| The following types of homes are not differentiated | | | | construction compared to houses, so be prepared for |
| by whether they are brick or wood or Victorian or | | | | a few repairs and annoyances. |
| modern. This is about the different purposes a house | | | | A House In Town |
| can serve according to your situation and goals. | | | | I don't like the fact that our current house is over |
| Which one is right for you? Maybe the advantages | | | | 100 years old. It is nice, but I don't see why people |
| and disadvantages of each listed below can help you | | | | are so fascinated by old homes. This is one of the |
| decide. | | | | problems of buying near the center of a town or city |
| Condos | | | | - the houses are usually all old. The big advantage, |
| Condominiums are simple. Ordinarily the lawn mowing | | | | and the reason we are here, is that you can walk |
| and all outside maintenance is included in the | | | | downtown. There is even a grocery store within |
| association dues. You never worry about the yard or | | | | walking distance. Being in town is a lifestyle we love. |
| the roof, and there may even be a pool that you | | | | A House In The Suburbs |
| don't have to clean. This makes life simple for | | | | In the suburbs you get newer homes and room for |
| retirees, single people and young couples without kids. | | | | the kids to play. In some cities this is where you |
| Sometimes they are also great starter homes. When | | | | have to move to get away from the crime. If it is a |
| we were living in Tucson, Arizona, for example, two | | | | nice subdivision, you can expect decent appreciation |
| bedroom houses started at $160,000, but a two | | | | over time as well. The drawbacks include yard work, |
| bedroom condo could be bought for $80,000. Keep in | | | | maintenance and being farther away from stores and |
| mind though, that in some areas condos will cost | | | | jobs. You may want to consider those extra miles |
| more than houses. Also, there will be rules, so be | | | | now that gasoline is getting so expensive. |
| sure you can live with them before you buy. | | | | A Fixer Upper House |
| A Family Home | | | | There are two good reasons to move into a house |
| A basic family home is usually the goal if you have | | | | that needs a lot of work. One is just to get your |
| children. Whatever the style, the idea is to have | | | | home cheap. You might save $25,000 or more if you |
| room for everyone and preferably a yard for the | | | | buy a "problem home" and do the repairs yourself. |
| kids to play in. One advantage of buying a basic | | | | The other reason to do this is to make some money. |
| three bedroom, two bathroom house is that this is | | | | The current law allows you to keep all the profits |
| the easiest type of home to sell. One disadvantage is | | | | tax-free if you live in the home for two years or |
| that these "regular" homes can take a lot of work | | | | more. If you like working on houses and don't mind |
| and money to maintain. | | | | moving a lot, you could have a good chunk of |
| A Mobile Home | | | | tax-free profit every couple years. |
| People buy mobile homes because they are | | | | Other Types Of Homes |
| affordable. A used mobile in a park might sell for | | | | Cabins are sometimes cheap, and may even be |
| under $10,000, and though they go down in value, if | | | | suitable as a home if you have a business that can |
| you paid cash you would have only the monthly lot | | | | be run from anywhere. People live in houseboats in |
| rent. That can be hundreds less per month than what | | | | some parts of the south, fishing off of their porches. |
| it would cost you to rent an apartment. On land a | | | | A piece of land with an RV on it can be used as a |
| mobile will often cost less than half of what a | | | | starter home until the money is saved to build |
| similar-sized house costs, and will appreciate in value | | | | something. A duplex or triplex is a way to |
| (because of the land). This can be a great way to | | | | simultaneously invest in a home and rental units. |
| get into home ownership. My first home was a | | | | There are many types of homes, so consider |
| mobile on a lot I bought for $19,500 and sold for | | | | carefully what you really need. |
| $45,000. They do generally have lower-quality | | | | |