What Property Type Fits Your Needs Lifestyle and Budget as a Home Buyer
Decide what property type fits your needs, lifestyle, and budget using this helpful real estate home buyer guide.
Determining what property type fits your needs, lifestyle and budget is an important step when buying a home. Condos, single-family detached houses, and townhomes all offers their advantages and disadvantages for individuals looking to purchase a new home in North Carolina. As we discussed in our Buyer’s Guide article that outlines the pros and cons associated with HOAs, what looks like a benefit to one home buyer may be a deal-breaker to another. With that in mind, let’s review different property types and how to find the perfect home for you and your family.
Review of Property Types for Home Buyers
First-time home buyers may be unfamiliar with different property types. A single-family detached home is, in the simplest terms, a single house on its parcel of land. A condominium (condo) can reflect a number of different types of spaces in various buildings. Condominiums can come in the form or a loft in a warehouse or a unit in a high-rise building. What they all have in common is that you own the interior of your unit and pay dues to cover insurance, utilities, and upkeep of communal property, which can include the roof, building exterior, walkways, etc.
Townhomes are much like condos because property owners own the interior of the townhouse, which is often referred to as “studs in.” Owners also pay dues to a homeowners association that help to cover insurance, repairs, utilities and upkeep of common areas. Instead of a large building consisting of any number of units, townhomes can be as simple as a duplex with two homes sharing a common wall.
Start with a Review of Your Home Buying Checklist
So, how do you decide what property type fits your needs, lifestyle, and budget? One place to start is your home buying checklist. Your real estate agent will also be a valuable resource when weighing the pros and cons of the various property types. Keep in mind; there is no one-size-fits-all solution. Instead, it will be a personal choice that varies from one individual to the next.
The home buyer’s checklist takes into consideration factors like size of the home, preferred school districts or neighborhoods, home features, age and condition of the home, the size of the home and commute times. It also asks buyers to consider whether they want to live in a neighborhood or community with a homeowner’s association. If the answer is a resounding “no,” then townhomes and condos can be crossed off your search plans.
Property Types and Lifestyle of Home Buyer
Buyers should also reflect on the lifestyle they want to enjoy before purchasing their next home. For example, how much privacy would you like with your new home? Single-family houses offer the most privacy while townhomes and condos tend to include more communal living.
Do you enjoy DIY projects that include property maintenance and landscaping? If you have no interest in either, then buying a townhouse in North Carolina or a condo is the smart move. Condominiums or townhomes in HOA communities also offer many amenities, including pools, tennis courts and fitness centers, which may tip the scales for some home buyers.
Home Buyer Budget and Property Type Purchase
How much can you afford to pay for your new home? How much is your mortgage pre-approval amount? In the end, your budget may determine the type of property you can afford to buy. Homeowners may also need to sacrifice their top choice for property type to buy a home in their preferred school district or neighborhood.
An experienced agent will help you determine what property type fits your needs, lifestyle, and budget as a home buyer. Your North Carolina real estate agent will also be your best ally when trying to buy a particular property type which meets most of you wants and needs on your home buying checklist. Ready to start looking for your new home in Raleigh, Durham or Chapel Hill? Contact us today to experience a smarter, more successful way to buy your dream home.