This choice is sometimes the most difficult. Which property type do you want? A single-family residence, a town home, condo, duplex?
Of these, a single-family residence tends to offer the most privacy and autonomy, but may be the more expensive option of all property types. It does offer the more traditional home ownership lifestyle and autonomy and tends to be the property type that enjoys the fastest rate of value appreciation.
A town home or Condo typically has less yard space and therefore may require maintenance than a single family home. You may have access to enjoy common areas such as swimming pools and play areas. There is also the fact that you may be sharing walls with neighbors and giving up some of your privacy. There is also the added cost of the Homeowners Association to consider. Again, that may not be a deal killer for you since you would most likely incur similar costs if you were to hire a gardener and maintenance people for a single family home.
Duplexes and multifamily units may be an effective way for you to be able to afford to buy more home by the property being able to generate cash flow for you. Maybe you are looking to dive into investment properties and this can be a good fit for you.
USE A CHECKLIST
Chances are you are going to be looking at several different homes before you find the right one. It’s amazing how quickly the memory fades or gets convoluted. Help yourself out by writing down the property address, asking price, and a general description of the home when you first walk in. a rough floor plan will help you recall the layout as well while you compare the different property types. There are rules and regulations that limit your ability to take pictures of the home while you are there, mainly to protect the owner’s privacy, so be sure to get your Realtors permission before you start clicking away.
CHECK THE STORAGE SPACE OUT
Good storage space can make a big impact on how your home looks and feels once you are living there. Does the home have a storage shed for your bikes, outdoor equipment and such? Don’t be afraid to take a look inside the cabinets and closets while there. If they are packed pretty tight, chances are that you may not have enough space either.
DON’T FALL FOR THE DÉCOR
Unless the owner plans on selling you the whole enchilada, remember it may look great now, but you’re going to have to fill it yourself and there may be a hefty price tag associated with that plan.
REPAIRS/UPGRADES
Does the home have the lighting or creature comfort features that you want? If you find yourself repeatedly saying things like “we can replace that” or “that can be easily upgraded, no problem”, that’s a telltale sign that you may be getting in over your head in costs and work.
RUN SOME COUNTER INTELLIGENCE
It may be a good…no, actually…a great idea to do a little snooping around the neighborhood. After all, it is a good idea to know what you are getting into, right? Walk the neighborhood a little bit and see how it fits. Do a little bit of online research for local crime stats and offender registries. Also, drive the neighborhood at different times of the day to see what the lifestyle is like.
Choosing the right home can certainly be a challenge, no doubt. By putting in a little bit of effort, you can be sure to find the right home that fits your needs and lead to many years of great memories with your friends and family. Good luck and all the best!
