You’ve probably considered living independently at one time or another. For most homebuyers, house hunting is the most exciting phase in a property buyer’s journey. You imagine your life in every house you check out in the market and the kind of home you can build out of it.
Fair warning though: you may feel overwhelmed with the different house options to choose from. As you visit more and more homes, you can see yourself living in each one of them.
Do note that each house type has features that cater to different kinds of lifestyles. Because of this, it’s essential to choose a property that best suits your needs. From outdoorsy personalities to homebodies, there’s a property type for you.
Choose the best house type for your specific lifestyle by considering relevant factors. Refer to the infographic below to guide you in deciding what lifestyle real estate property is the most suitable for you.
The 3 Main Types of Residential Properties
1. Single-Family Home
If you value privacy and have the knack for designing, then a house and lot for single-family households may be the right fit for you. It offers a backyard and lawn for family bonding on days off.
Unlike other residential properties, you can customize both the interior and exterior of the house, giving you a blank canvas to pour your creative juices on.
However, custom-built houses can be pricey and require a lot of planning. Meanwhile, choosing a home built by developers can lessen your load as long as you’re willing to go for design options offered by real estate companies.
You’ll be more involved with the homeownership aspect of this property. That is, you’ll be responsible for the construction, maintenance, and needed renovations for this house, which can either be a boon or bane for you depending on your resources and priorities. Yes, you have more free rein, but that means you’ll shoulder all the expenses without financial support from other members of the community.
Its ample space is perfect for large and growing families. Your family can use the lawn and backyard for recreational activities in your free time. You may also enjoy the open-space areas to relax and enjoy the outside air when you retire.
Townhouses are relatively smaller and cheaper than single-family homes. In this type of property, the lot is subdivided into smaller adjacent units. Since common walls are shared with the neighboring units, you’ll have less privacy compared to single-family homes.
Most townhouses are near or in prime locations, making supermarkets, malls, parks, and other recreational areas easily accessible to you. They offer the convenience and ease of condominium living and the comforts of a house and lot.
However, your design customization plans are limited to the house’s interior. As such, most townhouse exteriors have a uniform design. These factors make a townhouse ideal if you don’t want to tie yourself down to huge mortgage loans typically needed to purchase single detached homes.
Since it’s smaller than a house and lot but roomier than a condo unit, this can be great for a small family. This can also play nice for those on a budget but want the feel of a house and lot. However, if you want room for outdoor activities and gardens, a townhouse may not meet those needs.
If you’re always on the go and lead a busy lifestyle, then condos may just be the right fit for you. It’s easier to maintain and clean up. You won’t have to spend much time fixing the place up since you can’t alter its exterior, and your interior has a small space.
This residential property type is a living space within a building that can either be a studio unit or have up to three bedrooms. It also offers shared amenities for its residents.
Since you’ll be sharing walls with other units, you won’t have much privacy, unlike other property types. You may also be sharing your roof with the upper units as their ground floor.
You can own a condo unit but not the building or its land. However, you may want to consider this if you’re the type who doesn’t have time to maintain a good-looking garden or keep your lawn tidy.
Most condominiums are in the city, so you can get to places quickly. In addition, its 24/7 security puts you at ease, knowing you’ll be safe when you go to sleep.
With their small space and low maintenance, condos are budget-friendly properties. One thing to note, the building depreciates as time passes and monthly association dues increase.
Usual residents of this real estate property type are young couples and active professionals on the go. With their accessibility to city life and easy maintenance, they won’t have major difficulties managing their active lifestyle.
Lifestyle Considerations to Ponder Before Selecting a Home
There are numerous factors to consider when investing in a new home, although it all boils down to your wants and needs. With this, we’ve prepared a set of questions to help you gauge your options.
How large is your family?
For most Filipinos, we tend to leave our parents’ nest late in our lives, which is why many Filipino households have two to three generations living under one roof. Because of this, it’s essential to have ample space.
So, ask yourself: How many bedrooms does your property need? How many children are you planning to have? Will you also be taking in your parents?
How much free space do you want?
Having a yard space can be great for your furry babies to run in. You can even put a playground here when you decide to have kids. It’s also great for hosting birthdays, Christmas or New Year’s dinners, and other special celebrations.
Do you plan to own a car?
If you plan to own a car in the future, you should choose a property that has ample space for a garage. Single-family homes are the best for this, as their lots are usually big enough to accommodate a car or two. Townhomes can also accommodate a car as the entire front door area is usually designed to be a driveway.
On the other hand, you’ll have to buy a separate parking area from the condo developer to accommodate a car, making car ownership more expensive.
Do you frequently go on long vacations?
If you’re the adventurous type, maybe a condo is the right fit for you. With the property’s 24/7 security, you can go on beach trips with friends for a week or even travel abroad for months worry-free.
Do you want to live in the heart of the city?
Accessibility to amenities makes it easier for you and your family to go to places you frequent.
If you enjoy the hustle and bustle of city life, you can go for properties in the middle of the city. However, if you want the calm, fresh winds in a rural setting, then you can opt for properties farther away from the metro. Remember to choose an environment that best appeals to you.
Is privacy not a deal-breaker?
How much privacy are you willing to compromise? You may not want the idea of having several neighbors living on the same floor of the building. Living in a fully detached single-family home is your best bet here.
How much is your budget?
Needless to say, this is one of the most critical factors you have to consider. Aside from the construction, you have to consider that properties are subject to wear and tear, which can cost you maintenance and repair expenses. With the rising costs of everyday living, you may need a longer time to save enough for your own house and lot. Remember to check your financial status before deciding on a new home.
Choosing the Right House
There are many factors to consider when choosing a home, and the process can get overwhelming. Not only do you have to think about your checklist for buying a home but also which house will fit your lifestyle. The key is to determine which residential property can accommodate your wants and needs.
Need help purchasing a property? Don’t hesitate to contact our experts at RE/MAX for a free consultation.