Knowing The Type Of Residential Property You Want

Experienced homebuyers and even the first-timers know that the very first things

that they should be able to decide upon are the type of property they are going to get. There are numerous legal home types to choose from and every potential home owner should be familiar with these before they even start getting into the formal investing process. Being well-informed about the types of houses will very much be a great help for home buyers especially when they start to pick which to buy among the properties available, let us say, Dallas real estate properties. After you decide that you will buy a house in Dallas, Texas, of course, one of the next steps you will do is to search for Dallas Homes for Sale whether from online Dallas MLS or from the listings provided to you by your agent. You will find several properties available and each of them is in different types. Each of the legal kinds of residential properties has advantage and disadvantages and you will become a more educated home buyer if you know these things. Everyone easily falls in love with a cute house but you may regret your choice in the future if you do not know the kind of home ownership that is best for you. Here are some of the major types of houses you can quickly find in a real estate market:

a.Condominium

You will only own a unit or two if you decide to live in a condominium. You will be sharing other facilities in the whole complex to the residents and owner-units of the condominium complex. Some of the common areas for you and the other people living in there are the swimming pool, roofing, driveway, and the sidings. Buying a condominium unit is the smallest type of home ownership and it is also cheaper. You have to pay the Home Owners Association (HOA) every month to finance the maintenance of the shared areas. HOA also has the Covenant or the Bylaws that you need to follow. Some of the rules may include pet limitations, vehicle ownership, etc.

b.Attached homes

Townhouse is one of the popular examples of this type of residential property. An attached home is partway between a single-family residence and a condominium. With a townhouse, you will have the ownership of the structure and the lot where the property stands. There is also a monthly payment for the HOA to take care of the shared facilities.

c.Detached homes

A detached home such as a single-family residence, especially those surrounded by white picket fence is the American dream home. You can also be a member of the Homeowners Association in the area or the neighborhood even if it is a detached home that you own. With this type of property, you have the full responsibility for the house. In addition, you are also to follow the rules and guidelines of the HOA. If you plan on renovating the property, make sure it conforms to the bylaws of the HOA.

by: Ephraim Perez

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