What Type of Property?

Barn Red or Nantucket Blue? We chose blue, but that was after we bought a dilapidated two-unit to convert to a single family home. Why go through all the trouble, there were a couple reasons. Those reasons were all based on the questions I suggest you ask yourself before you decide to start shopping.

We were looking at a particular neighborhood, we were also looking for a home of a certain size.  We wanted two bathrooms, a garage and wanted an opportunity to build some sweat equity by purchasing a fixer-upper.  Did I mention price?

There may have been other options but a two-unit home that was not that chopped up seemed to fit the bill.  It will be on the larger side, have two baths, if it is a fixer-upper, whats taking out an extra wall or two that was added to divide the home. In this area, prices on two-units (especially beat up ones) had dropped significantly more than single family homes, so all we need to do is find one with a garage.

Your route may not be so circuitous, but a good look at your goals may help uncover what kind of property may be right for you.  Here are a few starter questions.

How long do I intend to live there?

How certain am I of this?

Am I handy or do I want to be?

Is my down payment in line with my income or do I have a lot of money now and less later, or less now and more later?

Would I be a good landlord?

Do I have or intend to have pets, children, a spouse?

Once we discuss these questions, you will either go on and do what you planned on doing initially or you will make an adjustment. I’ll feel better knowing you took those steps from a more educated and studied approach.  Your decision to look at single family homes, starter homes, new construction, older homes, recently renovated homes, condos (which themselves can be of all different sorts), rental property, a potentially owner occupied rental property, is an important one and deserves some thought.