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No matter where you are in your life, buying a home may be in your very near future. National statistics indicate that most people move between five to seven times during their lifetimes, which means you're likely to move at least once every 5-10 years.
Fortunately, there are a number of different types of homes that can meet your needs at any stage of life; from the simple condominium for newlyweds to the spacious townhouse fit for a family, you have a variety of styles and floorplans to choose from. However, the first step towards finding the best match for you is to understand what each different type of home offers.
The Condominium: Condos first became popular in the 1970s as more people wanted to live in urban areas without paying the high price of a home. Ilyce Glink, author of '100 Questions Every Home Buyer Should Ask' explains that when you buy a condo, you don't necessarily own the unit. You're actually investing in the common elements of the property that you share with the neighbors, and the airspace inside the walls, ceilings and flooring.
The Townhouse: Townhomes are also known as 'row houses' because they're grouped together with shared walls. Some townhomes require you to join a homeowner's association to cover the cost of common areas such s the parking lot, laundry room and fitness centers, but town homes are very similar in ownership status as a single-family home.
Single-Family Homes: The detached single-family home is one of the most popular types of homes for first time homebuyers, and available in a variety of sizes, styles and floorplans. These homes can be built as part of a miniature community, or stand alone on their own lot. Almost all single-family homes will have separate ownership and maintenance fees, which means you'll be wholly responsible for all expenses to keep your home safe, clean and secure.
Mobile Homes and Pre-Fabricated Homes: Mobile homes are designed to be moved whenever needed, so you never purchase the land that the home sits on. Mobile homes are fully equipped with basic home amenities and appliances, and can be an affordable alternative to purchasing a regular home.
Pre-fabricated homes are a step above mobile homes, and are typically designed with sturdier materials and better construction. They can still be moved from site to site, but are of a higher quality than the average mobile home. And, just like the mobile home, you would only be responsible for renting, not buying the land it sits on.
Understanding the key differences, benefits and drawbacks of different types of homes can get you started on your search and help you make the best decision on your new home purchase.
Forecasting your future for the next three to five years can also help you narrow down your choices; if you have a large family and want to stay in a particular neighborhood, a single family home or townhouse may be the best fit for you. If you're young and single and not sure where you want to live in the next 5-10 years, a condominium may be a better investment as a first time home buyer.
