Are you among the thousands of people planning to buy your first home? National statistics indicate that most people move between five to seven times during their lifetimes, which means you’re likely to move at least once every 5-10 years.
There are different types of homes that will suit your needs at whatever stage of life you are in; from condos for newlyweds to townhouse for families, with a wide variety of styles and floorplans to choose from. One of the first things about home buying is what the different types of homes for sale are.
The Condominium: Condos first became popular in the 1970s as more people wanted to live in urban areas without paying the high price of a home. Ilyce Glink, author of ’100 Questions Every Home Buyer Should Ask’ explains that when you buy a condo, you don’t necessarily own the unit. You’re actually investing in the common elements of the real estate property that you share with the neighbors, and the airspace inside the walls, ceilings and flooring.
The Townhouse: Townhomes are also known as ‘row houses’ because they’re grouped together with shared walls. The ownership status of townhomes is similar to that of a single-family home though there are some townhomes that may impose a homeowner’s association fee for the maintainance costs of common areas like the parking lot, fitness centers and laundry room.
Single-Family Homes: The detached single-family home is one of the most popular types of homes for first time homebuyers, and available in a variety of sizes, styles and floorplans. These homes can be built as part of a miniature community, or stand alone on their own lot. Since nearly all single-family homes have separate ownerships, it follows that the homeowner will be solely responsible for all expenses for maintenance, security and upkeep.
Mobile Homes and Pre-Fabricated Homes: Mobile homes are designed to be moved whenever needed, so you never purchase the land that the home sits on. Buying a mobile home cost less that a regular home and have complete basic home amenities and appliances.
Pre-fabricated homes are a step above mobile homes, and are typically designed with sturdier materials and better construction. The quality of pre-fabricated homes is higher than the average mobile home and these can still be moved from site to site. Similar to mobile homes, pre-fabricated homes allows you to rent the property you will occupy instead of purchasing it.
When you know what the different types of homes for sale are, it will be easier for you to decide which to buy.
Forecasting your future for the next three to five years can also help you narrow down your choices; if you have a large family and want to stay in a particular neighborhood, a single family home or townhouse may be the best fit for you. If you’re young and single and not sure where you want to live in the next 5-10 years, a condominium may be a better investment as a first time homebuyer.
If you are a new homebuyer looking for houses for sale in Minnesota , using the internet is one of the fastest ways to find what you are looking for. The MN MLS allows you to search by price and location, throughout the state.
