If you look at today’s younger generations, especially Millennials, they are taking longer than ever before to get to certain “milestones” in their lives. This includes such things as getting married, having kids and buying homes. Since they are taking longer than previous generations, there is added pressure as we get older to get to “that next step.”
Purchasing a home can be a taunting task to anyone, regardless of their age, but as a 30-year old, single woman there’s an even greater pressure. Picking out the right type of housing was very important to one of our employees, Kim, since she wanted to feel comfortable with the monthly mortgage payment, but also wanted enough space for her and her three year old dog. What she ended up eventually buying was a two-bedroom townhouse.
"Buying a townhome was a good move as a first time homebuyer," she says. Rather than throwing away money every month towards rent, Kim can now gain equity in an investment and also get a helpful tax return this year. By choosing an attached home instead of a single family, it has allowed Kim to stay within the range of her mortgage goals and also kept her from the tasks of yard work, landscaping and repairs on the exterior of her home. She also has the flexibility of decorating however she wants and making it feel like her own, as well as being able to meet her neighbors in her community easily.
There are a couple things she gave up choosing a townhouse like a basement or sizable yard, but those are all things she will be looking for when she takes the next step up buying her next home in the future.