Determining what type of housing is right for you can prove to be a difficult task when you factor in what you need now and the future possibilities of job promotions, budget fluctuations, out-of-state moves, a marriage, birth of a child, children going off to college, etc.
Determining what type of housing is right for you can prove to be a difficult task when you factor in the possibilities of job promotions, budget fluctuations, out-of-state moves, a marriage or birth of a child, etc. It's important to choose a housing type that fits your needs and budget in the present moment and factor in what could happen in the next 5-10 years.
So you want to purchase a home in a community with a homeowners’ association. Many homebuyers love the idea of enforced community appearance, included maintenance like snow removal, recreational amenities, and association management, but here are a few things you should consider when planning to purchase a home within an HOA.
Homebuying is a journey of decision-making. You choose your real estate agent, your desired location, your mortgage lender, your loan program, your insurance agent, etc. When it comes to picking the type of home you purchase (condominium, townhouse or house), there are several factors that should come into play.
The days of white picket fences, yards for the dog and huge living spaces in the suburbs are not gone, but they may be less desirable to the new millennial generation. These individuals are waiting longer than ever before to get married, have kids and buy houses, sometimes even doing it as single entity. For a group that is constantly on the go, wants many conveniences at their fingertips and desires less responsibility, condo or townhome living might be the new housing of choice.
If you are looking to purchase a condominium, townhouse or other type of property in a planned union development, such as a gate community or subdivision, you will likely have to account for an extra monthly/yearly fee.
The fees paid to a homeowners association cover the cost of upkeep of common areas and buildings, i.e. landscaping, elevators, swimming pools, clubhouses, parking areas, fitness rooms, security gates, roofing and other structural areas of the shared building(s). A homeowners association is an organization that manages and upholds the rules, known as covenants, of a housing development, subdivision or condominium building, as well as distributes homeowners’ association fees to appropriate upkeep projects.
Determining what type of housing is right for you can prove to be a difficult task. Because you cannot always control or predict when a job promotion, out-of-state move, marriage, birth of a child, etc. will occur, it is important to choose what fits your needs and budget in the present moment and factor in what could happen in the next 5-10 years.
Types of housing include single-family detached homes, condominiums, duplexes and townhomes. Consider the following when looking at the advantages and disadvantages of each:
- Privacy & Responsibility – Is it important to you to have complete privacy and control over decision-making or are you willing to share amenities and decisions with neighbors?
- Maintenance – Are you someone who enjoys yard work and routine home maintenance or would you rather have someone on hand to take care of these tasks?
- Budget – How much do you have to spend?
- Family Size – Are you okay with living in tight quarters or do you need space to move about freely? Are you hoping to start a family in the near future or are you empty-nesters?