There are many property types to choose from when buying a home in the United States, unlike in China where most are apartments. Generally speaking, the main property types in the U.S. are single-family homes, townhouses, condos, and apartments. Which property type is right for you? WorldWay U.S. immigration experts provide a detailed introduction below:
Single-family homes are arguably the most common property type in the U.S. and the first choice for most homebuyers. A single-family home generally refers to a house that does not share walls with neighbors and has a front and back yard. The size of single-family homes varies greatly, from around 1,000 square feet to several thousand square feet. They may be one, two, or three stories high, and some come with swimming pools. The total lot size can range from 3,000 to 4,000 square feet to over 10,000 square feet. In the same area, single-family homes are the most expensive compared to other property types. Except for some new construction projects, most single-family homes do not have property management and do not require HOA fees, though you must pay municipal trash collection fees. You can maintain the lawn yourself or hire someone to do it for about $50 to $100 per month. If the yard is large and includes a swimming pool, maintenance can be time-consuming and labor-intensive.
Townhouses are generally two-story structures with garages, but they share walls with neighbors and have front and back yards, or sometimes only a front yard, which are usually quite small. This property type is relatively rare because it is convenient to live in, similar to a single-family home, but occupies less land; therefore, these are usually found near city centers. Townhouses generally have property management fees because they include some common facilities and public green spaces. The appreciation potential of a townhouse is not as high as that of a single-family home, but the rental yield is slightly higher.
Condo is short for condominium. This type is similar to an apartment, but generally has at most two stories and is slightly larger than an apartment. They are usually part of a collective building where several households share walls, but the layout is more complex, with various designs including one or two stories; some have lofts; some have terraces; ground-floor units usually have a small yard; some are connected to garages; some have separate garages not connected to the unit; and some come with one garage and one outdoor parking space. The advantage of a condo is that the price is relatively low, and they are generally easier to rent out, with rental yields higher than the previous two types, though the appreciation potential is lower. Additionally, they are more worry-free as you do not need to handle maintenance yourself, and they offer many common facilities such as activity centers, swimming pools, and gyms. However, most require property management fees of $200 to $300 per month, which sometimes include water bills.
Apartments are generally located near city centers and are usually multi-story. Except for the fact that the rooms are generally small, they are mainly occupied by people working in the city center, and these properties are also relatively easy to rent. Some apartments are collectively owned by many people, meaning each unit does not have its own independent title, so sales are subject to certain restrictions.
WorldWay U.S. immigration experts suggest that investors should choose a property type that suits themselves and their families based on their purpose for immigrating to the United States.
