The housing market has been somewhat unpredictable lately, other than the fact that it seems to be going straight up. In most major cities the homes for sale within desirable areas has increased, and the available inventory of properties, went down. Not the best for first time homebuyers, or those people who are looking for affordable housing options. However, there might be some light at the end of the tunnel after all, and it comes in the form of condos, and townhouses, more affordable options for families.
If you have never thought about buying a condo or townhouse, the current real estate prices may force you too. For anyone who is already familiar with these types of homes, they provide some benefits and are easier on the pocketbook.
What are Condos?
Condos are much like apartments, because there are typically lots of condo units within a much larger building. The floorplans can be anything, but typically resemble an apartment style layout, with bedrooms, a centralized kitchen, bathrooms, patio space, laundry room, and not much else.
Some condos are spacious and feature double master styling, with each bedroom having an on suite, or bathroom in it, just like any master bedroom has. These can be luxurious with high end finishes, that bump up the price. Or more basic finishes that are clean and too the point.
There are many types of condos for example: waterfront condos, 2-bedroom condos, 3-bedroom condos, luxury condos on golf courses, or those within yacht clubs.
What are Townhouses?
Like condos in that there are multiple units within a larger building. However, there are typically only from two to four townhomes within any building maximum. Townhouses are larger than condos also, and they can be multi-level units, with the living space, kitchen, laundry room, and guest bath downstairs, and the bedrooms with their own bathrooms upstairs. This is a common townhouse design.
You can find townhouses everywhere that condos, or single-family homes are located. Within smaller divisions of larger neighborhoods dedicated to townhomes. Or stand along townhomes, built to maximize ROI for investors.
There are affordable townhomes equipped with the basics that work well for many families who are looking to own their own home, affordability. To luxury townhomes that cost millions, and feature the highest-grade finishes, like marble floors, and quartz counter tops.
Can you Buy a Townhouse or Condo with a Mortgage?
One of the most important things to find out about the townhouse or condo you want to purchase is if its already FHA approved, or not?
Many families are working with a set budget they can not stretch too much. The FHA home loan program offers borrowers to buy with just 3% down payment. This is much lower than conventional loans that require up-to 20% down payment.
Your mortgage broker, or local banker who specializes in home loans can find out weather or not the place you like is approved, or if you need to keep looking. Of course, if you already want to put down 20% or more, then you can purchase whatever townhome, or condo your heart desires, because they will all get approved for regular conventional type loans. Provided you are approvable too.
How to Purchase a Townhouse or Condo?
It is the same process to purchase a townhouse, or a condo these days. There are some differences though, which could make a big impact on what you can buy. For example, make sure that you know about the neighborhood and if it is an approved community for FHA loans, if low down payments are important to you?
You should contact a local real estate agent who specializes in townhome and condo home sales. They can guide you in the right direction and often, have lenders, brokers, and other specialists who can help you on your way.
Look on the local Multiple Listing Service to see what properties are listed for sale. You can find active MLS feeds on well known and trusted websites like Zillow, Realtor, Trulia, and others.
Conclusion to This All
Hopefully you can see the benefits of purchasing townhouses and condos. Families can easily afford them, compared with larger, more expensive single family styled homes. If you can find a great neighborhood to live in, then you just must wait until the right property becomes available, and then have your realtor make your offer to buy. You might just end up falling in love with living this way.