subject: Are Single Family Foreclosures Ideal For Homebuyers? [print this page] Majority of homebuyers favor single family foreclosures over other types of foreclosed residences. For families, a single-family structure is the type they always consider first when planning to buy a home. Just like other types residential real estate, this kind of house has its pros and cons.
What Are Single-Family Dwellings?
Also known as single detached or single-family detached home, this type of house has its own piece of land and is not associated with another residential structure. It could be a simple bungalow-type structure or a big mansion comprised of numerous rooms.
Single homes are by far the most common dwellings in the U.S., with more families favoring it over other living accommodations. Although a lot of families also live in apartments or condominiums, this has more to do with the relatively lower cost of rent over ownership and not due to preference.
The Upside
Residents who live in a single detached dwelling have more privacy since the whole space the house and the surrounding area or lot belongs to them and they can do whatever they please about this space. Extending the home area or converting the vacant space into a garden are both possible and are easier to execute compared with other forms of residences.
In majority of cases, homebuyers who plan on buying single family foreclosures are assured of a great re-sale value. Single detached are very much in demand, so owners will also have more chance of selling it quicker should they decide to do so. In addition, living and owning such a home will save residents from having to pay for management fees commonly associated with townhouses or condominiums.
The Downside
If the buyer does not want to be bothered by repair and maintenance costs, then it would be better to live in a condominium or apartment since these things are often the responsibilities of the landlord or the owner of the property. In a single family home, all these concerns are to be taken care of by no one else but the owner.
Unless a buyer has a lot of money, amenities like playgrounds and swimming pools will not be a possibility. These amenities though, are usually present in apartments and condominiums. Moreover, buying single family foreclosures will be more expensive than renting an apartment or living in a condominium or townhouse.
