What type of home suits your needs best? When finding a home, there are many types of “homes” to consider. It is incredibly important to start the house search process with a good understanding of the home that will best suit your needs. Here are some benefits of each type of home so that you can decide what brings the most benefits to you. If you are ready to move forward with the home search, contact a team member today to get pre-approved

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Benefits of a Single-Family Home 

A single-family home is a freestanding residential building that usually supports one single family. There are many benefits to a single-family home: 

If you require privacy, or are planning to expand your family, a single-family home may provide very substantial benefits to you. 

Benefits of a Townhome 

A townhome is a multistory house that connects to a row of other multistory homes. The benefits of buying a townhome are: 

If you are looking for good value for your money, and a strong community living space, a townhouse may be for you.  

Benefits of a Condo 

A condo is a privately owned single unit in a building of many other privately owned single units. The benefits to living in a condo are: 

  • Less maintenance work and more ability for flexible living. 
  • Great space to downsize to. 
  • More affordable than single-family homes. 
  • Generally, close proximity to entertainment and restaurants. 
  • Additional amenities may be included. 
  • Good community and security. 

If you are looking to downsize, or do not want to keep up with a lot of maintenance, a condo could be a great option for you. Regardless of the option you choose, use this homebuyer guide to be prepared and knowledgeable about what to do throughout the homebuying process. 

Benefits of Renting vs. Buying 

Deciding what type of home suits you is only half the battle. Then, you will need to decide if it makes more sense for you to rent the property or buy the property. There is a case for both options. Here are the benefits of renting a home versus buying a home: 

The main pros of renting are: 

  • Easier to move out when desired. 
  • No risk of a depreciating asset. 
  • Repairs and maintenance are covered by the owner. 
  • No property taxes. 

The main pros of buying are: 

  • Build equity with a potentially great investment. 
  • Fixed-rate mortgages have stable monthly payments (rent can rise). 
  • More customizable living space.  
  • Tax benefits. 

Above all remember, everyone’s situation is unique. Regardless of what you choose, use this homebuying checklist to assure you are accounting for everything you need in a new home. The best home is the one that best suits your needs. Working with a professional can help alleviate the stress of making the right decision. Contact a professional today!