House, condo, or duplex? Decide which is right for you
When you think of your ideal home, do you envision a detached, single- family house with a big lawn?
Many people associate this image with homeownership, but the best fit for you might be a historic townhome on a tree- lined street or a top- floor penthouse overlooking a city skyline.
Whatever you imagine, choosing the right property depends on your situation and goals.
Your Realtor can help you find a home that fits your needs and help you understand what is involved in purchasing and owning property. Here are two types of property your Realtor might suggest to you: Condos
You enjoy many of the same ben-
efits from owning a condo as you do a single- family home.
You can deduct your mortgage interest and property taxes from your federal income taxes if you itemize, and you increase personal wealth while building equity.
When you live in a condo, you avoid some of the maintenance and upkeep issues that come with a house. You’ll pay a monthly condo association fee for that convenience, but you won’t have to mow the yard, water or replace the plants, paint the exterior or perform other tasks associated with owning a single- family house. Your association fee goes toward repairs and routine maintenance.
Remember, this money keeps the property well maintained and protects its value.
Youmay get to enjoy amenities such as a pool, clubhouse or workout room. If a property has extensive upscale amenities you don’t think you’ll use, you might want to look elsewhere. Condo association fees vary greatly. Generally, the more upkeep required means higher fees.
Don’t forget condominiums often share walls. Living in close contact with your neighbors has advantages and drawbacks. Be realistic with yourself when you decide if a condo is a good choice. Also, don’t assume a condo will cost less than a detached house.
There are upscale condos and inexpensive houses, just like there are upscale houses and inexpensive condos. Multifamily
Duplexes, triplexes and fourplexes are another option. Though some people own small multifamily properties solely for investment purposes, others find it advantageous to purchase a property, live in one of the units and rent out the others.
You may decide you like this arrangement solely for the financial aspects of it, or it may work well if you have a relative or friend you’d like to have living nearby.
In this scenario, remember you are not only a homeowner, but a landlord, too. That comes with benefits ( a monthly rent check, equity that continues to build) and responsibilities ( making repairs, finding tenants).
It’s possible to purchase half of a duplex — or one unit of some other multifamily property. You might hear properties of this type referred to as townhomes.
Regardless of what a property is commonly called — condo, co- op, loft apartment, townhome, garden home — it’s important to know what legal definitions and documents govern the purchase and ownership of the property. It’s equally important to know what those definitions and documents mean when it comes to your continued expenses and the rights of ownership you will enjoy.
For more information on buying property, visit TexasRealEstate. com and HAR. com.
Wayne Stroman of Stroman Realty Inc. is the 2012 chairman of the Houston Association of Realtors.
BetterHomes andGardens Real EstateGary Greene announces DianneMcCoy, director of professional development, has been appointed by theTexasReal Estate Commission as an educator member of its newly created EducationCurriculumStandardsAdvisoryCommittee.
Members are chargedwith reviewing and revising educational curriculumstandards, course- content requirements and instructor- certification requirements for core and mandatory continuing education courses for real estate professionals inTexas. McCoy was approved by the commission to instruct legal, ethics, broker responsibility and core real estate courses. She serves on theTexasAssociation of Realtors Professional StandardsCommittee andFaculty AssessmentPanel.
“In the last fewmonths, we have establishedGary GreeneUniversity, which will provide additional educational programming for our managers, agents and licensed staff,” McCoy said. “In addition, the company was recently approved by TRECas a Mandatory ContinuingEducation provider.” With this approval, the company is able to provideMCEprograms inhouse for its licensed management, agents and staff.
BetterHomes andGardens Real EstateGary Greene and RealtorNiki Davis rolled out theYard of theMonth program inFall Creek, a master- plannedcommunity inHumble.
Davis had the idea to recognize the most beautifully landscaped yards in the neighborhoodwhere she does the most business. She selected the first winner, KathyPalmer, in late September.