Tag: downsizing

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Mortgage News Matters

4 Benefits of Moving to a Villa

street view of a villa with palm trees outside

For homeowners who are looking to downsize from a home to a smaller property with less maintenance, one option they should consider is moving to a villa. In addition to being a fruitful investment property, villas provide considerable privacy in a niche living experience.

What is a Villa?

Villas are homes located in retirement communities or vacation properties. They are one-level residences that often include patios, balconies, or gardens. As a property located in a community, they typically come with amenities like pools, clubhouses, or gymnasiums.

What are the Benefits of moving to a Villa?

  1. Investment Property. Like with a townhome, when a buyer purchases a villa, they are also purchasing the plot of land the property is sitting on. As this land value increases overtime, so does the villa itself, making it an ideal investment opportunity.

  2. Privacy & Exclusivity. With no shared walls and no shared water supply, a villa provides a similar level of privacy and exclusivity, as with owning a home. It is also typical for a villa to come with a private open space, such as a balcony or patio, which offers additional security and seclusion.

  3. Freedom to design. Though each community comes with its own set of design guidelines, a villa provides much more freedom to design, compared to living in an apartment.

    In some communities, owners have the freedom to remodel and renovate existing rooms, or even create new additions, because they do not have to worry about answering to a housing society or neighbors with shared walls. Check with your community first, to see what your options are.

  4. Amenities. Like condominiums, villas provide exclusive amenities for all their residents. From 24/7 maintenance to recreational spaces, there is truly something for everyone.

To learn more about downsizing from a home to a new property and take a look at your mortgage options, contact a Loan Originator today!

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Mortgage News Matters

4 Benefits of Downsizing to a Townhome

street view of multi level townhouse

Like a condominium, downsizing to a townhome is a great option for homeowners who are looking for less space and less maintenance in a property.

Though they do require additional costs, like homeowner’s insurance and association fee; Townhomes offer additional advantages, like more privacy and fewer restrictions. To help you decide whether a townhome is the best option for you, we’ve listed four of its major benefits.

What is a Townhouse?

A townhouse is a multilevel residence that is physically attached to a larger group of residences along a given street. Like a condo, a townhouse typically requires ownership. However, they differ in the fact that they are often sold with their plot of land. Which can make them more expensive.

What are the Benefits of Downsizing to a Townhome?

  1. Ownership. With townhomes, there are two different types of ownership: a (1) fee simple and (2) condominium. Condominium ownership means the buyer only owns the inside of the property and the exterior is maintained by the HOA and paid for through regular fees.

    A fee simple ownership, however, gives the buyer ownership of the plot of land the property is sitting on, including the front, side, and backyards. This provides for more freedom with the property, but also requires more maintenance from the owner.
  2. Lower HOA fees. Because they often require less maintenance and have fewer amenities, townhomes typically have fewer HOA fees, in comparison to condominiums. It is important to keep in mind that paying fewer HOA fees does not mean less maintenance for the owner. If maintenance is necessary on the exterior of the home, it is at the owner’s expense.
  3. More Privacy. A townhome typically offers more privacy, because unlike condos or apartments, they only have neighbors on either side of the home, rather than above and below. In addition, townhomes generally have their own yard separate from the publicly shared amenities.
  4. Rules and Regulations. Generally, townhomes have less rules and regulations compared to condominiums. This is beneficial to those who value freedom of expression and less restrictions.

Considering downsizing, but still aren’t sure whether a Townhome is for you? Check out our next blog on the benefits of moving to a Villa.

Categories
Mortgage News Matters

4 Benefits of Downsizing to a Condo

condominium building set on a bright blue sky

Downsizing from a home to a condominium is a great option for homeowners who find themselves using less of their space, looking to downsize, or simply interested in a home that requires much less maintenance to take care of.

Significantly smaller than a typical home, a condo can be a townhouse, loft, or high rise, and often includes additional costs, like homeowner’s association fees and homeowner’s insurance.

To help you decide whether this choice is right for you, we’ve decided to share four of the major benefits of downsizing to a condo.

What is a Condo?

A condo, or condominium, is a privately owned unit within a community of other units. Like an apartment complex, a condo is part of a larger building. However, unlike an apartment, residents are the owners of their own unit, rather than merely renters.

What are the Benefits of Downsizing to a Condo?

  1. Pricing. Depending on your market, owning a condo can often be more cost-efficient than owning a home. It is said that in rural areas, single-family homes appreciate at a greater rate compared to a condo of the same size. However, in cities, condos rise in value quicker than single-family homes located further from the city center. It is important to keep location in mind when looking for the best pricing.
  • Less Maintenance. Significantly smaller in size, condos require relatively less maintainance to take care of than a home. This gives residents more time to spend doing the things they enjoy.
  • Onsite Amenities. Like an apartment complex, condos often have onsite amenities like pools, gyms, and community areas – to name a few. Residents pay HOA fees that cover costs like maintenance of these common areas, so they can enjoy these amenities without having to worry about upkeep. 
  • Sense of Community. Condos are set up like little neighborhoods. They often become close knit communities where everyone feels a sense of trust and belonging. This can be a relief for many who like their independence but also want to feel a sense of community.

Considering downsizing, but aren’t sure if a Condo is the right choice for you? Check out our upcoming blog on the benefits of downsizing to a townhome.