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What is the best type of house to buy

What is the best type of house to buy - When you are ready to make your first home purchase there are many decisions you will need to make. The first thing you will want to do is to hire a realtor and decide what type of home you are looking for. Every home type has advantages and disadvantges that you need to be aware of before you decide to purchase.

You have the option of buying a single family home, a duplex or even a triplex or quadplex. The easiest to get approved for is a single family home. A single family home will usually provide the best financing options to you, although if you plan on living in one unit of a 2 unit home the financing is usually pretty similar. The advantage of living in a single family home is that you own the home and it stands alone, by itself. With a 2, 3 or 4 unit home you will have other people living directly next to you and attached to your home. However, you will be making rental income from the multi-unit home that will help to make your mortgage payment. A multi-unit home though will usually have rate bumps for not being a single family home and the qualifying criteria is usually a little more strict.

There are also many homes such as condominiums or condos that have the added advantage of maintenance being taken care of for you. Mowning the lawn anad or snow removal are examples of some of the perks of owning this type of property. There are usually monthly or annual fees associated with these types of dwellings, but you are paying for services rendered in most cases.

Although buying a new home may seem like an American Dream or romantic venture, the reality is that the house you can afford depends on your current income and debt obligations. You must be able to pay your mortgage, satisfy all your current debt, and still have money left over each month to put in the bank. When you consider all these issues, you may find you will actually be shopping for a lower-priced house than the anticipated dream home.

A great benefit to owning a duplex is that when you buy a new home and move out your duplex your unit is now a rental and helps pay the mortgage for that property. It is a great strategy to let the rent pay your mortgage payments while the property builds equity.

Co-Op, or cooperative, is a common type of residence in New York & New Jersey, and in certain parts of Connecticut, California and Florida. Obtaining a mortgage for a CoOp is easier today than ever, however your Co-op board may mandate that you make a larger downpayment than you may be qualified for to obtain board approval.

When is the best time of the year to buy a home? - When is the best time of the year to buy a home? This is a very common question with many different answers. Usually one of the more popular times of year to sell and buy are right around spring time to early summer. Many families with children want to get settled into their new home and new area before the new school year begins so that they are not switching schools during the school year and this can actually make it much easier on school children to be able to start in a new school at the very start of a new school year. However, I feel the best time of the year to buy a home is when you feel you can get the best bargain for your money. You should always try to have patience when you are buying a new home. If you look long enough and hard enough you will find a great home at a great price. Having some patience and having the luxury of being able to wait can save you tens of thousands of dollars when buying a home.

Historically homes sales are double during the summer months than during the winter months. There are more homes available on the market during the summer. However, if you're willing to buy a home during the fall and early winter, historically mortgage rates have shown a trend where they are lower at the end of the year.

 

Information listed above is to be used for educational purposes only and is not guaranteed

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