Which Type of Home Should I Buy?

by Washington Federal Team on July 31, 2012

“There’s no place like home.”  Dorothy made the line famous, but what does “home” really mean to you?

Do you want to rent or buy?  At Washington Federal, we’re here to help determine which homeownership is best for you and your family. Buying is generally less expensive than renting in 98 of the largest 100 metro areas in the United States, but what type of home suits you best? When you’re ready to decide, Washington Federal can help with affordable home loans.

Here are the most popular housing options:

Homes

Houses demand a higher purchase price, but appreciate in value faster than townhomes or condominiums. If you’re a homeowner, better stock up on elbow grease.  In most cases, you’ll be responsible for maintenance. In return, you’ll have the most design freedom and personal privacy with a freestanding house.

Townhouses

Coming in at a lower purchase price, townhomes are multi-level and sometimes feature a basement. Side walls are usually shared with your neighbors. Townhomes somewhat limit your privacy. Design freedom may be restricted by the homeowner’s association. You’ll also pay dues as a member of the association.

Condominium

Single-level living comes in at a lower purchase price than a house or townhouse. Condominiums share an entry, hallway, and amenities. Like townhouses, there are association dues and common walls to consider. Condos are great for older residents or young professionals who wish to minimize maintenance responsibilities.

 Types of homes

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