Deciding What Type of House to Buy

Deciding What Type of House to Buy

Things you should know when shopping for a home

This is the fun part where you look at homes.  It is easy to get overwhelmed while shopping. We continually provide educational material to assist new buyers make the process easier.   

The three main types of homes are: condominiums, townhouses, and detached homes.  Each category offers a different experience, and which one you choose comes down to personal preference: 

  • Condos have an apartment like feel and are a great option for those that do not want to maintain a yard or large house. 

  • Attached homes also known as townhouses offer a little more privacy and space while still being relatively easy to maintain. 

  • Detached homes offer the most privacy and space but are usually the most expensive option and require the most maintenance.  

You will also need to determine what size of home you want to buy. Remember to plan for the future. Are you planning on having kids? Will you need a home office? Determine how many bedrooms and bathrooms you will need to live comfortably. All of these affect the size of the home you will buy. 

With the different types of homes, comes different financing. These are some things to consider that impact home mortgages on the three types of homes:

  • Multi-unit condos requirements for mortgage loans condos can be complex and vary by development.  Not only does the buyer need to qualify for the loan, but the condo does as well. Many loan programs take into account the occupancy rate of the condo development and other factors to determine eligibility. Finding out these details before making an offer can avoid complications. 

  • Townhomes are more like financing a detached home, but are more likely to have requirements outside the loan process, such as HOA fees, guidelines and improvement limitations. 

  • Detached homes typically have fewer requirements than condos and townhomes, but can still be subject to HOA fees and guideline limitations.

Viewing Homes  

Once you start looking at many houses, it can be easy for them to blend together.  Create a list of things you must have, what you can compromise on, and what you would like but is not necessary in the house you buy.  When you visit each house make note of what it has. If it doesn’t have something you already said you must have, walk away.   

At each house, create a list of the things you like and dislike.  Write down a “landmark” or unique feature for each house that you visit that will help you remember it later.  This makes it easier to narrow down your choices and remember your favorites and least favorites.   

A comprehensive guide is available to borrowers titled "Home Buyer's Guide."  In this guide, you will find answers to many of your questions and the questions featured above.  In addition to the Home Buyer's Guide, our loan officers are a great resource to answer your questions and explain the home buying process. 

To request a copy of the Home Buyer's Guide, simply enter some basic information below.

If you are ready to start the application process, click HERE.


Get Started with Your Home Loan