Understanding Different Types of Homes to Buy

There are many types of homeownership property that people can invest in. Much of the decision about what works best is based on individual preference and not. However, there are also many occasions when choosing a place to call home has a great deal to do with financial investment as well as preference over different home styles.

Individual Single-Family Homes

For some people having a single-family home works perfect for them and they look for the price, style, location and square footage that best matches their needs. Typical home style choices include:

• Ranch
• Raised Ranch
• Contemporary
• English Tudor
• Bungalow
• Cottage
• Cape
• Colonial
• Spilt Level
• Mediterranean

Each of these residential home styles offers a different benefit for the buyer as well as unique styles. In this case buyers love the idea of their freedom to have a home on a plot of land they can build add onto and refurbish as they choose.

Condominium and Planned Unit Developments

Both of these style homes offer buyers the opportunity to own a home without having to worry about much in the way of external maintenance including landscaping. This is a popular choice amongst young couples, older people and those who travel extensively. These styles of homes are usually attached to other units or they have very small plots of land.

Owner Occupied Multi-Family

An owner-occupied multi-family can be a good alternative for people who want to own a home that earns income. It is also a good choice for people who may eventually want to buy or build another home. In the meantime, the multi-family serves as a way to build investment income that may later be used for a more personalized home. In most cases this is for multi-family homes with up to three units.

Mobile Homes

This is a great alternative for people who have a little money to invest but not enough to buy a traditional home. Since the property and land is often owned by a residential community that allows for a land lease, the value comes from the mobile home itself. The land leases are usually fairly inexpensive and allow for people to have a bit of their own privacy and an ability to own something that is an investment they can use later to buy another property. Trailer parks in Lansing Michigan are popular amongst young couples, single people and the elderly who are looking for independence at a lower cost.

There are usually quite a variety of mobile home styles, square feet and ages. They can readily be remodeled and upgraded. However, because they have a metal exterior and base, they do not usually carry the longevity of a traditional home. Because of this, their value usually decreases over time. Some of the value loss can be mitigated if the mobile home is placed on an actual foundation. This usually helps to make the home last longer because it becomes a more permanent structure.

Building a New Home

This is usually reserved for people who are either very adept at building or for those who have a significant amount of down payment capital to invest. This type of home usually has a good value base because it is brand new. However, the effort, time and financial investment involved to complete the home is extensive.