You have decided that this year you will finally purchase your own home. You are tired of renting, paying someone else’s mortgage payments. You have been approved by your lender, and you are ready to look at potential houses. You may be surprised to find the many living options that you can purchase. You will want to consider all of these living opportunities, weighing each of the pros and cons to find which option is best for you.
Condominium Condos are becoming more popular and desired for many reasons. One of the biggest downfalls of condos in the past was that they were too similar to apartments. You shared a common entrance and exit, and you also shared walls with your neighbor. However, many condos today are designed as a stand alone. They are simply a part of community. A large percentage of homeowners prefer condos because things like lawn care and exterior maintenance are included in the community fees. They may also share a common building with perks like golf courses, community pools, and the ability to rent the common community house.
In addition to the many possible amenities that condos offer, you will find a great variability of types of condos available. If you prefer to live near a body of water, for example, you will find that a condo is likely more affordable than purchasing a water front house. A luxury condo may also be more affordable than luxury single family homes, because there are multiple units available. Condos may also be an option for those wishing to live in a larger city, where space is limited.
New construction homes New construction single family homes are also becoming more popular. Homeowners are finding that by adding a small amount to their housing budgets, they can purchase a home that is brand new and designed to fit their specific needs. One of the biggest perks of newly constructed single family homes is that you can specify the design of your house. You can make minor changes and have a say in the type of flooring, paint colors, and overall layout of the house. Newly constructed homes may also be a great option for growing families, who require additional bedrooms and guest space areas. Approximately 510,000 newly constructed homes were sold in 2015, according to the U.S. Census Bureau.
Duplexes Duplexes are similar to single family homes and condos. They are the perfect mix of both living situations. Duplex prices are often more affordable, because you are sharing walls and yard space. You may also share in the utilities of the co owner. Although duplexes are generally not considered to be luxury real estate, you can find duplexes in highly demanded areas. The biggest difference between a duplex and single family homes are the commonality of the backyard spacing.
Single family homes Single family homes remain the most common purchase. In fact, 5,250,000 existing homes were sold in 2015, according to data from the National Association of Realtors. Purchasing a single family home often involves house shopping for many weeks, sometimes months. You will have to find an already existing home that matches all of your housing needs. However, there will always be an abundance of homes on the market, making it fairly simple to find something that meets your real estate needs.
Home ownership is on the rise. In 2013, 65.2% of families owned their primary residence, according to the Federal Reserve’s Survey of Consumer Finances. More people are seeing the value in owning, rather than renting. There are many housing choices to purchase, including condos, duplexes, newly constructed homes, and single family homes. If you are planning on purchasing this year, you will find many housing options.