| Housing Options | | | | condos can be attractive to home buyers on a |
| Home buyers just starting to look for a new home | | | | budget. Because several units occupy the space that |
| have several options that they should consider. While | | | | a single-family home would take up, the price of a |
| what comes to mind for most people when they | | | | condo can be significantly lower and hence affordable |
| envision a new home is the traditional single-family, | | | | to many buyers. |
| prospective buyers should really give some | | | | Townhomes |
| consideration to their needs, wants and financial | | | | Somewhere between a condo and a single-family |
| situation in regards to what type of property they | | | | home is the townhome. Normally these are defined |
| buy. | | | | as one living unit adjoined on two walls by other |
| | | | units, though there are exceptions. Townhome |
| The traditional choice of buyers that need room to | | | | owners generally own the structure itself up to the |
| spread out. By definition, a single family home has its | | | | adjoining walls, and the land it sits on, normally |
| own land and structure. The owner is responsible for | | | | including the front and back yards. Townhomes offer |
| paying all the taxes and insurance as well as doing all | | | | home buyers a definite compromise between the |
| the maintenance. Because in most developed areas | | | | extremes of single-family homes and condos. Each |
| land is the major component of a property's price, | | | | townhome unit is taxed separately but there is |
| single-family homes are the most expensive. | | | | usually an HOA to coordinate and pay for the upkeep |
| Some neighborhoods have opted to have a | | | | of any common areas. |
| homeowners association (HOA) to ensure that | | | | In some areas developers are building 'detached |
| homes are maintained and common areas are kept | | | | townhomes' which in effect are single family |
| up. Homes in HOAs are subject to a variety of | | | | residences placed VERY close together, usually within |
| 'community rules' that a buyer should read very | | | | 10'-12' of the exterior walls. These offer slightly more |
| carefully! Of course, every home in the HOA will have | | | | privacy, but still maintain a slightly lower price point |
| a yearly fee to cover all the costs incurred so those | | | | because of the density of homes. |
| should be considered when estimating total costs for | | | | Multi-Family Properties |
| owning a home. | | | | For industrious home buyers, the multi-family |
| Condominiums | | | | structure should not be overlooked, though it often |
| At the other end of the scale are condominiums. | | | | is. In many places the price of duplex, tri-plex and |
| These maximize the amount of living area on a piece | | | | even four-plex properties is not significantly more |
| of land, while sacrificing privacy and yard space. | | | | than that of a single family home of comparable size, |
| Normally dues are paid monthly to cover the water, | | | | and this offers home buyers a great advantage. By |
| sewer and garbage service as well as the taxes and | | | | purchasing a duplex property for example, the new |
| normally increase about 5% per year. All the exterior | | | | owners can live in one unit, rent the other out, and |
| maintenance is taken care of, but condo buyers | | | | subsidize their house payment. There are tax |
| should be aware that major repairs to a condominium | | | | advantages as well that home buyers should consult |
| complex is split evenly amongst all the owners. It is | | | | their accountants about. |
| best to buy just after big maintenance projects are | | | | Loans for multi-family properties such as these are |
| completed and sell prior to them happening. | | | | also financeable through normal means, and even via |
| As with HOA's, condominiums have CC&R | | | | FHA loan programs. For the added work of having |
| declarations, which stipulate what can and can't be | | | | tenants for neighbors, home buyers can significantly |
| done with a condo and in the common areas. These | | | | reduce their net monthly payment. |
| can vary from fairly lax to near draconian so again, | | | | Consider Your Options Before Shopping! |
| be sure to read the CC&R declarations very | | | | As prospective home buyers, you should talk with |
| carefully! | | | | your agent before shopping and discuss what home |
| The up side of condo life is the ease of it all. There | | | | types fit your needs and lifestyle, as well as price |
| are no lawns to mow, gutters to clean, or paint to | | | | range. Your real estate agent should be able to |
| fix. Of course you still have to maintain the inside of | | | | suggest several options for you that fit your criteria |
| your own condo unit, but this is generally much easier | | | | both in space, maintenance and location. |
| than with a single-family home. Also, the price of | | | | |