You will likely have a yard of some sort - from "postage stamp" size up through multiple acres, and your ownership will include all of it. In effect, when you buy a single family home your purchase will be of a parcel of land (your lot) on which sits a structure (your house).

Advantages of Single Family Homes

• To a large degree, "your space" is your own. You can modify or improve it as you wish.
• Re-sale value is generally the highest on single family detached homes.
• If you need more room, you can usually add on to the existing house.
• Generally there are no property management fees as there are in condominiums and many townhouses.

Disadvantages of Single Family Homes

• All maintenance and repair costs - interior, exterior and everything in between - are yours.
• Lack of amenities (for example, pools, playgrounds, etc.) that you may find in other types of housing.
• You are responsible for landscaping and lawn upkeep costs.
• In most areas, single family homes are more expensive than townhouses or condominiums.

Is a Single Family Home for You? It is if.

• You like your "space." The idea of apartment living gives you the willies.
• The prospect of cutting the lawn, trimming the bushes and shoveling snow excite you (or at least don't send you headed for the nearest bridge.)
• You like the idea of modifying your home - changing the color, the appearance, the size. Having someone tell you that you couldn't do that would bother you.

reprinted courtesy of Our Family Place