What Type of Home Should I Buy, Part 2?

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What Type of Home Should I Buy?, Part 2:

On the down side, older homes may not have the coolest floor plans. The kitchens and bathrooms may be outdated in these homes. Finally, unlike newer homes that are usually maintenance-free, you may incur repair bills after buying older homes. Again, the newer homes have downsides too, including possible poor workmanship, poor location on the fringes of suburbia, unsettled neighborhoods and cookie-cutter appearances (lack of charm).

Your real estate professional will help you make the best decision. Both older and newer homes have advantages and disadvantages, but both can be excellent investments.

Should I buy a single-family home, condo or town home?

The answer to this question depends greatly on your lifestyle, but each type of home has different investment potential. If you have a growing family, you will avoid a condo. Likewise, if your family is small, you have few or no children, or your children are grown up, you may not need the space of single-family home. A condo may offer you more convenience.

An important consideration is the largest percentage of buyers end up buying single-family homes. In other words, most families have children and a lot of “stuff” to store, so they want single-family homes. Therefore, single-family homes are often easiest to resell and have higher price appreciation potential. Town homes and condominiums also can be excellent investments. Just make sure you buy one in an area that is likely to see price appreciation. Your real estate agent can show you data of what types of homes recently sold in different areas, as well as what type of homes are seeing higher price appreciation. Remember, your home purchase should be an investment decision!

What Type of Home Should I Buy?, Part 1
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