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First Time Homebuyer's Guide To The Different Types Of Homes
March 21, 2010 by man
Filed under First Time Home Buyer Michigan
Are you among the thousands of people planning to buy your first home? Statistics show that a great number of people relocate at least 5 to 7 times in their lifetime which means that it is most likely that you will be moving in the next 5 to 10 years.
There are different types of homes that will suit your needs at whatever stage of life you are in; from condos for newlyweds to townhouse for families, with a wide variety of styles and floorplans to choose from. One of the first things about home buying is what the different types of homes for sale are.
The Condominium: Condominium living started getting popular during the 70's due to the increase housing demand in the urban areas and its lower acquisition cost. 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 real estate property that you share with the neighbors, and the airspace inside the walls, ceilings and flooring.
The Townhouse: Another term for townhomes is row houses because these kind of houses are 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 most popular type of homes for first time homebuyers are single detached homes. These single-family homes can be part of a small community or a stand alone in their own lot. Since nearly all single-family homes have separate ownerships, it follows that the homeowner will be solely responsible for all expenses for maintenance, security and upkeep.
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 usually are more well constructed and made with sturdier materials than mobile home. The quality of pre-fabricated homes is higher than the average mobile home and these can still be moved from site to site. Similar to mobile homes, pre-fabricated homes allows you to rent the property you will occupy instead of purchasing it.
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 which among the new homes for sale to 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 homebuyer.
Homebuyers looking for homes for sale in Minnesota can go on the internet and search for homes by price, location and neighborhood by using the Minnesota MLS listings to find properties throughout the State.
