Home Buying Guide - Understanding Different Home Styles

Are you among the thousands of people planning to buy your first home? Statistics show that a great number of people relocate at least 5 to 7 times in their lifetime which means that it is most likely that you will be moving in the next 5 to 10 years.

There are different types of homes that will suit your needs at whatever stage of life you are in; from condos for newlyweds to townhouse for families, with a wide variety of styles and floorplans to choose from. One of the first things about home buying is what the different types of homes for sale are.

The Condominium: Condominium living started getting popular during the 70's due to the increase housing demand in the urban areas and its lower acquisition cost. '100 Questions Every Home Buyer Should Ask' expert author Ilyce Glink explained that when you buy a condominium, you do not necessarily own the unit. You're actually investing in the common elements of the real estate property that you share with the neighbors, and the airspace inside the walls, ceilings and flooring.

The Townhouse: Townhomes are also known as 'row houses' because they're grouped together with shared walls. Some townhomes require you to join a homeowner's association to cover the cost of common areas such s the parking lot, laundry room and fitness centers, but town homes are very similar in ownership status as a single-family home.

Single-Family Homes: The detached single-family home is one of the most popular types of homes for first time homebuyers, and available in a variety of sizes, styles and floorplans. These homes can be built as part of a miniature community, or stand alone on their own lot. Almost all single-family homes will have separate ownership and maintenance fees, which means you'll be wholly responsible for all expenses to keep your home safe, clean and secure.

Mobile Homes and Pre-Fabricated Homes: Mobile homes were created for people to be able to "take their house" with them and it is not necessary to purchase the land that the home sits on. Mobile homes are fully equipped with basic home amenities and appliances, and can be an affordable alternative to purchasing a regular home.

Pre-fabricated homes are a step above mobile homes, and are typically designed with sturdier materials and better construction. The quality of pre-fabricated homes is higher than the average mobile home and these can still be moved from site to site. Similar to mobile homes, pre-fabricated homes allows you to rent the property you will occupy instead of purchasing it.

When you know what the different types of homes for sale are, it will be easier for you to decide which to buy.

You will be able to create a 5-year projection plan to further narrow down your choices based on what your personal plans are for the future like if you plan to have a large family or not. For example, if you are single and have no plans to get married in the next 5-10 years, the perfect choice for you as a first time homebuyer would be a condominium.

Homebuyers looking for homes for sale in Minnesota can go on the internet and search for homes by price, location and neighborhood by using the Minnesota MLS listings to find properties throughout the State.