Townhome, Condo or House: Finding What Is Right for You | Journey Home Lending
Deciding to buy a home is really exciting. Whether you are a first-time or repeat buyer, you might have ideas about what you want going into the search that can quickly become lost as you sort through all the options and weigh out all the costs.
While part of the joy of home-buying is the hunt, the more you research ahead of time, the less overwhelming things can become. Dreaming is a great place to start as you sort through what it is you want your living arrangements to be, but take the time to define your dreams in order to land in the most perfect home for you.
Consider the Pros and Cons
Are you a list-maker? Even if you are not the most organized, entering a home search is going to require keeping up with a lot of different information. What you can handle financially, area demographics, lot sizes, room sizes…the list goes on and on.
As you find a way to keep track of everything, consider adding a pros and cons list that breaks down your different housing options.
Every style of dwelling, including townhomes, condos or houses, has different positives and negatives that will play a factor in determining what is right for you. A townhome gives you the benefit of owning both your land and your physical structure on a smaller scale, while a condo allows you to own your physical space without the additional burden of land ownership and upkeep. A house often comes with the most commitment since it typically includes a larger property and additional maintenance.
As you lay out the pros and cons of each different type of home, make sure you consider your priorities. If it’s the personal space you most desire, a house might be your best option. If you hate yard-work, condo living could be a great choice. If you have family members you want to keep nearby, a townhome could offer the best of both worlds for your housing choice.
### Consider the Long-Term
Of course, everyone knows that buying property is a long-term decision, but other than knowing you will live in one place a long time, it can be hard to define what that really means. The long-term should be a factor in what you decide to buy, though. Location and size lead most decisions, but upkeep and flexibility should weigh heavily on your list as well.
Are you new to your job and hoping to climb the corporate ladder? If that could mean relocating, a condo or a townhome might be the best choice. You can invest in something comfortable that will be easy to love while you are there and easy to walk away from when you are ready. These may also be a great option for someone with little time to invest in maintenance or other upkeep.
In the same respect, if you know you are ready to grow deep roots in one location, the time is probably right to buy a house. Even if you don’t have children, consider proximity to schools, parks and overall safety so that you are prepared for anything that comes along in the future.
Do your work now to weigh out all the possibilities available to you as a buyer so that you can enjoy the hunt. Be willing to go see properties that seem too big, too small or over budget, but refer back to your pros and cons and long-term picture to stay focused on what is really right for you. When you are thoroughly prepared, you can watch your dreams become reality.
Ready to start the buying process? Contact us today to walk through the process.