The process to buy a home will take you through many twists and turns, everything from the start of the process when you get pre-approved for a mortgage until you sign for your closing documents on your new home. As you start out, there are several choices you can make in the type of home and its usage for your future. Here are some recommendations to help you find and choose the right property for your needs.
Evaluate Your Property Types
There are a lot of choices in a property, especially when you are looking to buy your own home. If your budget is large or small, you can find a home that you can call your own and make into your own haven. If you want a home that has its own private yard and space around the home where you have a private lot between you and your neighbor, a single-family home is a good option.
However, if you are looking to buy a home in a more urban area and want to own your own home but don't want a neighbor above you or below you, a townhome can be a good option. A townhome is a property where you own the lot and the interior, but you share at least one wall with a neighbor. A townhome is usually managed by an HOA (homeowners association) that will take care of the common areas and any amenities at the property, such as a swimming pool or fitness center. Be prepared to consider the HOA fees into your home buying budget as you will need to pay a monthly HOA fee to cover the management costs and arrangements.
You may also want to go more affordable with a mobile home or a manufactured home. These types of homes are pre-built off-site, then set up on your own property lot or at a rented space in a mobile home park. You can also install the home on a foundation to make it more permanent and to help you in your financing acquisition when buying the home.
Consider an Income Property
One of the many options you have with homeownership is in evaluating your potential with an income property. You can buy a home that has a basement apartment or income suite, which you can rent out for a good market price. This income will help you cover your mortgage payment and homeownership costs. You may also want to buy a duplex or triplex, which can provide you with additional income potential. With the housing market in many areas of the country seeing a large increase in home appreciation, property prices have increased considerably, which an income property can help you manage.
For more tips about residential property for sale, contact a local real estate agent.