Buying a HomeCondoLoveland Real EstateNorthern Colorado Real Estate December 16, 2020

House vs. Townhouse vs. Condo

House vs. Townhouse vs. Condo

 

Deciding between a house, townhouse, and condominium can be a difficult process. Knowing how their characteristics align with your life and goals as a homeowner will help guide you to the right choice.

 

What differentiates houses, townhouses, and condominiums? 
House: 
  • Detached houses offer the most freedom and privacy of the three housing options. They provide the opportunity to personalize your home as desired, without rules from a governing body like HOA. Houses don’t share walls like townhouses or condos, and typically offer larger outdoor spaces as well.

 

  • Situated on their own lots, owning a house leaves the responsibility of maintaining and improving the structure and accompanying land to the homeowner. Between a down payment, closing costs, and other homeowner fees, the upfront costs of owning a house can be significantly higher than a townhouse or a condominium.
Townhouse: 
  • A townhouse is typically a narrow, multileveled structure connected to others in a row or block, typically with a small parcel of property in front of or behind the home. Somewhere between a house and condo, townhouses may be the best of both of worlds for some homeowners.

 

  • Like a house, townhouse owners are responsible for exterior (roof and siding) maintenance and repair. Most townhouses tend to have a small footprint and modern upgrades, with lower HOA fees than condos due to a lesser focus on shared amenities.
Condominium:
  • Condominiums are divided, individually owned units of a larger structure. Due to their smaller size and because they come with no land, condos are typically less expensive than a townhouse or a house. However, HOA fees combined with a monthly mortgage payment can increase the cost of condominium living, depending on the amenities offered in a building. Unique to condo ownership, the exterior of the units is considered a common area with ownership shared among the condo owners in the building.

 

  • As a condo owner, you are only responsible for the inside of your unit. With this decreased maintenance comes less exclusivity and privacy. Condo owners live in close proximity and typically share amenities like gym and pool access, laundry, and other facilities.

 

How does your home align with your life?
House: 
  • For homeowners looking at their property as an investment in their financial future, houses are a strong choice. Houses allow homeowners to plan long-term with the knowledge that their home will build equity over time.

 

  • If you are planning on putting down roots and starting a family, houses provide the best opportunity to grow into your future and are better suited to handle significant life changes.
Townhouse: 
  • For people looking for more space than a condo but are not quite ready to make the jump to a single-family home, townhouses are the perfect fit. They present a great steppingstone for first time home buyers or buyers who simply don’t want the responsibility of taking care of a larger, standalone home and yard.

 

  • Townhouses are often located in residential neighborhoods. They are fitting for those looking to graduate from rented dwellings in city centers or metropolitan areas yet maintain greater ownership flexibility than a single-family house.
Condominium:
  • Condominiums appeal strongly to homeowners looking for a low-maintenance residence, with access to shared amenities amongst a community. Condos are usually found in denser areas closer to downtown centers, shopping, and entertainment.

 

  • They are a better fit for buyers seeking metropolitan surroundings than a detached home, which is typically found in a more suburban or rural environment. Given their proximity to city/town centers and mass transit, condos present the opportunity of a shorter commute for those who work in downtown areas.

 

After all the research, do what feels right. Whether it’s a house, townhouse, or a condo, work with your Windermere agent to find the best option for you and your future.

Northern Colorado Real EstateReal Estate Market January 15, 2020

What is the Best Investment for Americans?

What is the Best Investment for Americans?

Some are reporting that there is trepidation regarding the real estate market in the United States. Apparently, the American people are quite comfortable.

Porch.com, a major network helping homeowners with their renovation projects, recently conducted a survey which asked Americans:

“What do you believe is the safest investment over the next 10 years?”

U.S. housing came in at number one, beating out other investments such as gold, stocks, bonds, and savings.

Here is a graph showing the top five investments Americans selected:What is the Best Investment for Americans? | Keeping Current MattersThe findings of the Porch.com survey also coincide with two previous surveys done earlier this year:

  1. The Federal Reserve Bank’s 2019 Consumer Expectations Housing Survey reported that 65% of Americans believe homeownership is a good financial investment, and that the percentage has increased in each of the last four years.
  2. The Gallup survey showed that Americans have picked real estate as the “best” investment for six straight years.

Bottom Line

Based on all three surveys done this year, we can see that Americans still believe in homeownership as a great investment, and that feeling continues to grow.

https://www.keepingcurrentmatters.com/2019/12/05/what-is-the-best-investment-for-americans/

investmentrentaltenants December 20, 2019

So you bought an investment property, now what?

Investing in a home is a great way to build passive income but earning from your investment will take a little groundwork to become a well-oiled machine. This is your beginner’s guide to owning an investment property so you can set up that foundation properly to avoid future headaches.

 

Make sure it’s livable

It’s important to start with your home inspection before you start making plans. Use the inspection report to prioritize the maintenance issues.

Before a tenant moves in, make sure the home is livable. Handle the important items that affect the livability of the property, either now or in the near future. If the inspector noticed a leak in the roof or holes that could lead to infestation, take care of those first. Other maintenance issues to prioritize are the fuel and the hot water source.

If your city has inspection and registration requirements, be sure to cross check those inspection checklists with your current property. If the property wouldn’t pass now, make sure it will pass by the time the city sees it.

 

Upgrade the space

Once your property is in livable condition, it’s time to upgrade. If you have any left-over budget after the necessities are handled, consider adding a bedroom or a bathroom where you can find the space. These rooms heavily impact the rental price, and the more you have the higher the price. If there’s no space for another bed or bath, think about finishing the basement or upgrading some of the appliances to make the property more attractive to potential tenants.

Use similar properties in your neighborhood as your inspiration. These units are your competition, think about what you can add, or even take away, that would help you compete. Ask yourself what about your home is unique and in what ways does that affect your rentability? If every unit in your area has hardwoods, how can you make your carpeted home appealing? Maybe new carpet? Or is switching to hardwoods, or vinyl laminate that looks like wood, worth it?

 

Market it to future tenants

You need two things in your listing: 1) Great Photos 2) An Amazing Description

After you’ve perfected the property, it’s time to tell potential tenants that it’s available. Creating the listing is essential in drawing eyes on the unit so you can show it to as many people as possible.

Renters looking to move are quick to make their first impression of a property with thumbnail photos on a map. So, take lots of great, bright, photos of the entire place to showcase the amenities and show potential tenants what it looks like, then choose the best photo to be the first in the lineup. Remember to get the lighting is just right to show every corner of the listing. Dark photos scare tenants away, making them think the unit is dingy and dirty. Light and bright photos show a clean home that’s move-in ready. They can imagine themselves living there a lot easier than in dark and cramped looking units.

Next, they’ll read the description. This is again where other listings in your area can help you.

Read other listings to structure your description and to draw inspiration on what tenants might think is important. Find the selling points and emphasize those above the unique features, especially if those unique features are obvious in the photos.