When you think of your perfect residence, do you envision a spacious, single-family home with a large lawn? A lot of people associate this picture with homeownership, but the best fit for you might be a historical townhome on a tree-lined street or a top-floor penthouse overlooking a city skyline.

Whatever you envision, choosing the perfect property depends on your situation and goals. Your Realtor can help you find a house that fits your wants and help you understand what’s involved in buying and possessing property. Here are two types of property Your Realtor might suggest to you:

Condos

You enjoy many of the same benefits from owning a condo as you do a single-family house.

When you live in a condominium, you prevent a number of the upkeep and maintenance issues that come with a home. You’ll pay a monthly condo association fee for this advantage, but you won’t have to mow the lawn, water or replace the crops, paint the exterior or execute other tasks associated with owning a single-family residence. Your association fee goes toward repairs and routine maintenance. Bear in mind, this money keeps the house well maintained and shields its value.

You may also get to appreciate amenities like a pool, clubhouse or exercise room. If a home has extensive upscale amenities that you don’t think you’ll use, you may want to appear elsewhere. Condo association fees vary considerably. Normally, the more upkeep required means higher fees.

Do not forget that condominiums often share walls. Living in close contact with your neighbors has advantages and drawbacks. Be realistic with yourself when you determine if a condo is a good selection. Also, don’t assume that a condo will cost significantly less than a detached home. There are upscale condos and cheap houses, just like there are upscale homes and inexpensive condos.

Multifamily

Duplexes, triplexes, and fourplexes are just another option. Though some people own little multifamily properties solely for investment purposes, others find it advantageous to buy a property, reside in one of the units and rent out the others. You might decide you like this arrangement exclusively for the fiscal aspects of it, or it may work well if you have a relative or friend that you’d like to have living near.

In this scenario, do not forget that you’re not only a homeowner, but a landlord, also. That includes benefits (a monthly rent check, equity which continues to construct ) and responsibilities (making repairs( finding tenants).

Regardless of what a home is often called — condominium, co-op, attic apartment, townhouse, garden home — it is important to understand what legal definitions and documents govern the purchase and possession of the property. It’s just as important to know what those definitions and documents mean when it comes to your continued expenses and also the rights of ownership you may like.

For more information about buying property in Stephenville or anywhere in Erath County, please visit www.preferredpropertiestx.com

or give our office a call.

For additional information on the topic check out this article:  https://www.supermoney.com/best/shared-equity/