A single-family home can be anything from a cozy starter home to a luxurious custom-built residence on a sprawling lot. It is also known as a single-family detached home and is defined as a standalone house intended for the use of one family. A single-family residence encompasses the house as well as the land upon which it stands.
In 2017, the National Association of REALTORS® found that 84% of Americans believe that buying a home is a good financial decision and a Gallup poll showed that real estate is still most Americans’ top choice for the best long-term investment.
Single-family homes remain the most popular choice among home buyers and they are the most common property type listed on multiple listing services across the country. Let’s take a closer look at the typical advantages and disadvantages of buying and living in a single-family home.
- Peace and privacy– Unlike an attached home such as a condo or townhouse, you won’t be sharing walls or floors with another residence, which significantly reduces your exposure to disruptive noise. You’ll also enjoy greater privacy and it will be easier to have people over since you won’t have to worry too much about making too much noise.
- Space– Single-family homes are generally more spacious than condos or townhomes and they also have a yard. You’ll have more room to store your stuff and you’ll have additional storage spaces such as the attic or garage. If you garden and/or you have kids and pets, having your own outdoor space is a definite plus.
- Freedom – You can do virtually whatever you want with your home – add a room, change the color scheme, convert the basement, and so on. Even if you live in a community with particularly stringent architectural regulations, you’ll still have more freedom to customize your home than you would when you’re renting or sharing your living space.
- Maintenance – A multifamily property like a condo will have a condo association taking care of basic repairs and maintenance. When you own a single-family home, you’ll have to take care of it yourself. And if you have a larger home, then you will have more to take care of.
But it doesn’t have to be difficult – all you have to do is stick to a regular maintenance schedule and make sure to hire reliable contractors for the jobs you can’t do yourself.
- Proximity – Single-family homes are typically larger, which means that they aren’t often found in dense urban centers – but this is only a con if a central location is your top priority. You may need to allot more travel time for completing errands or getting to work, but luckily most suburbs in the West Valley are easy to get in and out of.
Arizona’s Best Real Estate Options
The majority of all residential real estate sales in the Arizona Regional Multiple Listings Services, Inc. (ARMLS) are for previously owned single-family homes, speaking to the popularity of the single-family home in Arizona.
According to the US Census Bureau’s 2017 population estimates, Maricopa County, AZ, is the county with the highest population growth in the country. Accompanying this is a job and wage growth, which means that the population is likely to keep growing in the future. The Arizona Journal of Real Estate and Business says that the masses of new, young people and families moving to Arizona will create a demand for homes.
Contact the Fusco Team today and get advice and guidance from one of the top AZ real estate companies. Learn about your real estate options in the Phoenix metro area. You can reach us at 602-370-4510 or at patty(at)fuscorealty(dotted)net. Stop by our office at 9132 W. Cactus Suite N, Peoria, AZ.