Single family residences – advantages and disadvantages

A single family residence is a structure that can house a single family. Each structure has just a single dwelling unit. It is a detached home that usually has its own courtyard – front or back or both – and a garage. Living in a detached home with its own courtyard and garage is certainly a luxury. Some of the advantages of a single family home are as follows.

Privacy: A single family residence is a detached house which does not have to share a common wall with another dwelling unit. It stands alone and apart from its neighboring houses within its own courtyard. This allows the home more peace and quiet and less intrusions from the rest of the locality as compared to a structure with multiple dwelling units.

Garage: Single family houses usually have their own garages or parking areas. The garages can be built according to the convenience of the owners which is not the case in a multi-family residence, as each one is allotted a parking area according to the plan of the structure.

Recreational amenities: As these houses have their own courtyards, each house can have a private play area, lawn or even swimming pool if the yard is adequately large.

Scope for renovation: An independent house can be renovated whenever it is convenient for the owner. It can be revamped as per the owner’s changing tastes or remodeled to suit his or her requirements at different times. As the structure does not have multiple dwelling units with common walls, expansion is easy and does not need the consent of other home owners of the society. However, any developmental work on any property should follow the rules pertaining to real estate in the locality.

Better investment: Single family houses are not as vulnerable to adverse real estate market trends as multi-family residences. They usually appreciate in value and yield better returns on investment.

However, just as other residential real estate properties, single family residences are also not without disadvantages.

Expensive: The cost of a single family home is high as compared to a unit in a multi-family residential property. One has to pay for the luxury and convenience that are inherent features of a detached home that does not have to share walls with neighboring homes. The responsibility of maintaining the home, the surrounding yard and the structures within it falls entirely on the owner. Hence the maintenance costs of a single family home tend to be high.

Total Responsibility: The entire responsibility of decision making, organizing and supervising all kinds of maintenance, renovation or developmental work falls on the shoulders of the single family house owner. There is nobody to share the responsibility which is not the case if it was a multi-family residence where the time, effort and expenses that goes into such work is shared by all the residents of the property or is overseen by the homeowners’ association.

Proximity to essential facilities: Single family homes are generally located away from the city. Access from such a location to facilities such as hospitals, educational institutions, workplaces, airport, etc. is likely to be difficult.

A good appraisal by a professional appraiser or appraisal company can help a prospective home buyer make a sensible investment that suits his or her requirements.

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http://www.liberty1amc.com
Matt Moore Appraiser, Nationwide amc / matt moore, Maverick amc / matt moore, Newtown amc / matt moore

Multi-family residential property types

Multi-family residential properties are structures that can house two or more families in separate accommodations in a single structure. These property types range from adjacent twin homes to high-rise apartment complexes, with various combinations in between. The following are some of the varieties that most commonly fall under the multi-family housing category.

Duplex: A duplex is a structure that can house two family units. It has two adjacent homes usually built next to each other. They usually share a common wall. Each house can have a single, two or three stories. Their interiors generally have the same plan, one usually forming the mirror image of the other.

Triplex: A triplex is a structure that can house three families. The three houses are usually built side by side. They can also be built in two stories with two homes below and one above.
 
Quadraplex: A quadraplex, as the name suggests, is a structure that can house four families. The houses are usually built back to back. There are two-story quadraplexes also, with two homes on the ground floor and two above.

Townhouses or townhomes: Townhouses are individual houses attached side by side in a row to form one large building structure. They may be of individual or uniform designs with two, three or four bedrooms and one or more garages. Though originally townhouses were houses attached in a row seen in urban localities, recently their more luxurious and contemporary versions are located in the suburban environment.

Apartment buildings: Apartments are individual homes in multi-level high-rise buildings. An apartment is also called a flat. Flats can be of varied sizes and designs. The designs can range from basic layouts with basic amenities to spacious floor plans with luxurious amenities.

Multi-family homes may have a separate courtyard for each unit in the case of duplex, triplex or quadraplex structures, or they may have a common courtyard shared by all. In the case of apartment complexes, each unit will not have a courtyard of its own. Some apartment complexes do not have any courtyard at all, and if they do, it is usually a common ground that is shared by all the family units.

For the appraisal of a multi-family residential property, features related to the individual home as well as the common, shared area need to be taken into consideration. Professional appraisers or appraisal management companies who are well versed in the valuation of such properties should be employed for this purpose.

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liberty1amc .com
Matt Moore Appraiser, Newtown amc / matt moore,  Nationwide amc / matt moore, Maverick amc / matt moore,