Which Type of Home is Best for You?Posted by Carey Frankel on Sunday, February 12th, 2012 at 12:54pm.
A home can be anything you want it to be. It can be a high-rise condominium with breathtaking city views. It can be a quaint bungalow in a suburban neighborhood. Or it can be a trendy townhome in the heart of an urban center.
Your choice for a home will largely depend on your lifestyle, so deciding which type of St. Johns County property is right for you is the best starting point after you have made the decision to buy. Here are a few home options to consider:
- A single-family home – A single-family home, in the eyes of the real estate industry, is a single structure that serves as an owner-occupied residence. If you think of the term “house,” a single-family home likely comes to mind. A single-family home is usually one that is located in a neighborhood and one that features some type of yard or lot. A single-family home is a broad term, as it can be anything from a two-bedroom cape cod to a sprawling estate on ten acres.
- A condominium – A condominium is a home that is under joint ownership. In other words, a condominium will always be part of a community or building in which the owners of the units all share in the ownership. Although each condominium unit is individually owned, the property and grounds of the condominium complex or building are jointly owned. As such, this joint collection means that, along with a monthly mortgage payment, you can expect to pay a common area assessment fee or homeowner’s association fee. This fee is designed to maintain all common areas of the building or complex and pay for amenities and features found there. HOA fees for condominium homes can be less than $100 a month or several hundred dollars a month for condominiums in high-rise buildings with plenty of amenities and services.
- A home in a planned unit development – Planned unit developments are a relatively new type of subdivision that has sprung up in recent years as a result of the surge in baby boomers entering retirement age. Planned unit developments consist of common property that is maintained by an owner’s association. As such, many planned unit developments are of the retirement variety.
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