Even though more and more people are choosing to rent a property, the majority of people living in houses own their homes. However, single-family homes aren’t the only types of homes you can own, and they don’t always have to be located in a residential area. Here’s a look at seven types of homes (both single-family and multi-family) that you can own, as opposed to just renting.
Townhouses are single-family homes that are tall, narrow, and usually two or three stories. They’re usually located within a row of other townhouses, with little to no space between each townhouse. You can own a townhouse as a home, meaning you own both the inside and the outside of the building, or you can own it as a condo.
A condo (shortened from condominium) is actually a type of apartment, but instead of renting it, you own it. Owning a condo means that you only own that particular unit within the entire building.
Ranch homes are probably what you would think of as the “typical” or average home since they were once the most popular type of home in the U.S. with about 90% of homes being ranched in 1950. These homes are typically wide and only a single story, with an open-concept floor plan that connects living rooms, dining rooms, and kitchens. Ranch homes also usually have a full basement and patio, making them very spacious and almost luxurious in a way, even if they’re only a single story.
Manufactured homes are also known as mobile homes or trailers, and they’re some of the most cost-effective homes out there. You’re more likely to find these types of homes in rural and lower-income areas— but this doesn’t necessarily mean that those living in manufactured homes have low income. Many own land and have a manufactured home transported to their property so they own both the home and the land it sits on. These homes can also be made to look exactly like your typical single-family home, and they can be anywhere between 600 and 2,300 square feet in size.
“Farmhouse” is more than just an interior decor style— it’s also a type of home! As the name suggests, it’s a simple, one-story home that is located on a farm, and its style is more for function than it is for aesthetics. Farmhouses typically have wrap-around porches to serve as an open mudroom for farmers to leave their boots. Other distinguishing features of a farmhouse include horizontal siding and window shutters and steeply-pitched roofs.
Duplexes and quadruplexes are multi-family homes that house two and four families, respectively. Typically, people rent a unit in either one of these structures, but you can buy and own a duplex or quadruplex in the same way you would buy a single-family home. You can own the entire structure and rent out all units to other tenants, or you can live in one unit and rent out the other vacant ones.
This option is a great way to earn passive income. In fact, many people have decided to buy a duplex or quadruplex as their first home to live in one of the units while renting out the other(s).
Both cabins and cottages are small, compact homes that are typically built in rural areas. Many think of these kinds of homes as old-fashioned, and they’re usually made with wood or stone siding and a brick or gravel walkway. These types of homes are typically thought of as vacation homes, being located in the mountains or on a lake. You even have the option to build a contemporary cottage near Lake Ontario.
Another type of vacation home is a beach house. This type of home also has a pretty self-explanatory name, as beach houses are located on beaches. However, beach houses can also be in the form of other types of homes, such as townhouses, cottages, and even mansions can be located on or near a beach. They can be single or multi-story, and they typically have larger windows to allow for a better view of the beach.
So if you’re wanting to own a home one day in the near or distant future, consider one (or more) of these types of homes. They are all unique and each type caters to individual needs and goals.