First Time Homebuyers: What Are Your Choices?

New Homes in Salt Lake CityThe time has come for you to move out of your parents’ home and get your own place. You’ve worked your heart out through college and gotten a decent job. Right now may not be the time to look for a house to buy immediately, however, because it takes years of working and saving before you can have the money for the down payment. It will also take years before you can build a good enough credit worthy of a mortgage application.

Although you’re too fresh out of college to be able to afford your new home, and you can’t afford a serious purchase more expensive than your car, you can still enjoy some time looking at houses online that you might be able to buy someday.

Houses for singles

Single people don’t need a lot of room — unless of course you’re a celebrity or athlete, then you need a lot of room for your ‘peeps’ and for keeping up with appearances, or just because you can afford it. So look at residence options that are not too big and expensive. New townhomes in Salt Lake City are perfect for single people or for those with small families. Your other options include single bedroom homes and condo units.

Townhome or Condo?

A townhome and a condo have their own features. A townhome is usually part of a building but it shares only the walls with other townhomes that stand side by side. You can have a small yard out front. The dues are typically much lower than what you’d pay with a condo. You don’t share amenities with other owners.

A condo unit, on the other hand, is part of a large building that usually has multiple floors. When you own a condo, you only own what’s inside your unit and possibly one parking slot. You share ownership of the building and all of its amenities — swimming pool, gym, etc. — with the rest of the people who live in that building. Condos don’t have gardens that unit owners can own, either. You also have to pay association dues, security, and the like.

These are only some of the options available to you as a first time homebuyer. Don’t hesitate to ask your agent or contractor if you have more questions. After all, it’s you who is going to live in the property.

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