McCauley Wilson & Butterfield

 

Condominium, Duplex, or Triplex?

You may be ready to buy your first home, but the cost of your dream home may be beyond your current finances. There are several intermediate steps you can take to start you on your way. For some home buyers, owning a condominium may offer everything you desire in a home. You have ownership of your own living area, and the association fees pay for the building maintenance and care of common areas. Life in a condo can offer location or amenities you might not be able to afford otherwise. You can hold on your condominium for several years while you build up equity, and then sell it in a few years for a profit and move on to your next home. Check with your Realtor on the condominium market in your area.

Another way to afford that first home is to buy a duplex or triplex. You can live in one and rent the others. The rental income help you make the monthly payments on the initial or even a second mortgage, and the rents collected may provide enough income to be stowed away for a future down payment.