A detached, single-family home with a large yard and white picket fence may sound appealing to some buyers, but for others, it isn’t necessarily the right option. In some cases, it may make more sense for a buyer to purchase a condo, townhome, or even a multi-unit property. As a first-time home buyer, you may be wondering what type of property is right for you. Below, we’ve discussed some of the different options and the potential benefits of each.
Residential Property Types for First-Time Home Buyers
When you’re buying a home, it’s important to look at the big picture. The type of property you buy should not only appeal to you because of the way it looks, but also because it fits with your lifestyle, budget, and long-term goals. In addition to detached, single-family homes, you may want to consider exploring other options like condos, townhouses, multi-family units, or even semi-detached properties.
Here’s a closer look at some of the different types of residential properties:
Single Family Detached Home
This is probably the first image that came to mind when you conjured up dreams of buying a home. Single-family detached homes are an attractive choice to many buyers because they typically offer plenty of space, privacy, and bigger yards. However, while a single-family detached home may be the most traditional choice, that doesn’t mean it’s the right option for everyone.
A semi-detached home is a home that shares a single wall with another unit. Owners of semi-detached homes enjoy a fair amount of privacy, their yard, and a lower purchase price than a traditional detached house.
Condos are a popular option among first-time home buyers because they make for great starter homes. They’re typically more affordable than single-family homes, and also offer buyers the opportunity to own property instead of renting. Condos are privately owned units that are attached to a single structure or located within a densely inhabited community.
Homes that fall into this category include duplexes, triplexes, and fourplexes. Multiple units are housed under one roof and are either stacked side-by-side or on top of each other. Buying a multi-family unit can be advantageous for many reasons. While you may not get quite as much privacy, you have the option of living in one unit and renting out the rest. Multi-dwelling units can be a great option for young couples just starting out or individuals who are looking to buy an investment property.
A townhouse is a single-family home that shares either one or two walls with neighboring homes. Usually, townhouses focus on maximizing the use of vertical space and have either two or more floors. Townhouses can be a great option for buyers who are looking for a more affordable property but would like some level of privacy and independence.
Start Exploring Your Options
The best way to determine what type of property is right for you is to start shopping around. The more properties you see, the better idea you’ll have of what exactly it is you’re looking for in a home. Call our office today to begin the prequalification process.