A crucial step in your home buying journey is understanding the types of homes in Massachusetts available to you. The perfect home should fit you like hand in glove. From townhomes to multifamily properties, your home should serve you as a haven from the hustle and bustle of the world. Here are 5 types of home in Massachusetts first time buyers should know about:
Types of Homes in Massachusetts # 1 – Condominiums: Shared Living
Condominiums (or condos) is one of the common types of homes in Massachusetts where individuals own specific units in a complex. Individuals own everything interior to each unit and share the common space with other owners. This may include areas like the elevators, main entrance, and stairwells. A select group of condo owners will manage the complex. This group is referred to as the Homeowners Association (HOA). Each condo owner pays a monthly HOA fee to help cover common expenses. Condos also come in all shapes and sizes:
Low-Rise Condo
Small multifamily houses are often converted into low-rise condos in the city. As a result, smaller condos are often more affordable because of their relative size. Smaller condos (less than 4 units) will generally have lower HOA expenses as well. Owners of this type of home will often self-manage the common area and expenses. Many students in the Massachusetts area often rent out extra rooms in their condo to help buffer the cost of housing in college-dense neighborhoods.
Mid-Rise Condo
Mid-rise condos are complexes between 4-10 stories in height. These structures have anywhere from 10-100 units. In a mid-rise condo, homeowners will often vote to elect a small group of owners to the HOA board. Lastly, it is the board members responsibility to oversee the professional management of the condo.
High-Rise Condo
High-rise condos are structures beyond 10 stories tall. This may vary across different cities. Boston’s New Millennium Tower is an example of a high-rise condominium. This type of home often comes with many luxury amenities such as indoor gyms and concierge services. Not surprisingly, luxury condos are generally more expensive compared to low and mid-rise condos.
Types of Homes in Massachusetts # 2 – Townhouses: No One Above Or Below You!
Townhomes are a subset of shared structural living. This type of home is very popular in Massachusetts where each townhouse is typical 2-4 stories tall. Each townhouse connects to its neighbors only on the sides in a row house configuration. This type of arrangement provides each unit owner more privacy. You won’t have neighbors above or below you! Lastly, townhouse owners will share in common expenses as well.
Types of Homes in Massachusetts # 3 – Cooperatives (co-ops): Community Living At Its Finest
First time buyers often use co-ops and condos interchangeably. However, there are distinct differences between the two types of homes in Massachusetts. Whereas a condo owner directly owns the entirely of the unit, co-op owners own a share of the non-profit corporation. This corporation owns the complex. In return, the corporation grants the owner a lease for permanent residency in a specific unit. Co-ops are typically found in cities such as Boston and New York City. The rarity of co-op entities makes financing for co-ops a little tricky. Both condo and co-op owners can enjoy the mortgage interest tax deduction. Co-ops might appear to be less expensive than condos. However, co-op fees are often higher and the rules are more restrictive than condos. The co-op boards can also be a difficult barrier for many home buyers as they may not have to disclose the rationale for rejecting your purchase application. These are some key considerations before making an offer on a co-op apartment.
Types of Homes in Massachusetts # 4 – Single Family: King Of Your Domain
When most folks think of homes, they see the white picket fence surrounding a lush patch of lawn with a short driveway and a humble single family structure. This type of home is defined by a detached structure zoned as a single dwelling unit. Furthermore, single family homes must comply with the local building codes such as having only one kitchen. In some towns, you may be able to add an additional in-law unit. A single family home offers the most control and privacy for the homeowner. But this level of ownership also comes with more responsibilities. If you are a family seeking to buy your first home in Massachusetts, you should be aware of all the potential dangers that could be lurking behind those walls. This is particularly true if you have plans to have a baby and here are some critical things to mind when buying a new home with a child:
- Chipping and Lead-Based Paint
- Dangling Window Blind Cords
- Low Windows
- Electrical Covers
- Exposed Radiators
- Persistent Moisture
- and more!
Types of Homes in Massachusetts # 5 – Multifamily House: Mortgage-Free Housing
Lastly, a multifamily house will not only mean home ownership but also landlord responsibilities. These types of homes in Massachusetts contains multiple dwelling units. Each unit has its own separate egresses, locking doors, kitchens and other municipal requirements. While a multifamily house is generally more expensive, it also allows for the owner to rent out the additional unit(s) for rental income. In some cases, the rental income may supplement the mortgage payment all together.
Check out how this free guide on multifamily house hacking!
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