Different Types of Housing Options and What They Have to Offer

Buying a new home is, by far, one of the most iconic moments for many. And whether you are buying your first property at 25 or 45, the novelty of the moment remains the same. With that said, there are several different things to consider when buying a home for the first time, and of the lesser-known aspects is deciding what type of housing option is the best for you. Even though most people looking to buy a property consider free-standing residential homes as the most viable option, several others may appeal to you more. So, before you start house hunting for the perfect place, you should consider these top housing options and what they have to offer.

Private Village Communities

Private village communities are a growing trend in recent years, although they have been around for quite some time. This idea is well suited for individuals or families that are after a strong sense of community from their living space. When buying a home in a village community, you will have adequate living space, although the community will be more or less separate from everything around it. Some village communities are central to nearby amenities, and others are more separated from the rest of the world. If this option interests you, you should consider homes for sale in South Jordan, UT. Village communities are often also referred to as lifestyle communities, and they generally have a variety of facilities in the community, such as entertainment facilities, gyms, restaurants, and others. These facilities assist with unifying the community.

Luxury Condos

Luxury condos are an excellent choice for anyone that’s after a lifestyle of sheer convenience and luxury. The main downfall is that condos are often not the most spacious living spaces. However, there are several other perks, such as sharing high costs with other homeowners in the building, not having to worry about maintenance, and enjoying various onsite facilities within the building. Luxury condos are almost always developed in hot spot neighborhoods so that you will be central to everything. There are tons of pros of living in a luxury condo, although the option is often not suitable for everyone as the costs of purchasing a luxury condo can be a bit high. However, you will generally save over time on your general living costs. 

Apartment Buildings

Former warehouses and plants converted to apartments in Richmond, VA, The Dairy Company is in the heart of Scott’s Addition and was built in 1913.

Apartment building homes are perfect for lower-budget buyers. Although you have the same perks of luxury condos, space is generally somewhat restricting, with a little less luxury. Apartments are an excellent choice for first-time buyers that want to stretch their budgets. However, be sure to consider the neighborhood before purchasing an apartment, as some are not in the best areas. Apartment buildings are also a great choice of a starter home for buyers who plan on later selling and moving or renting out their apartment to clear a profit or cover their mortgage costs while purchasing their ideal forever home. 

Free-Standing Homes

Free-standing residential homes are the ideal option for families that are after a forever home. The perks of purchasing this type of home are that you will have a yard, the potential to expand your home, renovate to your heart’s content, and enjoy the peace of not having your neighbors too close by. However, the downfalls include the ongoing home maintenance, potential degradation of the neighborhood, and potential safety concerns. However, if you invest in property insurance and have your home kitted out with a security system, these concerns will not be as blatant. 

Manufactured Homes

When the ancestral home I grew up in burned to the foundation, my father bought a manufactured home very similar to this one and placed it on the repaired foundation.

Manufactured homes are the perfect alternative to free-standing residential homes. They are perfectly affordable, quick to build, and you can put a manufactured home almost anywhere. You could purchase land and have a manufactured home built on the land, or your could have your manufactured home built on your parents’ land if you have approval. The best part about manufactured homes is the affordability and variety of choice. Everything will be new and modern, and they are just as functional as other housing types.

Mobile Homes

Mobile homes are another growing trend of recent years. These homes are vans that are transformed into living spaces, school buses, and other types of vehicles that are spacious enough to be renovated into a home. The biggest perks are extreme living cost savings and the ability to travel with your home anywhere you want to go. However, even though this option is exceptionally cheap, it’s not for everyone. Families will find it particularly challenging to adapt to a mobile home living space, as space will be the most significant restriction. However, many mobile homeowners are pleased with their choice to live on the road and park their homes where it’s safe and legal to do so. 

There are a few other housing options out there, although the options mentioned above are the most popular. Before making a decision, be sure to evaluate all the pros and cons of each option. You might not be able to obtain a mortgage loan for specific options, such as a mobile home. On the other hand, other options may be out of your budget for different reasons. Regardless of your decision, it is vital to choose a housing option that will benefit you and your finances. 

Buying a home is exceptionally exciting, as most consider it a landmark event in their lives and a statement of self-sufficiency. Whichever option appeals to you, be sure to budget thoroughly first, apply for pre-approval, and opt for a real estate agent to simplify the process of house hunting. An agent will help narrow down the choices regarding your budget and your living needs while also considering which locations are best. In addition, an agent will also assist with all the paperwork and legal details of purchasing a home, which can be somewhat confusing and time-consuming even if you do have basic knowledge of the home buying process. If you are not entirely sure which option is best for you, you could also consult an estate agent to discuss which options would suit your situation best. 

2020 Kimberly Signature

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