Property Types

Single family homes- when people think of buying a home the single-family home is the most common that comes to mind.  The “American Dream” of the white picket fence, backyard barbecues with friends, swimming parties and pet's running about all contribute to the allure.  Single Family homes offer the most freedoms for buyers to do as they please with their property. Make the home your own. 

It is important to consider the costs that are the sole responsibility of the homeowner.  All general home maintenance from the easy items like cutting the grass, landscaping, and shoveling snow  (as applicable) to more complex  ones like roof repairs, HVAC systems or hot water tank replacement, it is the responsibility of the owner. 

Make sure to verify with your realtor if the property is part of a Homeowners Association (HOA). For a monthly, or annual, fee some of the maintenance costs may be offset as the association covers common areas owned by the subdivision (i.e. landscaping upon entering area, private security, signage, snow removal on the street, etc.) The HOA will introduce some restrictions on the properties as well (i.e. landscaping out front, home color, vehicle parking, etc…)   

Multi-Unit Properties - 2 to 4 unit properties are eligible under a consumer mortgage loan.  They can be primary residences or investments by nature.  Each unit in the building must have a kitchen, bathroom, living area, and its own entrance.  The units may be stacked on multiple floors or be a side-by-side orientation.    Similar to the Single Family residence, you are responsible for the maintenance and upkeep of the building unless it is included in leases to tenants.

Condominiums and Townhomes tend to offer more affordable options than a single-family home but you will give up some privacy. Whether it is a townhome or a Condo, there will be a shared wall(s) between you and your new neighbors and there will be a Homeowners Association that the property is a part of. Make sure to budget the HOA cost into your monthly expenses. 

Contrary to a single-family property, much of the general maintenance may be covered by the association and their master insurance policy. If there are major cost issues that arise, the expense is divided over the HOA members, so it is far more affordable than covering the cost yourself. 

Manufactured Home, aka Mobile Home, offer the most affordability of any home ownership. The property must be titled as Real Property and be permanently affixed to the ground in order to finance it via a traditional mortgage. Much like the HOA, there will be lease fees for the site where the property is located.  

New Construction - Due to inventory constraints in recent years, many buyers are opting for new construction for their upcoming home purchases. New construction offers the most customable and personalized option of all, the process for completion can take anywhere from 6 to 18 months and the building costs typically exceed those of an established home. There may be the opportunity to buy a builder model home which gets that new build right away but you will have to deal with construction going on around you until the area is built out. Property taxes start out very low and jump in subsequent years with the newly constructed home being completed and assessed by the county.