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