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Wednesday, 17 July 2019
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This Old House - Do-it-Yourself

Multi-Family Real Estate Options: A New Spin on Condominiums

Written by Posted On Saturday, 26 January 2019 18:44

There are certain perks to multi-family living that one simply cannot get anywhere else. From managed lawn care and landscaping services to a sense of community and camaraderie, living in close proximity to others is a preferred lifestyle for many. While it might not suit every preference, it can be a low-stress alternative to the day-in, day-out maintenance and oversight required by traditional home ownership.

 

As such, it comes as no surprise that the apartment and condominium market is hotter than ever before. In fact, a recent report noted that the number of renters across the U.S. rose by about 3% in 2018 alone. That said, there have been myriad changes and developments within the market that new and existing renters can get excited about. Once such change is the emergence of a trend known as “detached condominiums.” In short, these are units that function as traditional condos, but offer a little more space and privacy than their attached counterparts.

 

Today, we’re doing a deep dive into this new sector, taking a look at what’s on the horizon and detailing what interested parties can expect moving forward. Let’s get started!

 

Why a Detached Option?

Condo living is ideal in that it automatically includes the renter in a slew of multi-family perks. Communities often come equipped with pools, fitness centers, a clubhouse, tennis courts and more. Moreover, there is no hands-on responsibility for duties such as roof repair, snow shoveling, leaf removal and more.

 

As such, there are certain demographics, including new retirees, for whom this type of lifestyle is preferred. Now, they can receive all of these benefits, along with a bigger yard, custom floor plan and unique exterior details. Together, these homes are located in a general condominium community. They might comprise the entirety of the units, or they may be located adjacent to traditional, attached condos or apartment buildings. You may have also heard of this setup referred to as “ground condos” or perhaps “free-standing condominiums.”

 

The Payment Breakdown

As expected, owners of detached condos would pay a mortgage, as well as associated property taxes. In addition, they are also responsible for covering their community association’s monthly dues. These are required to access the on-grounds amenities, as well as to receive maintenance and upkeep services.

 

As the concept is relatively new, curious investors may be wondering if this is a smart move. After all, aren’t people who move into a condo looking less for a big yard and custom touches and more for hands-free upkeep? What could be the appeal of offering what’s essentially a single-family home to someone who just left theirs?

The answer lies in the balance that these detached alternatives strike. Especially for someone used to living in a single-family home for decades, the transition of moving into a shared space with shared walls can be a major change. These units, on the other hand, afford them the same level of comfort, space and privacy that they’re used to, without requiring them to sacrifice any of the perks usually associated with a condo community.

 

Styles and Setups

Detached condos can range in size from smaller-footprint cottage homes to luxury properties of around 2,500. They also range in the degree of owner maintenance required. Most properties completely cover yard work and similar exterior details, though some may require that residents tend to their own personal exterior maintenance concerns. This means that in some cases, issues including chipped paint, sidewalk repair and more could come at a personal cost, though this is not always the case.

 

Whether a detached version catches your eye or you’re more interested in the traditional condo offerings, you don’t have to sort through the myriad styles on your own. Instead, it’s valuable to work with a real estate professional in your area to help narrow down the options and help steer you down the best course. An online resource such as https://www.buyingdenvercondos.com can also be an ideal place to start.

 

Is It For You?

As with any real estate option, there are both perks and drawbacks to a detached condominium. Many owners prefer it because it offers them the comforts of a single-family home while also allowing them to enjoy the safety and community that a gated condo complex can provide. Another plus is the price point, which is often more palatable than biting off a 30-year mortgage for a traditional home.

 

Yet, some might find that the rules governing the complexes are more stringent than they’re used to. Designed to help dissuade unruly neighbors and keep a steady level of order within the community, these regulations range from no yard sales to designated quiet hours and a host of standards in between. If you’re someone who balks at such restrictions, this may not be the living situation for you.

 

Ultimately, deciding whether or not to invest in a detached condo is a personal choice. If you’re interested in the possibility, visit a nearby property and take a tour. You might find the layout a little too cramped, or you may be pleasantly surprised at how spacious it truly is. When you’re ready to make the move, work one-on-one with a real estate agent who can find the perfect one for you. Then, you can move into your new space confident that you’re in the ideal home for you.

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