There are many reasons to look for an alternative to single-family homes. Perhaps it’s financial or maybe you’re looking to have more of a community. Regardless of the reasoning, there are plenty of options available to fit a variety of needs.
Buy a Multi-Family Home
You can start by buying a duplex or a triplex. These types of living spaces have multiple units that are connected either next to each other or on top of each other. Buying a duplex or a triplex makes you the landlord and you will be responsible for taking care of all units. However, you also make more money from the renters in other units. This can help lift the financial burden of a mortgage. If you would rather not buy a duplex or other similar unit, you can also rent out rooms in your home that you aren’t using.
Live in a Condo
If you live in a condo you will have your own space while still being part of a community. You’ll have the opportunity for an avid social life and there will be plenty of people to depend on if there’s ever an emergency.
Living in a condo also means you will pay monthly fees to your Homeowners Association (HOA). Despite their headaches, HOAs have several benefits.The HOA is responsible for the maintenance of the area. They take care of all the grounds and the upkeep.The money you put into the HOA is also used to maintain the amenities at your condo such as a pool, a gym, or even activities.
While there are many benefits, there are certain drawbacks to keep in mind. Although you have your own living space there can still be a lack of privacy. There are many residents and your unit can be attached to others in multiple ways. In addition, the HOA may enforce certain rules such as a limit on pets. It’s also important to be wary of HOA fees as they have been steadily rising in most areas.
Live in a Townhouse
Townhouses are similar to condos, but they actually include more benefits. You are responsible for the exterior of your home as well as the yard. Because of this, HOA fees are much lower than a condo and you have more autonomy in your space. Keep in mind townhouses mean you will share at least one wall with neighbors, but at least there’s no one above or below you.
No matter your circumstances, there are plenty of options available if you’re looking for an alternative to a single-family home. These alternatives give you the opportunity for more community, lower costs, or even help with your mortgage.
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