Envisioning Your First Home

When thinking about your first home, there are many different dreams for different people. Some buyers want to set down roots with a family home with 4 rooms and 2.5 baths, some buyers want ocean front property in a tropical climate, and some buyers would like a condominium (or 2) to have freedom to jet set from city to city. Narrowing down the type of home you would like to buy would be the first thing in choosing your home type.

Single Family homes: Single family homes are the typical home on the block set up. The homes are detached and vary in the amount of rooms and bathrooms. Most single family homes are located in suburban neighborhoods with front and back yards and separate utility options.

Condominiums: Condominiums, or condos, are much like apartment buildings, but are usually owned instead of rented. Condos are popular with those who don't need much space, or single and couples without children. Condominiums tend to offer many options as far as amenities and developments are always becoming better as far as amenities, floor plans, and perks to compete for buyers.

Town homes: Townhouses are the perfect marriage between condominiums and single family houses. Town homes may be in residential neighborhoods or near city hot-spots. Town homes are attached to one another, yet have different floors and the same setup at single family homes. Town homes attract many buyers, especially those who are looking to stay near city areas but want comfort as well.

In choosing the type of home that you would like to purchase, be aware of what you need and what is realistic for your lifestyle. If you are a couple looking to expand your family a condo in the center of downtown may not be your best option. If you are looking for a lower maintenance home and travel for work often, the responsibility of a 5 bedroom single family home may not be in the best interest of your lifestyle. The best way to go about deciding is looking at a)how long you want to stay in your home b) what type of space you need (not necessarily want) to be comfortable c) will you be willing to live with the maintenance of your housing choice. Remember, buying a home does not stop after the day you close, nor does it end the day you finish paying mortgage. Property will always need to be cared for and have money placed into it for preservation. Good luck in your decision and make a smart choice!