Last Modified: 09 Apr 2020  |  Home Buying Guide

Buying a home or property is one of the most important decisions of your life, as it affects you emotionally, financially and personally. Before you start your search, you need to decide what kind of home you want to buy- small/ large properties, expensive/ affordable properties, and multi-family home/ single-family home. Today we are discussing single family homes. 

A single family home is an independent residential structure designed to be used by only one family, it sits on a private piece of land and is not attached to anyone else’s residence. Before you start your search for single family homes for sale or buy land to build your home consider its advantages and disadvantages: 

Advantages of investing in a single family home:

  1. It gives you more privacy as it is built on a piece of private property and doesn’t share walls. 
  2. There is always more storage space compared to any other type of property with shared walls, you have scope for shed or garage.
  3. You can personalize your landscaping and can also have your yard. 
  4. It is most likely the cheaper real estate investment, thus easier to purchase and even get a bank loan. 
  5. Single-family detached homes are valued based on supply and demand factors, and of course, demand is not lacking at all thus, they tend to appreciate more. These properties, if maintained well and located in a thriving neighbourhood usually hold a higher resale value. 
  6. Compared to other properties, single-family homes have lower property taxes each year.
  7. The costs to manage these properties are comparatively lower on an annual basis as only individuals or small families live here. 

Disadvantages of investing in a single family home:

  1. Since there is space for only one family living, there are fewer ways to use your property to earn income, as you cannot do both – live here and earn rent. 
  2. A single-family homeowner needs to maintain and repair the property as and when needed, on their own. 
  3. Unlike shared living spaces, here you alone have to pay the bill for exterior maintenance.

When investing in a single family detached home, your need to consider all the pros and cons of a single-family home. However, it all depends on your preferences, budget, and your investment strategy or property type you want to deal with. Looking for a perfect land for your own single-family home in BangaloreChennai or Kolkata, go ahead with one of the leading real estate developers of South India- Shriram Properties and make an investment that you will never regret ever.

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