Millennials will create 23 million new households over the course of the next decade, according to The Harvard Joint Center for Housing Studies. In addition, 80% of the residential growth during this decade will take place in suburban communities.
The U.S. Census Bureau found that in 2017, 612,000 newly built houses were sold. It’s also been noted that roughly 32% of people that are interested in purchasing a new home are first-time buyers. Making an important decision like this requires gathering information about your options. Here are three types of housing for you to consider.
1. Urban Townhomes.
Townhomes generally have a private front and back entrance, more than one story, and one to two walls that are shared with adjoining townhomes. The amenities offered by luxury townhomes are another exciting option to think about.
According to SmartAsset, townhomes strike a great balance between privacy and affordability for people who want to live near urban areas. Some townhomes also have homeowners’ association (HOA) fees associated with them.
2. Single Family Homes.
PocketSense believes that single-family homes offer more privacy and space than townhomes do, and have a higher resale value.
Owning your own home does require more routine upkeep than a townhome, some of which may be covered by your HOA if you live in a housing complex associated with an HOA.
3. Custom Home Communities.
When building a custom home, NewHomeSource states that the process is more fluid since you have no specific set of options or menus to select from. Therefore, you have the opportunity to be much more involved in the entire process and create the home of your dreams. Foor plans can be supplied by you, or you can work with an architect or a company that designs and builds custom homes.
Once you’ve decided on a design, your home can be constructed on land you already own or land that you’ve acquired.
Buying your first home requires a great deal of thought. Learning more about urban townhomes, single-family homes, and custom home communities will help you make an informed choice that best fits your lifestyle and future plans.