OK, let’s get this straight: Craftsman isn’t just the brand name of the tools out in the garage, and Cape Cod isn’t just a fabulous vacation spot. We understand your confusion and feel your pain. There’s so much architecture lingo and name-dropping in listings, how’s a layman supposed to know what’s what? Oh look, realtor.com® to the rescue! Again! In the first of our Learning the Lingo series, we’ve compiled a guide to the most popular architecture styles to help you identify what you want in your house hunt.

Cape Cod

OK, it’s no spoiler that these homes are named after the quintessential New England vacation destination—Cape Cod in Massachusetts—where they first became prevalent. Much like the Puritans of old, Cape Cods are modest and economical. This makes sense, since Colonial settlers in the Northeast modeled their newly built homes after British cottages. These homes have steep roofs that reach the first floor (to quickly shed rain and snow) and second-story dormers (a window that projects vertically from a sloping roof). Fun fact: Original Capes used unfinished cedar shingles, which are ideal to weather the stormy and unforgiving East Coast winters.

Colonial

A Colonial is an OCD fever dream come true: It’s symmetrical and features an entry door in the middle of the front of the home with two windows on either side; there are five windows on the second floor, with one directly above the entry door. Colonials, which originally rose in popularity in the oh-so-uniform 1700s, are still common around the U.S. They’re usually built of wood or brick, which are perfectly suited to the simple, clean, and boxy style. If you see a hint of ancient Greece and Rome in the style, you aren’t wrong. Looking for distinctive flourishes? Keep looking.

Victorian

Did you spend hours with your dollhouse as a kid? Were your parents, teachers, and various health care providers worried? Then the detail-packed Victorian style will probably look familiar. Key features include a complicated, asymmetrical shape with wings and bays in various directions; elaborate trim; shingles or patterned masonry; steep rooflines; and a large, wraparound porch. They are often painted in bright, complementary colors to highlight the painstaking details. Some people are put off by their aggressive whimsy, but plenty consider them perfect houses to grow old in and sip lemonade on the porch.

Tudor

Love yourself some neutrals or Jonathan Rhys Meyers? Then you’re probably drawn to Tudors, which are built of brick or stone on the first level and complementary stucco and timbering on the second—all of which is inspired by the medieval architecture of Tudor England in the early 16th century. These babies are made to withstand the elements, with deeply pitched roofs and detailed, covered entryways, which is why you’ll see more of them in the chilly northeast.

Ranch

Blame (or credit, depending on how you feel about this style) the rise of the automobile, not cowboys, for ranch houses. Cars made it possible for families to buy large lots of land outside traditional metropolitan centers—aka “the suburbs”—so people built spread-out ranch houses to take advantage of these new spaces. These homes are one story and often have an L- or U-shaped floor plan surrounding a patio, sliding glass doors, and a carport or garage. Quite possibly the best-known symbol of American housing, the ranch can conjure up images both good and evil, but no doubt you will see lots of them.

Bungalow

These adorable one-story homes are characterized by their low pitched roof and large front porch. Also called Craftsmans, they rose in popularity in the early 1900s during the arts and crafts period and were revered for their—you guessed it—handcrafted details: hand-cut wood, iron and copper work, and masonry. Bungalows hit their peak during this time and became so popular in the early part of the past century, that you could order a complete kit from Sears.

Spanish

You find a lot of these homes in the South or Southwest (Hollywood is full of them). One reason for their popularity: They’re built from the ground up to take the heat. Clay tile roofs keep the home cool during the hot summer months and extend beyond the walls to provide extra shade, while extensive outdoor living areas, columns, and arched windows and openings take advantage of the breeze.

Mid-Century Modern

If you squint just enough, Mid-Century Modern homes (sometimes just called “modern,” though the century in question is the 20th) can look a bit like your grade-schooler’s art project. Full of sharp angles and void of ornamentation, these contemporary homes offer flat or shallow-pitched roofs and loads of glass. They often incorporate the surrounding outdoor space via decks and balconies. While they started sprouting up in the 1950s, the timeless aesthetic has turned these sleek, stripped-down houses into classics.

French Country

Is that a Nicholas Sparks movie we feel coming on? No, it’s just the French Country style that’s inspired by the rustic manors that dotted the fields of northern and southern France during the reign of Louis XIV in the mid-1600s. The Revival style popped up in the 1920s and 1960s. The homes have a square, symmetrical shape with windows (often double windows and/or balconies) balanced on either side of the entrance and a steep hipped roof. They are most often made of stone, stucco, and brick.

 

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Feel like you’re priced out of the housing market? You’re in good company.

Rising mortgage rates mean that millions of homebuyers have been shut out of the market. That, coupled with home prices that are currently up 17% compared with last year, means many buyers are simply giving up on their dream of owning a home right now. But what if you don’t want to?

Many buyers are now considering another option for homeownership: condominiums.

These privately owned units within a larger complex actually proved more affordable than single-family homes in 72.5% of U.S. counties in 2021, according to Realtor.com®.

So if the thought of owning a condo has piqued your interest, read on for a look at the realities of buying and living in this type of home.

Buying a condo vs. a single-family home

The process of buying a condo differs from that of a single-family home in a few key ways.

One meaningful difference is that many condominium homes cannot be purchased using government-backed loans such as Federal Housing Administration loans or Veterans Affairs loans. In order for a condo to be purchased with an FHA loan, it must be on the FHA’s list of approved condominium projects. And the same goes for condos purchased with VA loans; the condo must be approved by the VA in order for the borrower to purchase the unit.

A condo purchase also typically entails getting a higher mortgage rate than a single-family home purchase. Why? Mortgage lenders see condo purchases as riskier than single-family home purchases. On average, expect to pay an additional 0.75% on a condo loan.

Mortgages for condos “can be more complicated due to the nature of the shared building,” says Lauren McKinney, a real estate agent with Beverly-Hanks & Associates in Asheville, NC. “There are implications for lenders, so not all condos will qualify for loans. Plus, there will be a homeowners association and monthly HOA fee to work into your budget.”

Buy a condo if you like the idea of community living

The biggest difference between a condo and a detached single-family home is the inherent group setting. There are implications for everything from your lifestyle to your yearly home maintenance chores.

“The advantages of buying a condo instead of a single-family home include lower maintenance costs, since the condo association is responsible for things like landscaping and snow removal,” says Tom Kelly, chief technology officer for retirement planning website LifePart2.

“You also won’t need to worry about things like painting the exterior or repairing the roof,” adds Kelly. “Plus, condos often come with more amenities than single-family homes, like swimming pools, fitness centers, and clubhouses.”

To get a sense of whether you’ll connect with other members of the community, Deb Tomaro, the broker-owner of Deb Tomaro Real Estate in Bloomington, IN, suggests hopping online.

“See if the association has any social media pages,” Tomaro says. “Often, you’ll find community discussions or board meeting minutes that will give you a real sense of what’s going on.”

Buy a condo if you’re young or retired

Condos are especially attractive for people at certain stages of their lives. If you’re young or retired, you might not like the idea of having to deal with yard maintenance or exterior upkeep.

“Single-family homes require more maintenance,” says Shaun Martin, a real estate and land developer at We Buy Houses based in Denver. He says that condo owners can enjoy the comforts of having their own home, without the hassles that come along with a detached house.

A condo is also a great option for young people or retired folks who live on their own.

“Apart from feeling safer, living in a condo also reduces the feeling of being so alone in a huge space,” Martin says.

Don’t buy a condo if you haven’t fully vetted the HOA

When you’re investing in a condo, you’re also investing in the homeowners association behind it.

“You really need to do due diligence on the HOA and the financial well-being of the neighborhood you’re buying into,” says Bill Gassett, the founder of Maximum Real Estate Exposure, and a real estate agent at Re/Max in Hopkinton, MA. “You need to understand the rules and regulations. Are there deal breakers on pets or gardens? The financial strength of the community should also be a key consideration.”

Contact the community’s property management company and ask to see financial statements like the balance sheet, the income and expense statement, and the cash flow statement. Make sure there is enough money in the reserve fund to take care of capital improvements.

Plus, inquire about any potential projects the HOA has in the works and consider how they may affect your life. The board might ask all HOA members for a financial contribution to the project.

Don’t buy a condo if you want to leverage your investment

Historically, single-family homes appreciate faster than condos.

“A single-family will always be worth more because you own the land,” says Zev Freidus, a real estate agent with ZFC Real Estate in Boca Raton, FL. “You should consider the ratio of land cost to structure cost. Structure depreciates, while the land appreciates. Real estate is considered a safe and good investment, but the more your purchase price is attributed to land value, the better.”

 

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AColonial home is an architectural style that can be found in neighborhoods all across the United States. From California to the Carolinas, different iterations of these homes still capture the eye of buyers with an appreciation for classic, historic American architecture. But how do you know you’re looking at the real thing?

Let’s take a look at the characteristics of a Colonial house, how to distinguish one type of Colonial house from another, and what makes Colonial houses so popular today.

What is a Colonial home?

If you have a hankering for traditional Americana, a Colonial home might be perfect for you, says Justin M. Riordan, founder of Spade and Archer Design Agency of Portland, OR, and Seattle.

Evolved from the simple log cabin, these homes rose up in the days of the 13 original American colonies (hence the name) because they were “simple to build, efficient to use, and easy on the eyes,” Riordan says. “The style was heavily favored by early colonists and often made of wood, a resource that was readily available.”

Colonial houses are perhaps best known for their symmetry.

They “usually have a door right smack in the center first floor of the facade, with the same number of windows on the left side as the right,” Riordan explains. “They tend to have two or two and a half stories, but I have seen one-story Colonials, although these tend to be ranch houses with Colonial facades.”

Of course, not every single Colonial house looks the same. Builders across the U.S. have taken the basic Colonial blueprint and applied regional twists to them—variations that make the architecture appropriate for the different climates around the country. These “subsets” of the Colonial, as Riordan calls them, have the basic symmetry, along with other characteristics that set them apart from their “cousins.”

Georgian Colonial home

The Georgian Colonial home style is one the colonists brought over from England during the reigns of—who else—King George II and King George III. Drawing from both the Italian Renaissance and the classical architecture of ancient Greece and Rome, the style was used extensively in the original 13 colonies in the U.S., says Ann Cohen, a real estate agent with Keller Williams Realty, in Boston.

“The English colonists that built them in the U.S. were mimicking the architecture of the aristocracy in their homeland,” she says.

Hallmarks of Georgian Colonial style include a box-shaped home made of brick with wood trim, wooden columns painted white or pale yellow (this is some of the Greek influence), one or two chimneys located on the side of the home, and five large windows across the first floor with multiple panes, and dormers. Typically two stories, the Georgian Colonial has the living and dining rooms on the first floor.

Dutch Colonial home

Dutch Colonials are one of the most popular subsets of Colonials, Riordan says. “The name is derived from Dutch colonists who settled in the southern parts of New York and New Jersey.”

Setting a Dutch Colonial apart from other Colonial homes is the gambrel roof, which starts at the top of the second story at its peak, then ends at the bottom of the second story with its eaves.

“Supposedly the roofline was a tax evasion scheme so they’d only have to pay taxes on a one-story home rather than a two-story home,” Riordan says.

Another benefit of the gambrel roof: “It makes the home appear less massive, almost as if the second story is an attic or an addition,” Riordan explains.

Other than the roofline, there are many stylistic similarities to a standard Colonial, including the symmetrical windows and centered front door.

French Colonial home

Typically found in Louisiana and along the Mississippi River Valley, French colonial houses are perfect for hot climates because the shape of the roof keeps the house cool, says Cohen.

Unlike its Dutch cousin, French Colonial architecture is characterized by double-pitched hipped roofs, Cohen says. A hipped roof is one that slopes back from all four sides, while the “double pitch” means that two of the slopes meet at a central line, extending from one end to the other to cover an entire structure. The roof’s extension past the house helps keep French Colonials cooler in hot climates.

French Colonial houses also tend to have large porches that surround the home, with thick cedar log posts set into the ground, dormers, and shutters that complete the look.

Southern Colonial home

Louisiana may have its French Colonials, but Virginia, Maryland, and the Carolinas are known for their Southern Colonial architecture. These homes are characterized by a deep porch, Cohen says, as well as louvered shutters, large chimneys, gable ends of the houses, large outdoor living spaces, and maybe a garden.

The large porches were part of the builders’ solution to the heat, allowing residents open-air spaces where they could gather outside the home.

Spanish Colonial home

Spanish Colonial houses are often seen in areas colonized and settled by—you guessed it—the Spanish, Cohen says. Older versions of this type of home are typically spotted in Florida, where they’re often built using an oyster shell aggregate that’s whitewashed with a lime mortar. But you’ll also spot Spanish Colonials on the other side of the country.

“California adapted a simpler version of the Spanish Colonial style using adobe materials and elements,” Cohen notes. This Spanish Colonial revival was most popular from 1915 to 1931 in California cities such as San Diego, Santa Barbara, Sonoma, and Los Angeles.

 

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First comes love, then comes … a mortgage?! That’s right: Many couples are buying a home together before tying the knot. In fact, 1 in 4 homeowners said they purchased a home with their significant other before marriage, according to a 2016 survey by TD Bank. And that’s presuming they end up tying the knot after all; many continue cohabiting without ever heading down the aisle.

But getting a home loan as an unmarried couple presents some unique financial challenges. For starters, you need to consider the possibility—slim though it might seem—that you might break up one day. Yes, these things happen.

“You need to look at the worst-case scenario,” says Ray Rodriguez, a New York sales manager at TD Bank. “It’s not a pleasant conversation, but you need to have it.”

After all, purchasing a home together is ultimately a business decision. You, as an individual, need to take steps to protect your investment. So, before buying a home with your significant other, make sure not to make these common mistakes.

Mistake No. 1: Not discussing your credit history

Even if you’re applying for a loan together, you’re going to be assessed by the mortgage lender as individuals. Married couples are sized up individually, too, but since they’re hitched, they’ve likely had some in-depth money talks already. Unmarried couples may have put off this topic, but it’s time to ask each other some tough questions—starting with your credit score.

Your credit score, of course, is primarily a measure of how well you’ve paid off past debts; you can get a free estimate of this number at Credit Karma. Even if your credit score is sterling, if your partner’s is subpar, you as a couple could be seen as a lending liability.

“We use the lower score of the two individuals when qualifying the couple for a loan,” says Rodriguez. And if someone’s score isn’t up to par, “this could mean you’ll be required to make a higher down payment, or you get a worse interest rate, or you won’t even qualify for a loan at all.”

One potential solution is to have only the person with better credit apply for the loan. However, in doing so, you’ll have to forfeit including your partner’s salary in your assets, which might weaken your application.

“Most times you need both incomes to qualify for the mortgage,” says Keith Gumbinger, vice president at HSH.com, a mortgage information website.

The good news is, the sooner you know your partner’s credit history, the sooner you’ll get to fixing any issues before they throw a wrench in your home-buying plans.

Mistake No. 2: Planning who pays what with a hug and a kiss

Sorry, romantics: You can’t just assume you and your significant other are just automatically in sync about who pays what, and this is particularly true if you’re unwed and lack the legal protections marriage provides. So you’ll want to draw up a legally binding contract (with help from a real estate lawyer) that spells out the following parameters:

• What each person contributes to the down payment
• How much equity each person has
• What each party will pay, including the mortgage, taxes, utilities, and maintenance

Don’t assume you have to go 50-50. “Many couples do 70-30 or even 80-20,” says Gumbinger.

Most important, the agreement should include a provision as to what happens in the event that you two break up, says Debra Neiman, a certified financial planner and co-author of “Money Without Matrimony: An Unmarried Couple’s Guide to Financial Security.”

For example, which party has the right to buy the other one out? And if that buyout happens, how many appraisals would you need to determine the property’s fair market value? Spelling these things out now will help you avoid disagreements later.

Mistake No. 3: Not considering your title options

Sure, you may live in this home together, but there are actually three ways that couples can “own” a property. Here’s how to tell them apart and decide which way is right for you.

• Sole owner: The only time you’d want to put just one person on the title is if that person will retain 100% equity of the property—which might make sense if that person is exclusively shouldering the mortgage and other costs with owning the home.
• Joint tenants: If one person dies, the other automatically inherits the other’s stake and owns the entire property. This “makes sense if you’re going in 50-50,” says Gumbinger. Many married couples opt for joint tenancy.
• Tenants in common: This stipulates that if one person dies, ownership will not automatically transfer to the other homeowner unless that person is named in the will. Instead, the deceased owner’s heirs will inherit those shares. This can be a good choice if one or both partners have kids or family from a previous marriage to whom they want to pass on the property if they die.

Mistake No. 4: Making house payments separately

While married home buyers often join bank accounts, many unmarried couples are hesitant to commingle their finances. That’s a valid concern, but if you’re paying a mortgage and other home expenses together, having a joint account—into which you both contribute money from your separate accounts—can help streamline your house payments immensely.

After all, you can’t write two separate checks for your monthly mortgage, so having one account just makes sense (and setting up automatic payments ensures they’ll get paid).

 

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