Costs and SpendingFirst Time Home BuyerHelpful Tips December 9, 2020

Which Type Of Home Is Right For You?

Deciding which type of home is best for you – house, condominium, townhouse or apartment – can be a struggle. Each type has its own benefits and drawbacks, it all depends on your life and specific circumstances. But it’s best to know the differences and how it will align with your life before making the decision.

 

Differences Between House, Condominium, Townhouse and Apartment

House

This option offers the most privacy and freedom of the 4 different options. You have more opportunities to personalize your space. You don’t share a wall like you do with a condo, townhouse or apartment. Additionally, the outdoor space is usually the largest of the 4. On the down side, a house is situated on its own lot which leaves you with the responsibility of maintaining the lawn and structure. Also, purchasing a home has the most cost upfront with a down payment, closing costs, and other homeowner fees.

Townhouse

A townhouse is typ4ically a multi-leveled & narrow structure that connects to others in a row or block. The building has a small parcel of property either in the front or the back. This option offers a mix of both a house and condo, which may be the best of both worlds for some. Similar to a house, townhouse owners are responsible for some maintenance and repair. HOA fees are generally lower than that of a condo since there are less shared amenities.

Condominium

A condominium or condo is an individually owned unit of a larger structure. A condo is generally less expensive than a house or townhouse due to their smaller size and they come with no land. However, with a monthly mortgage payment combined with HOA fees, the cost of living can increase. You are only responsible for the inside of your unit which means less maintenance responsibility. The outside of the unit is considered the common area and ownership is shared with all the condo owners in the building, which means less privacy. As a condo owner, you will live in close proximity to others including sharing certain amenities.

Apartment

An apartment is similar to a condo in that it’s a unit inside a larger building. The largest difference than the other 3 options is that apartments are rented rather than owned. You may get similar amenities as a condo, but you only pay monthly rent to the landlord. Because of that you won’t be building equity to use in the future. Renting an apartment is likely the least expensive option, especially since you won’t be paying monthly HOAs. You must rely on the landlord for all maintenance inside and outside of the unit. The space is not yours to personalize and may be required to leave after your lease is up.

 

Will It Work For Your Life?

House

Purchasing a house is the best option for those who would like to invest in their financial future since you will be building equity. Additionally, it will give you the opportunity to put down roots and the space to start or grow your family. You will have the security of knowing you can handle significant life changes. The privacy and freedom to personalize your space as you please.

Townhouse

For those that would like more space than what a condo or apartment can offer but aren’t yet ready for owning a home, this is a great between option. It’s ideal for homeowners who don’t want the responsibility of maintaining a large home and yard. It could be a great fit for those looking to get out of renting in a large metropolitan area to owning their own home in a more residential area.

Condominium

If you’re looking for a low-maintenance residence with shared amenities and a strong community feel, this would be a great fit. They are typically located in more of a metropolitan area with access to shopping, dining and entertainment. This will allow for a shorter commute than in a suburban area.

Apartment

An apartment is a smart choice for those who don’t want the responsibility of home ownership just yet. It would be a stepping stone into living on your own, knowing that you are not yet building equity. Also, it would be good for those who don’t plan to stay in one area long-term.

 

Ultimately, you will need to do what feels right for you and your situation. But we hope to have helped in making a decision in the right direction. No matter what type of home ownership you are looking for, we are here to help. Feel free to contact us with any questions!

 

Credit: Windermere Blog Written by Sandy Dodge, Bankrate

Helpful TipsHome & Projects April 4, 2019

How To Get The Most From Your Home Renovations

Everyone has an idea of their dream house. Maybe it has an elaborate built in shelf for your trading cards. Maybe there is a slide to go downstairs. While these are both awesome, they might not be part of the next owners dreams. When you are ready to invest some money into the house, consider this list of renovations that have the best return on investment (ROI).

 

 

 

 

Minor Bathroom Update

You’ll see a trend throughout the list. There is a breaking point where an investment will start to cost more than you will get back. That’s why there are lots of items that are a “minor” remodel or update. These are that happy medium ground that still makes an updated room scream that its shiny and new, but it will cost you less in the long run.

To replace tubs, tile and caulk in a bathroom might run a little over $1000 and you can expect a return rate of about 102% (at current market values).

Image by Jean van der Meulen

Landscaping

I’m 100% certain that when you walk up to someones front door, you take notice of their grass or the plants growing, if their siding is dirty or if their walk is swept. Everyone does. So when buyers are shopping for homes, you want their attention to be focused on your yard. You want it to yell at them and tell them to come check out the rest of your awesome home! DIY landscaping can be cheaper than paying a professional, but it can take longer and you might accidentally find the sprinklers with your shovel like I definitely didn’t do. There is no right answer when you decide if you want to pay a pro or be a weekend warrior. There is, however a good payoff for your investments when you sell your home, like 100%-good.

 

 

Major Kitchen Remodel

If your home is like ours, the kitchen is the absolute heart of it. Maybe because we love food, but that is besides the point. Consider updating your dated appliances, cabinets from circa 1990 and the flooring. Tile is amazing, but even quality vinyl will really lift the rooms appeal. Most of our clients head straight for the kitchen to try and picture themselves slaving over the stove. You try it. Are yo able to picture plenty of work space and uncluttered counters? If not, think about pairing down some of the obstacles. The average ROI for kitchen remodeling is about 91%. Not quite as high as the other projects, but definitely one of the BIGGEST selling points.

Image by Rudy and Peter Skitterians

 

House Exterior

Just like the landscaping, a fresh coat of paint or updated shutters and fresh siding can really draw people in. And since you are taking the time to improve your home, do the things that will get you the most in the long run. Current market trends predict a ROI for exterior improvements at about 95%. And let’s be honest, that particle compressed siding the color of avocados… has to go.

 

 

Image by Kelly Alpert

Helpful Tips April 18, 2017

What documents to keep and what to toss?

Tax time again and a mound of documents and not sure what to do with it all?

Hopefully you made it through another tax season and found all of your documents needed to file your return.  Now, what documents do you need to keep and which ones should you toss?   Here’s a little guideline which will help you with clearing out the old paperwork, but not throwing away anything that you might need later.

What to keep and what to toss?

 

John and Tracey
Keeping it Real…Estate

John and Tracey Tindall

208-818-2365 or 2456

www.johnandtracey.com

johntindall@windermere.com

traceytindall@windermere.com