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