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Have a Great “Back-to-School” Transition
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How much home is right for you?
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On the surface this question is fairly straightforward, but dig a little deeper and you’ll find more questions. What is your current living situation? How long do you plan on staying in the house? Are you moving in by yourself or with someone else? If you are getting married, how long until you might need an extra room (or two)?As you consider the answers to these questions, take a look at this quick overview of the different types of homes on the market today.
Condo: Usually smaller and within a community, a condo gives owners an apartment-like living situation with many of the perks. The buyer owns only their unit and typically belongs to a condo association which is in charge of enforcing bylaws, maintenance, and taking care of any other problems.Townhome: A townhome is bigger than a condo, and typically comes with a small yard and garage. Usually more expensive than a condo, the buyer owns the unit, the surrounding front and/or backyard, and garage (if applicable). Like a condo, a homeowners association is in charge of enforcing bylaws, maintenance, and any other problems. Duplex, Triplex, Quadraplex: These multi-family housing terms simply define the number of units contained in one multi-family building. A duplex consists of two units per building; a triplex, three units per building; and a quadraplex, four units per building. While the duplex and triplex are generally built side-by-side in a row, the units in a quadraplex are generally constructed back-to-back or stacked in a two-story configuration.Single Family Home: A single family home is defined as an individual, freestanding, unattached dwelling unit. Most single family homes are built on lots larger than the home itself to allow for front yard and/or backyard areas.
Finding the right home for you and your family is a process. Whether you’re a first-time buyer or looking to move-up, knowing how much home you can afford is a great place to start. If you or someone you know have questions about how much home you can buy, give me a call!
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