There are many different types of properties available in the Central Oregon Real Estate Market. If you’re a first-time homebuyer it can be hard to discern which is best for you and your life right now, and which will return the best investment in a few years. While it’s important to consider your lifestyle and budget, it’s also important to consider how much work you want to put into a property. We’re here to break some great property types down for you.
The definition of a town home can be difficult to define. It consists of a narrow, multilevel residence attached to other residences, which kind of sounds like an apartment complex. But the clear definition is the ownership, if the land that the house is on, including front and back yard. If you own a town home, it can be easier for yard maintenance, as you’re not typically responsible for as much land as other properties.
As far as investment is concerned, town homes are great starter homes, and as the market has shown starter properties are great for first time home buyers. Townhomes really become a great buy when you can buy a duplex, and rent half of it out. Being able to rent part of your new home, helps cover the mortgage and other expenses. This does require more effort to rent and lease out property, but it can be a great return on investment.
If you’re looking for the most hands-off approach to becoming a homeowner, condos can be a great option. If you’re a first-time homeowner, or you’re looking to downsize and not have as much maintenance required, condos are a great option. Most condos come with little to no land, and there for no required landscape maintenance. Some condominium properties have common area space, that the community pays to be taken care of. This does require a bit of a monthly cost to have the property taken care of. Condo fees can be considerable more than HOA fees, because the fees cover anything from exterior maintenance, insurance, elevators, parking areas, or trash or snow removal.
Single Family Homes
Homes on single lots provide people with the most freedom compared to townhomes and condos. There are no shared walls with these properties, but depending on the neighborhood you can have HOA fees. These lots require the most maintenance, as homeowners typically have an entire lot that they’re responsible for.
Detached yards appeal to young homebuyers as it allows for more life planning in the future. Single family homes almost always include a garage, which can be a big selling and reselling point of value, especially in a market like Central Oregon.
Pros and Cons
When buying a home, it’s important to consider your lifestyle, and the level of work you’re willing to put into a home. Budget also must be considered. If you’re looking for a property with little maintenance, but aren’t willing to pay higher HOA fees, a condo might not be right for you. If you’re looking for little maintenance, but aren’t willing to have shared walls, you might want to find a single-family home with little yard maintenance. Whatever your needs, the right kind of property is out there for you. Call your Bend Oregon Realtor today, and start looking for the perfect property.