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One of the most expensive purchases you will make is buying a home. Therefore, making the right choice when buying your first home is essential.
You will have to plan and prepare since this is where you may spend the next several decades. So if you are looking for ideas on what your next home should be, here are the top five housing options for first-time homebuyers.
Here are the types of houses by their design structure:
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Townhouse
A townhouse is a home with at least two floors but shares a wall with another house. This single-family home can also share two walls with other adjacent townhomes. A townhouse will be less expensive than a detached single-family home if you’re looking for a residence that won’t break the bank.
One advantage of buying this type of home is that you can share amenities with other people in the area. People who love socializing will enjoy sharing the gym, covered parking area, and swimming pool, among others, at a lower price than paying individually.
On the downside, townhouses have some limits. For instance, you might lack a parking space when everyone is at home. Second, this type of home might not suit you if you prefer privacy.
Single-Family Home
When thinking about a perfect home, the first thought that comes to mind is a home that is separate from other structures and has a fenced compound. For those who value their solitude and desire complete control over their courtyard, this kind of house is ideal.
The good thing with single-family homes is that there is no sharing of utilities or abiding by the rules of the homeowner’s association. So you can do whatever you want with your home or land. Just don’t go overboard.
Condo (Co-op)
A ‘cooperative or condominium housing is another top option for first-time home buyers. If you opt for a condo, you buy one unit within other units. On the other hand, a co-op is where you buy shares in a cooperative that owns a community or building. For this option, you do not buy a specific unit.
One advantage of buying a condo is that they are more affordable than single-family homes. However, you will have to pay the homeowners association fees (HOA) and abide by their rules and regulations. Moreover, there is limited privacy for condos and co-op homes.
Selling a co-op condo is also more challenging for the same reasons. So choosing the right option is all the more important.
Modular Home
A modular home is built in a factory- setting and then transported to a permanent residence where the builder assembles it. There are various types of modular homes. A two-story modular home will suit you if you have a small family. This is because the home is built on a very small piece of land and is cost-effective. The other types of modular homes include luxury, colonial, ranch, chalet, and cabin. However, most of them are luxury homes making them unsuitable for first-time home buyers.
Multi-Family Home
A multi-family home is a single housing section designed to house more than one family. You can purchase the whole unit and live in one section while renting the other. This can be an additional source of income. On the other hand, you can invite your extended family to stay with you in your big multi-family home.
The Takeaway
Getting the right home takes a lot of time and consideration. Always visit the site or house to assess it before settling on a purchase. These five types of homes are some of the most highly sought after. Lastly, read all the contract terms and agreements before buying any home to know what you are signing for.
