So you’re ready to buy your first home. Great! Now it’s time to figure out what kind of house is best for you.
1. Single Family Homes
Single family homes are what the American dream is made of. You can imagine the picture perfect scene: a family of 5, their 3 dogs, all sitting on the front porch watching the world go by through their white picket fence. These homes are independently built, and many times will feature a yard, driveway, and other desirable amenities.
- You have control over your living space
- No upstairs or downstairs neighbors
- Total freedom
- More expensive than other types of homes
- Require more maintenance and upkeep
Condos are great options for those jumping into home ownership for the first time. They are usually less expensive than single family homes, and are popular in urban environments. Owning a condo typically does not require the same maintenance and upkeep work that owning a single family home entails – but this comes at a cost.
- Less expensive than a single family home
- Less maintenance
- Loss of personal freedom (HOA guidelines)
- Potential for noisy neighbors
- More complicated mortgage process
3. Town Homes
Town homes are a middle ground between condos and single family homes. These quaint, charming homes are typically built together in a neighborhood format. They offer the homey feel many are looking for, for less money than a single family home.
- More freedom than a condo
- Less maintenance than a single family home
- May include a small yard and garage
- HOA requirements
- Less freedom than a house
- Less privacy
4. Mobile Homes
Mobile homes are one of the cheapest home options available. These homes are built in a factory, and can be moved to any location. The perks of a mobile home are simple – they are affordable and easy to maintain. However, there is a lot to consider before purchasing a mobile home just to save money.
- Considered personal property rather than real property
- Value decreases quickly
- Stationed at a trailer park (you have a landlord)
5. Tiny Homes or RVs
These creative, minimalistic homes have grown in popularity in recent years. Tiny homes are perfect if you value simplicity, and want to reduce your negative impact on the environment. It’s hard not to fall in love with these creative spaces – everything is designed with purpose, and although these homes are small in size, they make up for it with big personality.
- Great for minimalist living
- Easy for travel and moving
- Not enough room to grow
- No room for hosting
- Complicated sewage/water hookups
For those who want to avoid purchasing their own home and don’t want to pay a landlord, co-ops are a popular option. In this system, residents do not own or rent the living space. Rather, they join a “cooperative” and pay their share of the direct cost for the space. There are many kinds of co-ops. They are popular options in expensive cities.
- No landlord
- Less responsibility than home ownership
- Can reduce costs
- You do not own the home
- Fees can be high
- Many restrictions (subletting, mortgages, etc.)
Everybody is different – the home that fits one family’s needs may not fit another. The important thing is finding that space that you can call home – whatever it may look like!
Looking to buy a new home? Use Home.LLC to reach 20% down, today!