When it comes to purchasing a home, it’s hard to keep track of everything you’re looking for. How many bedrooms you want, what kind of yard, what kind of property? Does it have good value? The later should be one of the questions you’re asking yourself when you buy. Does this property have value? We’re here to break down the properties that will hold their value in the current Central Oregon Real Estate Market. If you might be looking to sell in a few years, you’re going to want a property that gives you the best change at maintaining its value.
One of the most hands-off options to owning property is investing in a condo. Condos are a great option for first-time homebuyers, and they’re also great for people looking to downsize. One of the great benefits of condos is that they come with little or no land that requires upkeep. Most of the grounds of condos are taken care of by the community. You will mostly likely be required to contribute to a monthly cost, to take care of the grounds, but typically condo fees are less than neighborhood HOAs. Typically, condo fees include maintenance, insurance, elevator work, trash removal and sometimes snow removal.
A townhome can be difficult to define, but most consist of a narrow lot, or multilevel residence that is attached to another or other residences. When described it does sound like an apartment complex, but the deciding factor comes down to the ownership.
When you choose a townhome, you’re not responsible for as much land as you would be with a single-family residence. Townhomes are great starter homes, and the market has shown that these types of properties are great for first time home buyers. If you can buy a duplex, or two units together, some choose to rent half of it out, and use the rent to help pay the mortgage. This will eventually bring a return on your investment, when the mortgage is paid and the rent income accrues. Renting out half of a duplex does require more work, but the potential return on investment will make it worth it.
Single Family Homes
If you’re in the market for a starter home, but one with your own yard and your own lot, a single-family home is your best bet. Typically, these homes are smaller and easier to keep up with. There are no shared walls on these types of properties, so you have more freedom compared to townhomes and condos.
In most neighborhoods that you’ll find single family homes in, you will encounter HOAs, so you do need to do your research on them and be sure you can afford the fees, and live by the bylaws. HOAs have pros and cons, you won’t be able to do whatever you want with your property, as it will have to adhere to bylaws. But it also ensures that your neighbor won’t be able to paint their house a bright color, which could affect your resale value.
Pros and Cons
When you’re looking at different properties, you need to consider how much work you’re willing to put into a home. If you want something with low maintenance, a condo might suit you best. If you want more space, but can’t afford the HOA fees on top of a mortgage, a single family home might not be best for you . Talk to your Bend Realtor, and see what sort of property they think is best for you.