Buying a new home is usually the greatest financial commitment any of us will ever make. Over the past few decades, the increase in living costs and house prices means that the stress involved in buying property has skyrocketed. 
 
Understanding what you need in a home, from the number of bedrooms to the amount of garden space you would prefer, is key to an effective house hunt. To help you narrow down your search, here are some common property types and the pros and cons that come with each. 

Flats 

Flats are housing units that cover one floor within a larger building with two floors or more. Depending on the flat’s position in the larger property, it may or may not have a garden. 

Pros 

Detached houses provide both the privacy and open garden space that many other types of houses lack. They are usually described as family homes as they offer two or three storeys and multiple bedrooms as well as lots of outdoor space. 
Having no garden can be seen as a pro for those without the time – or inclination – for maintenance. 
Flats are often found in urban areas and are a favourite choice for those wanting to live near city centers. 

Cons 

Larger living space and garden carries a cost as well as a lot of upkeep. Small spaces require less cleaning and decorating after all! 
Flats without gardens means less space to maintain. But whether you can live without your own little patch of green is something to consider. 

Detached Houses 

Detached houses are single residences without other homes attached by a connecting wall. 

Pros 

Detached houses provide both the privacy and open garden space that many other types of houses lack. They are usually described as family homes as they offer two or three storeys and multiple bedrooms as well as lots of outdoor space. 

Cons 

Larger living space and garden carries a cost as well as a lot of upkeep. Small spaces require less cleaning and decorating after all! 

Semi-Detached Houses 

Semi-detached houses are buildings that share a connecting wall with another property. 

Pros 

Semi-detached houses offer similar benefits to detached houses and usually have both gardens and a good amount of indoor space. 
While the connecting wall means these homes are less private, this often comes with a significant decrease in cost. 

Cons 

Less privacy than a detached house thanks to the adjoining wall. Halls adjoining may be a better option as most of the living space is on the opposite side to the neighbours. 
New house seekers may want to know something about their attached neighbours and how soundproofed the connecting wall is before making a permanent commitment. 

Terraced Houses 

Terraced houses are connected on both sides to other homes, unless it’s at the end of the terrace. 

Pros 

Terraced homes were initially created to provide family homes within an urban area where there is a lot less space than the countryside. 
They can be a good low cost option for a first home. 

Cons 

While many terraced houses have gardens, they can be on the smaller side. The connecting walls and slim build means a lack of privacy as garden spaces and windows are often overlooked. 

Bungalows 

Bungalows are detached homes built with one main ground floor. Most have a small attic at the roof level. 

Pros 

Bungalows are largely connected using open-plan spaces which makes for a sociable family area. 
They have open roof space for possible expansion, perfect for those who plan to renovate. 
They are particularly popular with the elderly or those who have difficulty using stairs as all the main rooms are on one floor. Many bungalows have large gardens, though not all. 

Cons 

The close proximity between bedrooms and the main living rooms may lead to a noisy home. 
Some may feel less safe sleeping on the ground floor. 

Cottages 

Cottages are typically small, old fashioned homes in rural areas with one or two floors. 

Pros 

Cottages have a lot of character, with features such as thatched roofs or exposed wooden beams and are in high demand due to their picturesque appearance. 
They are mostly found in a village setting and are perfect for those looking to move away from the hustle and bustle of the city. 

Cons 

As with many old buildings, they are often listed, making them both expensive and difficult to get planning permission to renovate. 
Character comes at a premium, with a high price per square foot of living space. 

Next steps 

Whatever your budget or location, there is bound to be a property type to suit you. It can really help narrow down your property search to know what kind of home you’d be happy – and not happy - to live in. But equally, keep open-minded as some houses might surprise you. Before committing to any purchase, speak first to a mortgage adviser to help understand your budget and prevent over stretching yourself. Good luck! 
Your home or property may be repossessed if you do not keep up repayments on your mortgage. The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK. Reeds Financial is a trading style of Reeds Financial Limited which is an appointed representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Reeds Financial Limited is registered in England and Wales no: 12656133. Registered address: Reeds Financial Limited, Innovation Centre Medway, Maidstone Road, Chatham, Kent, ME5 9FD. A fee of £499 is payable on application, for our service in relation to mortgage contracts. 
Tagged as: First Time Buyer, Homes
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