Determining what type of housing is right for you can prove to be a difficult task when you consider what you need now along with future contingencies including job promotions, budget fluctuations, out-of-state relocation, marriage, the birth of a child, costs of education and so on. It is very important both to choose the type of home which fits your needs and budget at the present time and to consider as best you can what could happen in the next five to ten years.
It’s important to choose a housing type that fits your needs and budget in the present moment and factor in what could happen in the next 5-10 years.
- Single-family, detached home: A stand-alone structure with space for a yard, a garage or both.
- Condominium: An individual unit in a multi-unit structure. Residents have joint ownership of common areas, such as yard, hallways, stairways, parking and so forth.
- Duplex: A multi-family home that has two units in the same building. The units usually share a common wall but have separate entrances.
- Townhome: A unit having 2 or more floors, attached to multiple similar units, sharing at least one common wall.
As you consider what type of home is right for you, think about the following:
- Privacy and responsibility
- Is it important for you to have complete privacy and control of decision-making regarding your home?
- Are you willing to share amenities and decision with neighbors?
- Home maintenance
- Do you enjoy yard work and have the means for routine home maintenance?
- Would you prefer for someone other than yourself to handle the landscaping and routine repairs?
- Budget
- How much can you afford for the cost of your home and for maintaining it?
- Remember: Homeowners and townhomes usually have homeowner association fees, so you must weigh the pros and cons of having less home maintenance or the additional costs of hiring others.
- Family size
- Does a smaller home meet your needs, or do you need plenty of space?
- Is your family growing, or are you planning to downsize?
For more information about home affordability or getting preapproved to purchase a home, contact one of our Compass Mortgage loan officers.
Are you looking for more information about buying your first home? Download our free Mortgage 101 handbook for everything you need to know about buying and financing a home.