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Alternatives to a Single-Family Home You Should Explore

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First-time home buyers are often overwhelmed by the expensive housing possibilities. A single-family home is classified as a dwelling on its own parcel of land, and usually is higher in price for that. It is important to know that there are a variety of options available for affordable housing, however. Here are a few alternatives to a single-family home that you should explore!

Rent an Apartment 

Renting an apartment gives you a place to live with little to no maintenance responsibilities. You are not responsible for property maintenance, maintenance costs, or repair bills. Renting is also a great alternative because you do not need a down payment. Mortgage payments, real estate taxes, and homeowners’ insurance quickly add up. All of these fees you avoid with renting. Renting gives you more flexibility with where you live and less stress with the physical elements of owning a home.

Buy a Condo 

A condo is a home that you own on a piece of land where other people also own homes. Condo owners usually share an entrance, walls, and some utilities with one or more other owners. A condo often appears to be an apartment that an individual owns. Benefits of buying a condo include desirable amenities by the condo association, and a monthly homeowners association fee that helps cover shared expenses such as a pool, hot tub, fitness center, and clubhouse amenities. The property management takes care of most exterior maintenance when you have an HOA. This is a great choice for homeowners that don’t want to be bothered with building and grounds maintenance. In most cities owning a condo will cost less per square foot than single-family homes.

Purchase a Townhouse 

A townhouse is a blend between a single-family home and a condo. Like a condo, you only own the land the townhouse sits on, you will likely share at least one wall with a neighbor, and you may be subject to HOA fees. However, townhomes offer more space and privacy than a condo. Townhomes often have two entrances (front and back) and their own private yard. A townhouse requires more homeowner maintenance, but is significantly easier to manage than a single-family home.

A home is a big investment that only pays off if it fulfills your needs. Purchasing a home is not for everyone, especially when you’re still financially insecure. Before purchasing a single-family home, explore housing options that include renting an apartment, buying a condo, or purchasing a townhouse.

Read this next: Different Types of Real Estate Investing You Should Consider


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