What type of home should you buy?

What type of home should you buy?

 

There are many different types of homes on the market, so how do you know which ones are right for you?

 

First, let’s look at what your options are.

 

Single Family Detached

This one is very popular. It means that the home is free standing on its own lot, not attached to another home. Because it has its own lot, this often means that you will have more privacy.

 

Semi-detached

This is basically the same as a single family home, however, it shares a common wall with another house. Because it shares this wall, it is often less expensive to buy and maintain, although you lose some aspects of privacy.

 

Duplex

Two units that either side by side in the same building, or above and below, in the case of an ‘up and down’ duplex. This is a great option for investment as many people tend to buy a duplex, live in one side and rent out the other.

 

Town House (also known as row houses)

Single family home that has one or more shared walls, but still includes an outside area that is dedicated to each unit individually.

 

Carriage Home (also known as link homes)

If you’ve ever seen a home that has an attached garage that opens at the front and back, linking the two yards together, you’ve seen a carriage home.  They tend to be on smaller lots and can be less expensive than a traditional, single family detached.

 

Manufactured Home (also known as mobile home)

This is a home completely built in a factory and transported to the piece of property you’ve chosen for it. It is then placed on a surface foundation.

 

Condominium

This is not a type of construction, but rather a legal term of ownership. Condos can be in anything from townhouse complexes to high-rise residential buildings. 

 

Now that you’ve seen what your options are, you need to consider what your plans are for the next five years. Ask yourself questions like:

-          Do I need to be close to work? Will I stay at this job for the next 5 years?

-          Do I plan to work from home?

-          Will I be making an addition to my family?

-          What can we afford now?

-          Will our income change in the next 2-5 years?

-          Is there a possibility of a parent moving in with us?

-          Will there be a child moving out?

-          Do I like to take care of a property or would I rather have it done for me?

-          Am I in a position to make an investment in real estate now? Do I want to?

-          Do I value my privacy highly or am I comfortable in a more communal environment?

-          Do I or will I host family gatherings?

-          How many parking spaces do I need? Do I need a garage?

 

Once you answer these questions your situation and future plans will be a lot clearer. For example, if you plan to have a family soon and you like to host family gatherings, condo living may not be the best choice for you. Also, if you live in a condo, you will often be limited to one parking space and you may have to pay for others.

 

Going into a meeting with your real estate agent with a clearer picture of the type of home you are looking for will really help ease the whole process of home buying. As always, if you have any questions, the EXIT Realty Matrix – Tessier Team is here to help!

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