Hunting for the perfect home can be a very exciting task. Having a place to call your own in addition to all the perks of homeownership can make it worthwhile. For example, tax shelters, the accumulation of equity and more creative freedom are just some incentives. However, with all the different options available on the market, it can be tricky navigating the world of real estate to make the transition from renter to owner. Luckily with a few helpful guidelines, it can be easier to narrow down your options to find the right living situation.
Considerations for Different Home Types
Before you fully commit and secure your purchase with a down payment it can be helpful to understand how certain factors may affect the bottom line in regards to pricing. Depending on the type of home you buy, some additional costs for certain home types include the following:
Monthly lot of fees for manufactured homes
Increase in association fees from too many renters in a condo complex
Annual property taxes and HOA fees for individual single-family units
Because of the various legalities surrounding homeownership, having support from professionals in the field is invaluable. Your real estate agent, SB One Insurance agent and financial advisor can help you craft a realistic pathway to owning the home of your dreams.