Becoming a homeowner, particularly after spending years as a renter, can be an incredibly exciting development. But whether you’re purchasing property for the first time or you became a homeowner years ago, it’s important to make the right decision about the best type of property to fit your needs.
In many cases, it comes down to a few different choices: condos, townhouses, or single-family homes. If you’re not sure whether to look at new subdivisions, build on your own acreage, or opt for connected units, you might want to refer to this guide to help you narrow down your options.
First, let’s talk about condos. Condominiums are often a good choice for those who like the style of apartment living but who want to eschew renting for homeownership. Condos are often highly affordable, though they may be located in developments that are governed by a homeowners’ association (HOA). The upside of an HOA is that owners don’t have to take care of exterior maintenance on their own. However, you won’t have much freedom with the design of your condo and you’ll be located quite close to your neighbors. You’ll usually need to share amenities with others, which means you may not have the privacy, independence, or exclusivity you really want.
Townhouses have traditionally been designed to be attached to others in a row; most are quite narrow but feature multiple stories. Although some condos have also been designed in this fashion, townhouses are recognizable because they usually have some sort of land (in the front, back, or both) that comes with the home. With townhouses, the owner is also responsible for maintaining the home’s exterior. While townhouses may feel cramped compared to single-family homes, they can often be ideal for an individual or couple starting out. Many are located in a new subdivision and may also be governed by HOAs, but that’s not always the case.
For most people, the ultimate dream is to purchase a single-family home. While this might not always be an appropriate choice for a starter home, it’s often the end goal. Although there won’t really be any amenities included, the major selling point is that you’ll have total control over the design and even the land on which your home sits. A detached home can offer the privacy and freedom you desire — and with so many different styles to choose from, it’s easy to find (or build) what you envision.
Existing Builds Vs. New Houses
If you intend on purchasing a single-family home, it may be helpful to know whether you’re looking for new or existing builds. In 2017, 1.15 million conventional home builds were completed, so there are likely lots of new construction homes for sale in your area that will fit your needs. While existing homes may be a bit less expensive initially, they can also come with their fair share of problems (which can be very pricey to fix). What’s more, you won’t have as much of a say over where the home is located or how the home looks inside. If you’re under a time crunch or have your sights set on a historic home, it may be worth it to consider existing builds. But if you want to have more control over the outcome of your home, you may want to work with local home builders who are developing properties in new subdivisions. This will allow you to get everything you want without much compromise.
Now that you understand the main differences between the kinds of properties that are available to you, you’re in a better position to make the best decision for your needs. To learn more about our acreage homesites in new subdivisions and how they can provide the best of urban, suburban, and rural life, please contact us today.