What Type Of Home Will Suit Me Best?

Compatibility is a concept that most people bring up when discussing relationships and technology, but it’s often overlooked when it comes to real estate. With the variations of properties available on the market, it’s imperative to assess the different home types available and choose what will suit you best. That way, you’ll ensure your residence suits your lifestyle and you can enjoy it to the max.

What Makes a Home Suitable?

If you're getting a home, it must fit your wants and needs as well as your budget. Here’s an overview of different personal factors to consider when deciding on a house:

• Budget: Money is an influential factor in how suitable a house is. How much of your funds can you dedicate to getting your new home? What type of loan do you qualify for? Can you account for the interest rate?

• Space: Other people will rejoice in having a 400-square-foot house, but you may want to have something double or triple that size. Check what your priorities are in terms of household area so you are sure you’ll be comfortable.

• Family: Maybe you’re not just buying a house for yourself. If you plan to have your parents join you or get a place with your spouse, a residence with multiple rooms is key. The same applies if you have kids or are planning to.

• Pets: A cat, dog or similarly active animal companion will need an outdoor space that they can roam around safely in while you’re at home. Not all houses provide this, so it’s important to make these considerations. 
  

What Home Types Are Available?

Homeownership rates have increased from 47% to 55% in New Orleans since 2000. That means more residents have chosen the type of home they want. Here’s an overview of what properties are available and their unique factors to determine what’s compatible with what you’re looking for.

1. Single Family Home

A single-family home is the most common household unit. The house is meant for one family to live in at a time as it typically features two bedrooms and two bathrooms. However, some may have more beds and baths than usual to accommodate those with more members.

It’s more accurate to define a single-family home as a singular house on its own property. There are other subcategories under this home type, too, but just picture a standard freestanding suburban structure.

2. Multifamily Home

A multifamily home is a property that can hold more than one family. It can go from 1,600 square feet to almost 4,000 square feet, making it attractive for homebuyers who desire a lot of space.

A multifamily home is also ideal if you’re investment-oriented. If you have $2 million at your disposal, you could place a 25% down payment on an $8 million apartment complex. You can occupy one housing unit in the building and rent out the rest for a passive income stream.

3. Condominium

Condos are individual units inside a building. Some of these properties only have one bed and bath space, making them ideal for those who are single. The only thing to consider is that you’ll live in a structure with other residents.

To clarify, condominiums are not apartments. Apartments are rented, while condos are fully owned. They do fall under the category of a potential multifamily home, but being a homeowner with a condo unit means owning only that part of the building versus having the entire property.

4. Townhouse

Townhouses are often another point of confusion that gets mixed up with condominiums and single-family homes. In reality, they’re like a mix of the two. These two-story structures have a garage, yard and a shared wall with the building beside it.

Essentially, this is a good option if you want a condominium but desire the outdoor space offered by a single-family property. You also get to enjoy having a community through the row of neighboring townhomes.

5. Mobile Home

About 13.2% of 2,011,700 household units in Louisiana are mobile homes, making it the state's second most common unit type. The better term for this property is manufactured homes, as mobile homes are more associated with trailer parks and communities.

A manufactured home is a prefabricated structure that you order for your property. It still holds the original principle of a mobile home since it’s movable, but these houses now adhere to the Manufactured Home Construction and Safety Standards under the U.S. Department of Housing and Urban Development.

Make a House Into a Home

Every homeowner chooses a house type that piques their interest and adheres to their wants and needs. When you get to the point of making that decision, run an evaluation of what will be most compatible with your lifestyle so you know exactly what you’re looking for.