If you’re in the market for a new living space, you might consider buying a patio home. Patio homes can be an attractive and valuable real estate investment, but they’re not always perfect choices. What exactly are these pieces of real estate? And should you buy one?
What Is a Patio Home?
Patio homes are typically single-family homes that feature a small yard. The building structures tend to be close to each other, occupying a shared overall lot. In some ways, they’re similar to townhomes, but patio homes are almost always on a single level.
Buying and occupying a patio home is very similar to a traditional home, and you can find patio homes almost anywhere throughout the country, with varying levels of popularity. Patio homes in Scottsdale, for example, are exceedingly common.
Pros of Buying a Patio Home
So what are the advantages of buying a patio home?
1. Lower costs. Though not universally true, most patio homes are less expensive than traditional homes. They tend to be smaller and simpler, so it’s only natural that the purchase price is lower. If you’re a young person looking to buy their first piece of real estate, or if you don’t have much extra money to spare, a patio home could be a great way to break into the market and own your own place – without completely jeopardizing the rest of your budget.
2. Social opportunities. Patio homes are also popular because they offer amazing social opportunities. Your home will be your own home, and completely in your control, but the local area will be shared by other residents. You’ll even share walls with some of them. If you’re interested in being friendly with your neighbors, meeting new people, networking, and enjoying block parties and other fun social events, this is an ideal place. You’ll be seeing your neighbors on a regular basis here.
3. Minimal maintenance. Patio homes tend to have an assortment of characteristics that make them low maintenance. They’re small, they’re simple, and they’re newer than many comparable homes, so there are fewer opportunities for things to break down. If you’re nervous about the possibility of emergency repair expenses, or if you’re not very handy around the house, a patio home could be perfect for you.
4. Additional amenities. This isn’t always true, but in many cases, patio homes and the surrounding areas offer a ton of additional amenities. Depending on where you live, you might have access to community resources like a pool, a local park, or a gym. There may be additional fees to enjoy these resources, but if you’re interested in hanging out with more people and taking advantage of these amenities, they’re likely worth it.
5. Variation and flexibility. There isn’t a set standard for what a “patio home” should be in terms of size, location, or aesthetics. No matter what you’re looking for, or where you’re looking, you can likely find a patio home that serves your needs precisely. There’s a lot of variation and a lot of flexibility, so you can find exactly what you want. You may even be able to find a new construction patio home where everything is shiny and new.
Cons of Buying a Patio Home
There are also some disadvantages to buying a patio home:
6. HOA rules and fees. Most patio homes belong to a homeowner’s association (HOA), a private organization designed to help property owners in the area maximize and preserve the value of their properties. There are some advantages to this arrangement, but you’ll likely have to pay additional regular fees to be part of this group – and you’ll be responsible for adhering to their rules and regulations as well.
7. Privacy issues. Some people don’t like the idea of living in a patio home because of a perceived lack of privacy. They don’t like the idea of living so close to a neighbor, and they don’t want to share walls with other people. Socialization is a major aspect of patio home living, so if you prefer isolation, it may not be right for you.
8. Lack of size and space. Nearly all patio homes are intentionally designed to be small and affordable. But if you want more living space or a bigger yard, you might be disappointed in what patio homes can offer.
Is a patio home the right choice for you? That all depends on your personality, your housing needs, and your future goals. If you’re looking for some privacy, some extra space, and accommodations for your family? If so, a patio home may not be the right move. But if you want something small and affordable with lots of amenities and new friends to make, patio homes are a great choice.