My New Outside Blog: September 2010

Four Types Of Home-Ownership To Consider When Buying A Home In Fort Worth Texas

  Four Types Of Home-Ownership To Consider When Buying A Home In Fort Worth Texas

Finding a home that is right for you is sometimes a confusing and a time-consuming process.  Reata Realty would like to offer the following tips when considering types of homes to purchase.  These 4 types include...Single Family Home, Multifamily, Condo and Co-op.  Two important considerations are,   lifestyle and resale.  If your lifestyle all about your outdoor kitchen and playing with your dog in a backyard then a condo is not a good choice.  However if you are into the City night life or travel alot then a Downtown Condo could just be what is best for you.

There are Pro's and Con's to all 4 types of homes here in Fort Worth, Texas.

1  Single Family Homes...(one home per lot).  This is the most conventional form of housing here in Fort Worth.  With a single family home there is in my opinion, more freedom, more privacy, more options for family activities and entertaining in your own element.  The Con's for some is more maintenance, but with that being said for some, it's a big advantage.  Additional charges vary beyond the mortgage such as HOA dues.  In Texas, delinquency in those dues can result in a lien on your property.  Always check on the details of the amount of HOA dues and the frequency they are to be paid.

2  Multifamily...Some buyers are attracted to multiple family dwellings usually a duplex where they can live in one side and rent the other for a positive cash flow.  VA and FHA loans are available for these as long as the borrower occupies one unit.  Being a landlord is not as easy as it seems.  Buyers should do a due diligence on current rates and pit falls of being a landlord.  Your Real Estate Professional is a good source of information.

3  Condos...With a condo you own from the walls in but in addition you own a certain percentage of the common areas... stairs, sidewalks, pool, elevators and the like.  You will have monthly charges to pay your share of the taxes and insurance as well as repairs.  Please consider this, if the elevator goes out and lets say the total repair cost is $100,000 that is spread out to all the owners in the complex.  This added assessment can be quite burdensome for someone a limited budgets.  The monthly assessments can vary and can be substantial as much as 50% of your mortgage payment

4  Co-ops...There aren't very many of these here in Fort Worth but there is a new complex, MirAvanti, close to my home in mid-construction.  This is a little different than the condo concept in that you acually own a share of the whole complex or building and you receive a lease to your own apartment.  A board of directors supervises the management and you will pay monthly your share of the payments and maintenance of the property.

I hope this sheds some light on different forms of home ownership here in Fort worth Texas.

Happy Trails,

DK

DONNIE KELLER

Fort Worth, Texas

817.932.4900

SEE ALL HOMES FOR SALE

Fort Worth Foreclosures

TODAY'S NEW LISTINGS

 

Google +            


Comment balloon 0 commentsDonnie Keller • September 24 2010 10:28AM
Four Types Of Home-Ownership To Consider When Buying A Home In Fort…
share
Four Types Of Home-Ownership To Consider When Buying A Home In Fort Worth Texas Finding a home that is right for you is sometimes a confusing and a time-consuming process. Reata Realty would like to offer the following tips when considering… more
True North… Race To The North Pole
share
True North… The Race To The North Pole This is a very personal blog giving tribute to members of my wife's family in particular her Great Grandfather Dr. Frederick A. Cook the first man to reach the North Pole in 1908 and the first… more
HUD Home For sale In Fort Worth Texas
share
HUD Home For Sale In Fort Worth, Texas Overview Maps Photos Features Description … more
Best Buy Of The Week… Short Sale Home On Land Weatherford Texas
share
Short Sale Home On Land Weatherford Texas Overview Maps Photos Features Description &… more
Weekly Fort Worth Texas Market Report
share
Weekly Fort Worth Texas Market Report The market remains flat even with decreasing inventory but the market action is also falling so this brings slight negative aspects to the market. Rates have moved downward after the small uptick… more
Fabulous HUD Home In Keller, Texas
share
Fabulous HUD Home In Keller, Texas Large Fort Worth 2 Story 4 Bedroom Brick Overview Maps… more
Weatherford Real Estate Market Report
share
Weatherford Texas Real Estate Market Report This Week The market Action has been trending down lately, while inventory and days on the market have made a steady climb. This points to a continuation of a weakening market. Buyer… more
Real Estate Market Report For Burleson Texas
share
Burleson, Texas Real Estate Market Report Supply And Demand The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in the past few weeks. We continue to see prices… more
Fort Worth, Texas Top Ten Tips For Hiring a Remodel Contractor
share
Fort Worth, Texas Top Ten Tips For Hiring A Remodel Contractor With a flat to declining home market here in Fort Worth, Texas more and more homeowners are looking to improve their properties. This is consistent whether homeowners are… more