If you are in the market for a home, the good news is that you have many options – not only in the type of home, but also in the condition of the home. In addition to buying a new home or an old home, you can buy a home that is still under development and move in months to years later. On the other end of the spectrum, you can take possession of a home that has been abandoned. In order to do the latter, first, you need to know how to make sure that a property is abandoned.

1.) Mobile Homes

You can find mobile homes everywhere from trailer parks to RV parks. The cost of such homes is relatively cheap compared to other types of homes. However, when weighing the pros and cons of owning a mobile home, it is worth noting that they do tend to depreciate rather quickly over time.

Mobile homes are perfect for people who do not want to have a permanent residence. However, it is important to know that this type of house has some disadvantages as well. For example, it is not common for mobile homes to have high-quality plumbing and electrical systems.

2.) Apartments

Apartments are popular in cities and urban areas. They are good properties to own because, depending on the location, they can be easily rented out. Also apartments are a great choice for people who are on a budget, as they are much more affordable than other types of residential properties.

Apartments will come with building maintenance fees or HOA fees that cover cleaning and upkeep of the building the apartment is located in.

3.) Condos

Condos (or condominiums) are similar to apartments – in fact, in many respects, the term ‘condo, or condominium, is simply a rebranding of the term apartment. Traditionally, apartments consisted of several rooms for several tenants. While that is no longer necessarily the case, condos are exclusively for single occupancy.

Additionally, condos generally refer to more luxurious apartments. The buildings they are located in often come with amenities such as gyms, pools, concierge, and lounge areas.

4.) Single-Family Homes

Kitchen Capital thinks, single-family homes are the most popular type of property in the United States. They usually consist of a kitchen, at least one bathroom, multiple bedrooms, and a living room. They usually come with a front and back yard with enough space to start at least a small garden. The price of a single-family home can vary significantly depending on location and size.

Single-family homes are popular in suburban developments or even in gated communities like the Fairbanks Ranch, which you can view on their website thefairbanksranch.com.

5.) Townhouses

Townhomes are similar to single-family homes, but they tend to be smaller and they usually have smaller yards as well. However, the most obvious difference between the two is that, while single-family homes are stand-alone structures, townhouses are attached to one another, meaning that they share at least one common wall.

Townhouses are generally found near bigger cities, on the outskirts of urban areas. They are, to a large extent, a transition from single-family homes – traditionally found in the suburbs – to apartments or condos, which tend to be located in high-density population places, or cities.

6.) Duplexes

A duplex is a stand-alone structure with a single owner. However, the structure is divided into two separate units each with its own entrance, which can accommodate two separate families. The units can be either side by side or stacked one on top of the other.

The advantage of owning a duplex is that it can provide you and your family with a nice residence at a lower cost since a significant portion of the cast can be offset by renting out the adjacent unit. This makes owning a duplex a solid investment.

7.) Split-Level Houses

Often called bi-level or tri-level homes, a split-level house consists of staggered floors or levels that are joined by a small staircase. They became popular in North America in the mid-20th century as more and more families ventured out into the suburbs.

Because of their relatively simple design, split-level homes are often more affordable than other types of homes of equal size. Additionally, they can be built on nearly any type of land, including on slopes, the sides of hills, and on lots with steep slants. This is because the builders will adapt the home to fit the land and not the inverse.

Takeaway

If you are in the market for a new home, you have several options available. You can hire an architect and a contractor to build your dream home or you can purchase a home in a development while the home is still under construction or even in the design phase. Additionally you can buy a new home that has only recently been built or buy an older home that has already been lived in by other tenants. You can even take over an abandoned home, provided you take the appropriate legal steps involved in that practice.

Beyond the condition of the home, you also have several different types of homes to choose from. Each comes with their own pros and cons. Determine what you need out of a home, what your priorities are, and what you can afford. Chances are there is a home out there that is just right for you.