Determining the Residence Type that Meets Your Needs You’re finally ready to buy your first home, but this doesn’t mean you have to move to the suburbs. Likewise, a growing family is likely to outgrow that posh downtown condo.
The right residence type plays a significant role in your quality of life. Professionals in their twenties can enjoy a bustling night scene in the heart of downtown, while new parents can enjoy top school districts in the city’s best suburbs.
Don’t be those loud college kids who move into a quiet residential neighborhood. Follow this guide to find the perfect fit!
Small Homes for 1-Person Households
Are you looking for a cozy house for a party of one?
A bungalow home is ideal for one person who doesn’t need a lot of space. You can find bungalows in beachy neighborhoods, college towns, and trendy residential areas off the strip. These are also ideal homes for working couples without kids.
One-story bungalows are typically one to two bedrooms, but you may be able to find a three-bedroom. These houses are perfect for college kids living off-campus for the first time, which presents a unique rental opportunity for owners.
You could also buy a two-bedroom bungalow and get a roommate instead. Rental income comes in handy for bills and mortgage loans.
Condos
Condos are suitable for single-person households, especially young professionals. They’re also located in fun, metropolitan areas.
Unlike many homeowners, condo owners typically belong to homeowners associations, also known as HOAs. Condo owners must go through the HOA to get certain upgrades. There’s also a property manager on-site to help with maintenance issues.
HOA Neighborhoods
HOAs aren’t exclusive to condos. There are also HOA neighborhoods. The first thing you’ll notice is that all the homes look the same.
Many HOAs have rules for upkeep and exterior upgrades, so homeowners have less freedom to remodel or change the landscaping. However, homeowners often have access to additional amenities, like on-site pools, gyms, play areas, and other perks exclusive to members. Â
The Beach House
Beach life is a breeze, but these homes come with a hefty price tag. Beachfront property can cost over a half-million or more, depending on where you look. However, you can find affordable beachfront homes in Port St. Lucie, Florida, Biloxi, Mississippi, and Atlantic City, New Jersey.
Homeowners with luxurious tastes prefer the shabby chic vibe of Santa Cruz and the laid back luxury of San Diego real estate. Prices range anywhere from 300,000 to 8 million, depending on location and home value.
Beach homes come in various designs, including Mediterranean, modern, minimalist, Spanish, Cape Cod, chalet, and bungalow style.
Cozy Cabins
Forget city life and suburbia. Why not run away into the woods?
A cozy cabin is perfect for first-time homeowners who crave a rustic vibe. Look for cabin-style homes in old mining towns, mountain towns, or even off-grid areas.
If you want to be closer to civilization, consider a rustic-style home in a New England resort town, like Vermont or Maine.
Find Your Ideal Residence Type
You’re about to buy your first home. Make your residence type matches your needs and personality. Remember these tips as you delve into the homebuying process.
Need more tips for landing your dream home? Don’t miss the blog for more real estate tricks for house-hunters!
Read Also : 6 Undeniable Reasons to Buy a Condo and Make It Your Forever Home
