If you’re thinking about buying a home, you’ll need to decide what kind. Here are the pros and cons of the most common types of homes.
When it comes to choosing a home to buy, there are lots of factors to consider.
Not least of these is which of the many different types of homes will work best for you, your family and importantly, your budget.
Let us guide you through the different types of homes on the market today. We’ll look at their pros and cons so that you can make a great choice!
Contemporary Houses
These are new houses with eco credentials. They’re good for the planet and can be easy on the eye. The style of homes we’re thinking of make great use of straight lines, minimalist furniture and are free from clutter.
If that appeals to you, the pros are the high-end design, sleek modern appearance, and lower running costs.
The flip-side is the cost. Those eco credentials don’t come cheap, and you may find living this particular dream to be very pricey.
Ranch Homes
Although ranch-style homes have been one of the most popular housing styles in America for decades, there are good reasons why they work well today.
They favor an open-plan concept, even if this means taking down the odd wall. They tend to offer ample first-floor living space, and some also offer additional second-floor bedroom accommodation.
The cons are that you may need to do work to achieve the modern open concept feel most of us are looking for.
Tiny Houses
No guide to home styles would be complete without mentioning tiny houses.
They burst onto the scene in recent years, offering people affordable, transportable homes that look great and are super flexible.
The cons – you guessed it, they’re tiny and we mean tiny. Think 120 square feet, no joke.
Manufactured/Mobile Homes
If you’re thinking of making a mobile home your next pad, then you’re in good company. Over 13% of homes in Arizona are mobile homes – and they can be a great choice for many reasons.
It’s possible to get mobile home loans on favorable terms, allowing you a way into the housing market. They are built in controlled environments with strict standards, meaning they’re solidly built.
They also have the advantage over other types of homes of being mobile. If you acquire land in future, or just want to settle in a different location, it’s possible to relocate them.
The cons include depreciation. While we hope our homes will hold their value or even appreciate, this is not usually true of manufactured homes.
The Takeaway: Types of Homes and Their Pros and Cons
We’ve seen briefly the various types of homes on offer and their pros and cons. One thing’s for sure – homes are just about as individual as the people who live in them.
What is a pro for one is a con for another, and vice versa. We hope that this guide has helped you to see which is the right choice for you.
If you’re new to real estate and would like some more help, click here to read our blog on ‘Real estate investing for Millennials: What to know’.
