Determining what type of housing is right for you can prove to be a difficult task. Because you cannot always control or predict when a job promotion, out-of-state move, marriage, birth of a child, etc. will occur, it is important to choose what fits your needs and budget in the present moment and factor in what could happen in the next 5-10 years.
Types of housing include single-family detached homes, condominiums, duplexes and townhomes. Consider the following when looking at the advantages and disadvantages of each:
- Privacy & Responsibility – Is it important to you to have complete privacy and control over decision-making or are you willing to share amenities and decisions with neighbors?
- Maintenance – Are you someone who enjoys yard work and routine home maintenance or would you rather have someone on hand to take care of these tasks?
- Budget – How much do you have to spend?
- Family Size – Are you okay with living in tight quarters or do you need space to move about freely? Are you hoping to start a family in the near future or are you empty-nesters?
Condos are individual units in a multi-unit structure. Residents have joint ownership of common areas, such as yard, hallways, stairways, etc.
A townhouse is classified as a unit having 2 or more floors and attached to multiple similar units, sharing at least one common wall.
Buying a home is a big decision! For more information on what is right for you as a homebuyer, check out our Mortgage 101 Handbook.