You want to choose something that is suitable for your finances and life desires. The most popular types of new homes you can consider are the following.
Single Family Detached Home
The unattached, free-standing dwelling is normally found on a larger lot, with a yard. The main difference from the multi-family dwelling is that only one unit will be contained inside the structure. We have the advantage that you are going to own both the land and the structure so modifications can easily be done. However, all that relates to the home is up to you from fixing foundation to getting rid termites.
Such a home will be connected with other townhouses through shared walls and normally a common driveway. You are going to be a part of the community with neighbors that are really close to you. There are normally different shared amenities like spas, pools, gyms and golf courses but the townhouses are quite clustered together. This means you will hear the neighbors. Also, yard maintenance and landscaping will be an individual responsibility.
The condominium is normally similar to the apartment but it will be outright owned. As opposed to the single-family home the neighbors will be attached to ceilings, floors or common walls. Various common areas like party rooms or lobbies are shared. The main advantage is that you can do whatever you want in your condo if you respect the rules of the association but there will be a monthly fee that will need to be paid in order to have common funds for contingency funds, insurance, and repairs for common areas.
Also known as cooperative home, this is similar to the condominium but will be made out of different individuals that are living inside a property. You are not going to own the unit. You will own corporation shares that allow you to live inside a unit under occupancy agreement or proprietary lease. Buying a co-op home will be cheaper than the condo and co-ops will vote on the major decisions related to the property. The problem is that this co-op board is also going to decide on the potential residents and residents can be evicted, similarly to what the landlord can do. Although discrimination is not allowed by law, the boards can simply reject the buyer without having a stated reason. At the same time, the associated costs will be higher than the condos as there will be an inclusion of utility charges and real estate taxes.
Take Your Time
You want to take your time whenever buying a home since there are numerous options you can consider. Do not be simply tempted by how much you are going to pay. In many cases, the best deals are those that you least expect. Always take into account all the interests of your family and do consider all facts of importance as you buy a home like neighborhood and proximity to points of interest.