If you’re planning a home purchase and you’re prequalified for a mortgage home loan, it’s time to decide what type of home you need. There are many different types of homes to choose from. Three of the most common are detailed below.
Single Family Home
Single family homes are some of the most common homes available on the market today. Single family homes stand alone, on separate pieces of property. They are not attached to other buildings. These homes are often more expensive than other home types, but if you’re a first time home buyer, you can use an FHA mortgage to fund your purchase.
Condo
A condo is similar to an apartment. You live in your own unit, but you share walls with the units around you. Hallways, building entrances, and other communal areas are often shared as well. Condos are very easy to purchase and to live in and make great starter homes for small families.
You do have to pay for the upkeep and use of these common areas, however. The fee you pay goes to the Homeowners Association, or HOA, that manages the condo. You don’t typically have to worry about maintenance in a condo.
Duplex
A duplex is very similar to a single family home, but there are two homes connected on the same property. The homes each have separate entrances, however. The families in the homes do not necessarily have to interact, but they are very close neighbors. It’s best if they get along together.
These are some of the most common homes available for purchase today. If your credit score is solid and you’re prequalified for a mortgage, start looking for the home that best meets your needs.
