Unit 2: Finding your dream home

Lesson 1: Deciding what you want

Think about the kind of house you want and where you would like to live. If you know what you want, it will be easier to find a house that is right for you. The following questions should help you.

Do you want a new home or an older home?

New houses can be more expensive than old houses, but they are usually better insulated and have better heating systems. Maintenance costs are often lower for a new home. However, older homes may be larger and offer more special features for less money.

Where do you want to live?

Location is important. Many people need to live near their workplace or near public transportation. For families with children it is important to live in an area that has good schools. Others may want to be close to stores.

What size house do you need?

Consider how many rooms your family will need. You may want a house that has only one floor or level. Will you need to have a basement or an attic? In addition, the home should be large enough for your family in five years. If you want a large yard, remember that more land will increase the price of your house.

What special features are important to you?

Deck	Fireplace	Air-conditioning

Which style of house do you like?

Ranch	Victorian	Colonial
Duplex	Townhouse	Apartment

What type of exterior do you prefer?

Stucco	Brick	Siding

Types of ownership

Most people buy a single-family home with land. However, there are other types of ownership, including the following:

Condominium (condo) — The buyer owns a home, usually a single unit in a multiunit building. However, all the buyers share the ownership of the hallways, elevators, laundry, recreation rooms, and other common areas. In addition, they pay a monthly charge for maintenance and operations.

Cooperative (co-op) — The buyer owns a share of the building corporation but does not own the apartment. The share is equal to the value of a single apartment. The owner can stay in the apartment because of a lease or other occupant agreement. The cooperative owner must pay a monthly maintenance charge and a part of the mortgage payment for the whole building. The cooperative board or committee must give permission before new people can buy a share and move into the building.

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