LIVE BOZEMAN STYLE

Basic Property Types:  Article 4 of 8

Consider your needs when exploring your future property. Price limitations, lifestyle choices, and location preferences will all influence your decision as to the right next property for you.

The main difference between a single-family home and a multi-family property is that the former is designed for one family or household to occupy, while the latter is designed to accommodate multiple families or households. Additionally, multi-family properties often offer greater rental income potential than single-family homes, but they may also require more maintenance and management due to the increased number of tenants

• A single-family home is a type of residential property that is designed for one family to occupy and typically consists of one dwelling unit. This means that a single family or household occupies the entire building or house. Single-family homes are usually detached from other houses and are not physically attached to other dwelling units.

• A multi-family property is a residential property designed to accommodate more than one family or household. This means that the building contains two or more dwelling units that are either physically attached to each other or separated by a common wall or floor. Multi-family properties can be further categorized into condos, townhomes, duplexes, triplexes, quadplexes, apartment buildings, or other similar structures that contain multiple units.

Townhomes vs. Condos:

Is one vs. another a better fit for you? While townhomes and condos are both types of residential properties that are often located in urban or suburban areas, there are some key differences between the two:

1. Ownership: When you buy a townhome, you own the land it sits on as well as the structure itself. In contrast, when you buy a condo, you only own the unit itself and not the land or the building it is in.
2. Maintenance: With a townhome, you are typically responsible for maintaining both the interior and exterior of the property, including any yard or landscaping. With a condo, maintenance of the common areas, the exterior of the building, and any shared amenities are typically handled by the condo association, while the interior of the unit is the responsibility of the owner.
   
3. Fees: Both townhomes and condos may have homeowners association (HOA) fees, but the fees for a condo tend to be higher as they cover more maintenance and upkeep of shared amenities and the exterior of the building and water and sewer expenses for the individual units and the association common areas.
   
4. Size and Layout: Condos are often smaller and more compact in layout than townhomes. Townhomes typically have more square footage, including more living space, and often have a garage or parking area attached to the unit.

Overall, the main difference between a townhome and a condo is the ownership structure, with townhomes offering more ownership of the land and structure and condos providing more shared ownership of common areas and amenities.