It's a tough call between choosing a condo, townhouse, or single-family home when it comes to first-time buyers. When deciding between each potential home market, the type of house you purchase will also impact your down payment plans. Managing lifestyles and budgets contribute to the buyer's pros and cons. Here are the key questions to ask when deciding which type of home, you should purchase.
Does the area suit your lifestyle?
Newlywed couples and young professionals are one of the foremost potential first-time buyers. Young professionals are looking for a place to live that is fulfilling on several levels. The Generation of young Millennials don’t plan on having children anytime soon therefore no need for extra bedrooms or even a yard. Condos tend to be a good fit for young professionals, because they are usually walking distance to coffee shops, restaurants, train stations, and shops; meeting their Millennial standards.
On the other hand, Newlywed couples mostly hope to find a bigger size home because they are welcoming a new baby to the family. Expanding or building a family requires having a nice backyard for future children to enjoy, making a house a better option than a condo.
On the contrary, owning a house can be costly, staying in a townhouse would be more suitable where the Homeowners associations hire contractors to take care of the maintenance.
Are association fees worth it?
Have you heard of Homeowner’s association (HOA)? It’s an organization for the residents that makes and enforces rules that require owner’s to pay dues. You should understand how HOA works before signing the contract.
Condo or townhouse owners bear the rules that some people find too restrictive; however, maintenance and repairs are covered by the HOA. Which takes out the hard work for owners not wanting the responsibility of sustaining the maintenance work.
House owners handle all the home repairs. If renovations need to be made, you are left to hire the right contractor and pay the bill. If you need to renovate the kitchen, for instance, it’s up to you to look for the right contractor and pay the bill. All the maintenance and renovations in the long run can add up to a fairly large amount of money.
So, what do you think?
In the end, I believe it really comes down to personal preference. Once you have your down payment saved up, you will be ready to go and know exactly what you’re looking for. Owning a home is the best thing that can happen. What is the right choice, for you?
Additionally, why not learn all about mortgage loans for first time buyers while saving for your house? If you want a full team of experts, we’re happy to help you make the best decision.
Please don’t hesitate to reach out to us for more details: 770-552-1000. We look forward to hearing from you!
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