| Buying property is certainly one of the most important purchase you will ever make. It is important to make an informed choice and to go for the type of property that will best suit you.When you contemplate becoming an owner, consider the many types of homes available. Besides the single-family home and the condo, you can always choose to opt for a type of income property known as the “plex” (duplex, triplex, quadruplex and quintuplex).The Plex The duplex in closest to a single-family home. It can be detached, semi-detached or attached. It usually consists of one residence on top of the other.Aside from earning rent, which helps pay for the mortgage, there can be other financial benefits. The mortgage interest for the part of the duplex which is rented is tax deductible since it goes towards the purchase as income revenue. Also, expenses, as a result of the maintenance and upkeep of your tenant’s residence, are tax deductible.A lack of privacy and extra work might be considered a drawback for the occupant-owner, but in spite of this, the “plex” becomes somewhat of an interesting purchase in view of the savings it can generate. The Condo You work, you’re on the go, your travel regularly and, therefore, have little time to devote to your home? As well as offering you a safe environment, the condo is not as demanding as a single-family home since your aren’t’ required to mow the lawn, pick up dead leaves, shovel snow, etc. However you must be very open-minded to enjoy the condo experience given that you need to be in agreement with other owners about many important aspects such as building renovation and maintenance. That’s why it is recommended that you carefully choose a building in which the other owner profiles match with your own. For example, a family with two young children might not feel welcome in a building where the majority of tenants are retied and vice versa. From small horizontal and vertical building types to high-rises, triplexes and townhouses, to complexes offering active community life or a magnificent view, there are many types of condos and many price scales. Make sure you properly evaluate your needs before making up your mind. The Single Family Home The single-family home is by far the most popular property for consumers. As the owner of a single-family home you have the freedom to develop your property as you please , according to your own tastes. You also certainly enjoy the highest level of privacy, given that no other occupants share the home. |
However it’s important to consider the amount of maintenance the purchase of a single-family home generates. The upkeep of the lawn, landscaping and the snow removal require time and money. And remember, the bigger the property, the higher the maintenance fees.
Take the time to properly evaluate your needs. Your real estate agent can help advise you throughout your decision-making process.
I wrote this article because I love real estate. If you would you like me to work for you, call me, Jennifer Lynn Walker 514-402-8444 or EMAIL ME!
