Making a list of what you are looking for in a home helps both of us focus on what type of homes I should be looking for and what you are going to be happy looking at.
Consider the following things when thinking about homes you might like to purchase:
What Type of Home DO You Want to Buy?
There are several forms of home ownership: single-family homes, multiple-family homes, condominiums and co-ops.
Single-family homes: One home per lot.
Multiple-family homes: Some buyers, particularly first-timers, start with multiple-family dwellings, so they'll have rental income to help with their costs. Many mortgage plans, including VA and FHA loans, can be used for buildings with up to four units, if the buyer intends to occupy one of them.
Condominiums: With a condo, you own "from the plaster in." You also own a certain percentage of the "common elements" - staircases, sidewalks, roofs, etc. Monthly charges pay your share of taxes and insurance on those elements, as well as repairs and maintenance. A homeowner’s association administers the development.
Co-ops: In some cities, cooperative apartments are common. With co-ops, you purchase shares in a corporation that owns the whole building, and you receive a lease to your own unit. A board of directors, comprised of owners and elected by owners, supervises the building management. Monthly charges include your share of an overall mortgage on the building.
What Age and Condition of Home DO You Want to BUY?
Weigh your needs, budget and personal tastes in deciding whether you want to buy a newly constructed home, an older home or a "fixer-upper" that requires some work.
DOES THE HOME HAVE Resale Potential?
As you look at homes, you may want to keep in mind these resale considerations:
One-bedroom condos are more difficult to resell than two-bedroom condos.
Two-bedroom/one-bath single houses generally have less appeal than houses with three or more bedrooms, and therefore have less appreciation potential.
Homes with "curb appeal," i.e., well-maintained, attractive & with a charming appearance from the street, are the easiest to resell.
The most expensive houses on the street ―or ones with anything unusual or unique― are not suited for resale. The best investment potential is traditionally found in a less expensive, more moderately sized home.