Before you buy a home, you'll need to decide where you want to live. You have several options. You can place your home on land you own or intend to purchase, in a rental community, or in a subdivision.

It is important to note that there are distinct advantages to each type of placement. Different advantages will apply to different people depending on their specific situation. Most of these advantages have to do with the type and cost of financing the home.

When considering the placement of your new home, weigh the importance of exactly where you wish to live with the type of financing available to that type of home location. For example, placing a home in a rental community will mean financing a smaller amount of money. However, personal property loans of that type also involve higher interest rates and can have an affect on the appreciation of the home.

Check to see if your choice will be effected by local land use regulations or private land covenants. Consult with your bank and/or retailer on all of your options before making a final decision.