Buying a home for the first time (or any time) is a major life decision and one that takes consistent research and patience. One of the very first things you need to consider is what type of home do you want? Do you want a condo, single family, townhome, etc.? Here are some questions to consider in determining what type of property is the best fit for you and your family.
How much space do you need?
Are you a single guy looking for your very own one bedroom “man cave”? Are you family of four with a dog and in dire need of a giant space? Make sure that you know your need for space based on the amount of members in your family, pets and what your daily routines look like to determine how much space you may need. Not everyone needs 2,000 sq ft for their family. Some families or individuals prefer to have a more modest place.
Are you DIY-obsessed?
Nowadays a lot of people are getting into DYI projects around their house—especially with contracting out being a bit expensive. Now, if you’re in single family home DIY is a perfect endeavor to save some money and boost creativity with sprucing up the place. However, in some condos, co-ops, and HOAs it is much more difficult to do projects on your own accord.
Are you willing to have you or your family be engulfed in the drama of a co-op?
The approval process alone is intimidating for co-ops. Not to say that it doesn’t work for everyone. Though, it is generally easier to not have to deal with them. The less drama, the better. The more you can focus on your family and your home/investment property, the better. So, ask yourself: “Is a co-op the best choice for me and my family.”
Do you have the spare money laying around for fixes and repairs?
Homes are not cheap…and that’s putting it lightly. Home improvement projects are going to be a must with any property. Leaky sinks, ceiling cracks, and roof repairs…almost all inevitable in Florida. However, this is why you must do your due diligence before you buy a home. Are you handy? Do you have the money to contract for repair work? Is your family going to be affected by major projects or repairs to the home? This must all be taken into account. Make a budget for all foreseen (and unforeseen) projects and repairs to your home. Condos, townhomes, and anything with an HOA may be different. However, HOAs do not necessarily cover all repair costs. Be cognizant of what they cover and what you’ll need to cover.