Home Buying 101: Single Family Homes
Figure out your needs
Monthly cost of owning a home
Ideal Neighborhood
Financing Your Purchase
The FHA Mortgage
The Conventional Mortgage
The Adjustable Rate Mortgage
Department Of Veterans Affairs Mortgage
Pre-Qualified vs Pre-ApprovalPhase 2: Looking
Looking at homes
Types of homes
Town Homes
Condominium
Twin Homes
Multi-Family Homes
Types of sellers
Traditional
Short Sale
Foreclosed
Researching A Home’s Public Information
Phase 3: Buying
Making an offer that counts
The Purchase Agreement
Buyer Letter to Seller
Inspections: Why get one?
Radon Testing
Sewer Line Scope Inspection
Fireplace Chimney Inspection
Mechanicals
Phase 4: Closing
Closing Costs Explained
Title Work
Appraisals
Underwriting
Utility Bills
Preparing for the Closing
The Closing
A single family house is the typical house that you see up and down the streets of almost every city. It is a stand-alone house where you would own the building and the land it sits upon. It may be a 4-bedroom, 2-story house in the suburbs or in the inner city.
In comparing a single family house to a townhouse or condo, there are significant advantages. The main advantage is that you own all the walls and structures, and you can do almost anything you want to it. If you want to paint it purple and yellow, you can. But having control of the entire property also means that you have to manage everything, including routine maintenance and long-term maintenance.
A detached house is one of the most common forms of home ownership. When you purchase a home, you are purchasing the land and any structures on it. The house can range in size from a one or two bedroom cottage to a large 5-bedroom, 3500 sq ft house to an entire estate. This is what lines most of the streets in the US.
Pros:
- Most common type of home in Minnesota and across the US
- You take care of everything
Cons:
- You take care of everything