Achieving the title of “homeowner” has long been a part of the American Dream. Homeownership offers opportunities like freedom of expression, wealth building and bonding with your community that are often more difficult to come by when you rent. In fact, a recent study revealed that the average homeowner’s net worth is $195,400 versus the average renter’s net worth of $5,400! Now that is some hard evidence regarding the benefits behind the white picket fence vision of perfection. But what if YOUR perfect home doesn’t have a white picket fence at all? Maybe it’s time to think outside of the single-family home box.
Single-family homes are an excellent choice for so many people; if you have a large family, or a large pet, or you adore gardening, or you’ve dreamed of buying a home in the neighborhood where you grew up, you may be one of those people. But, and this might shock you, you also don’t have to be a single, young professional or a newly retired empty-nester to enjoy a condo or maintenance-provided home! There are quite a few reasons why an alternative to the traditional single-family home lifestyle could be a great move for you:
- Family Structure: If you have had a significant change in your family structure recently, you may not want the upkeep or expense associated with a single-family home. Loss of a partner or loved one, going through a divorce or sending the last kid off to college are often indicators that a change of residence may be helpful. We are still in a seller’s market, and now is a great time to get a high return on the sale of your home and purchase a more manageable and affordable option such as a condo, townhome or villa.
- Life Changes: So many of the best things in life also require the best of our time; new babies, promotions at work, pursuing higher education and travel all tend to keep us busy and away from home. Instead of letting all of those home maintenance tasks pile up and add stress to your plate, imagine if you could lock the door behind you every morning and not have a mile-long homeowner to-do list running through your mind all day. Calling the HVAC repair company? Nope, your HOA is taking care of it. Mowing the lawn? You don’t have one, but the beautiful green space outside of your unit is always nicely groomed and ready for you to enjoy any time you please.
- First-Time Buyers: Purchasing your first home is one of the greatest milestones of your life and should be an exciting time, but an ultra-competitive market like ours can be discouraging. Single-family homes are often the objects of the fiercest buying competition, which leaves many more options and opportunities for those interested in or open to considering an alternative type of home. A recent study by Trulia of 100 metropolitan areas across the U.S. actually showed that condo values are appreciating more quickly than those of single-family homes, more than 10% on average! This is likely due in part to condos often being located in growing areas with desirable amenities, which makes them convenient and a good investment.
If you think it might be time for you to make a change, I’d love to talk it through! Give me a call any time and we will determine the best way for you to move forward.