomes (townhouses, rowhomes, attached), you will own the unit you purchase and the land it sits on. Sometimes there is a bit of gray space here - you may own a little bit of a yard, a deck or patio, etc. Townhomes will have an HOA with covenants and restrictions outlining responsibilities and expectations. With a townhome, you will have less privacy due to proximity and shared walls (party walls) with your neighbors. The HOA will often cover exterior maintenance of the property, while the homeowner is responsible for interior maintenance. This can vary greatly - always know ahead of time so there are no surprises! Townhomes can be a wonderful first home, because they provide a lot of the pros of home ownership without as much responsibility.

For condos (condominiums), you will own the unit you purchase from the walls in and usually a shared ownership of the common areas. Condos often have higher HOA costs because they will cover much more maintenance - roof, exterior, common areas, amenities, etc. Similar to townhouses, you will definitely have an HOA with rules outlining the expectations. Condos generally are very detailed with the covenants and restrictions. These can be especially great option if you’re out of town a lot or want to live in a high rise.

As a little bonus - there are also multifamily properties (duplexes, triplexes, quadplexes). In NC, these are usually purchased as one unit - if the units are sold separately, it is probably set up as a condo with a HOA to cover communal costs and upkeep. This type of property will come with the most responsibility - you are becoming homeowner and landlord at the same time. Similar to a single family home, you will own the entire home, the land its on, but you will also have another unit (or 2 or 3) that you are also responsible for upkeep. You may decide to split the purchase with a family member and live in separate sides, or rent out one of the units. This type of home ownership allows for a lot of opportunity, but more weight falls on your shoulders.

Everyone’s situation is different! When you begin your homebuying journey, it can feel overwhelming, but there are lots of options and ways to make buying your first home attainable and suitable to where you are!