Ready to start thinking about homeownership? Good! According to the National Association of Realtors, building personal wealth happens way faster for homeowners than for renters.

If you're just starting to dive into the type of home options available to you, here are some considerations when weighing the purchase of a single-family home versus a condo:

Location

First and foremost, you must decide where　you want to live. From there, find out about the condo and single-family house options in the area. If　you want to be in the heart of the city, condos will be more prevalent. However, for the same price,　you could potentially find a single-family home just a short commute away. Check out the Realtor.com Find a Neighborhood tool　to start your search.

Space

How much space do you need now and do you anticipate needing over the next few years? While a two-bedroom condo could be great today, if you foresee growing your family, needing to work from home, or having frequent guests, it could get pretty tight, pretty quickly.Consider what the next three to five years will look like for you, your family, and your career when determining the amount of square footage you need

Privacy

Think about how much privacy you would like. Having complete privacy is possible in a single-family house, while condo living means neighbors will be quite close. Condos may not offer private outdoor space.

Responsibility

When it comes to decisions affecting　your home, do you feel comfortable involving neighbors? Many condo communities have strict rules about everything from paint choices to the hours when you can take out your trash cans. Single-family home communities tend to be more lenient, unless　the　community　has a homeowners' association (HOA).

Maintenance

Many condos include maintenance fees that cover landscaping and even exterior maintenance on　the unit. With a home,　the home owner will have to take care of any maintenance. Many HOA communities do take care of exteriors, but specifics vary from neighborhood to neighborhood.

Pets

Many cities have strict restrictions and permits required for pets. And even if you own your condo, you still may be at the mercy of strict HOA rules around pets. Do your research ahead of time, determine if pets are limited or restricted in any way, and decide on how important they are as a part of the home purchase equation.

Parking

If you're looking for a private garage to house your vehicles and aren't a fan of underground structures or parking on the street or in the open, a single-family home will better suit your needs.

Future rental plans

If this is a home that you anticipate eventually turning into a rental property, determine what type of rent you could obtain for it at current rates and calculate whether it'll cover added-in costs like HOA dues, insurance, and maintenance.

Budget

How much do you want to spend on　the property? Condos are usually more affordable than a house, even with the housing market in flux. Give this point considerable thought. The last thing you want is to overextend financially.

Type of mortgage

Planning to put less than 20 percent down on your new home? You might consider a Federal Housing Administration loan. The FHA is a government-backed agency providing mortgage assistance to home buyers using loan qualifiers that are lower than those required by independent mortgage outlets.

Whether you opt for a single-family home or a condo, make sure you do your research and pick the style of home that's most conducive to your budget and your lifestyle. The numbers matter when it comes to a purchase this big, but so does your comfort, so don't settle for something that you won't find yourself enjoying.