A growing family moves into a single-family home. They found the property type that was right for them after researching and working with a mortgage broker and real estate agent.

    There are many different types of properties that homebuyers can purchase. There are pros and cons to each property type – so finding the right property largely depends on an individual’s tastes and home-needs. To find out what kind of property is right for you, it’s always best to do your research and work with an experienced real estate agent and mortgage broker.

    Single-Family Homes

    A single-family home is a detached dwelling unit that is surrounded by open space on all sides. Single-family homes are the most common types of property listed for sale around the United States. These homes have their own lot and are designed for individual families.

    Typically, single-family homes have one kitchen. Adding a second kitchen or a basement-dwelling, the zoning classification of the house could change. Without proper state and local permissions, an owner could be subject to legal action, fines, or forced deconstruction of the second unit.

    Owners of a single-family home can enjoy unique storage benefits like an attic, basement, or spacious closets. Most areas also allow single-family homeowners to add sheds, detached workshops, and swimming pools. Potential homebuyers should be aware that the homeowner covers all improvements, maintenance, and additions.

    If space and privacy are your top priorities, a single-family home could be the right property type for you.

    Multi-Family Homes

    A multi-family home is a stand-alone structure comprised of two or more separate living areas, such as a duplex or triplex. The most popular multi-family home style is a duplex with a side-by-side configuration with a shared wall between two units. Each unit typically has a kitchen and living space and usually separate garages.

    A duplex doesn’t offer the same kind of privacy a single-family home does; however, there are financial benefits to owning this property type. Many people choose to rent out the second unit as separate property, vacation rental, or mother-in-law suite; thus, upgrades and repairs made to the second unit can be tax write-offs.

    If potential investment opportunities and additional income opportunities are your top priorities, then a multi-family unit property type might be best for you.


    Townhouses are individual homes positioned side-by-side, with one or two walls shared by neighboring homes. Attached garages, exterior entrances, and multi-story designs are all common in townhouses. Typically, the townhome owner holds the deed to the land on which the house sits. Still, the homeowner’s association has rules and regulations in place.

    The homeowner’s association charges a monthly fee, ranging anywhere from very low to very expensive. Charges include maintenance of shared spaces and exterior upkeep at the minimum. Some HOAs may also charge for road and yard maintenance, shared water and sewer, and trash pickup, to mention a few.

    If you are interested in the benefits of a single-family home with less maintenance and are willing to compromise on privacy and added HOA dues, then a townhome might be the right property for you.


    Smaller than townhomes, condos are often less pricey because they come with no land. All condo owners share ownership interest in the complex’s entire property in place of an individually deeded parcel.

    A townhouse shares only one or two walls, but condos have units surrounding them above, below, and on either side. Most condos have a standard entryway that leads to a foyer, which then separates into hallways with a door for each unit entrance. Some may include concierge or security employees.

    Swimming pools, fitness clubs, rooftop deck, and dog walking areas are the enticing amenities offered by many condo complexes.

    The homeowner’s associations charge higher fees for condos than townhouses because of the number of shared areas. These costs include comprehensive insurance for the building structure and the upkeep of shared spaces. As a result, condo owners’ insurance costs are at a reduced price “walls in” policy covering personal belongings and limited liability insurance.

    For those who loathe yard work and favor a shared swimming pool, the condo might be the right property for you. The monthly association fees cover expenses like heating systems and driveway paving, so there’s no need to budget for those.

    Contact Us

    We’ve covered single-family homes, multi-family homes, townhomes, and condos. Which type of home is right for you? You have many things to consider when purchasing a home. Discussing your options and qualification with one of JVM’s Mortgage Analysts can help you find the right property type for your financial situation. Whichever home you choose, our team is available 7 days a week by email at [email protected] or by phone at (855) 855-4491 to help.

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