SPECIAL SECTION: REAL ESTATE
PATIO COMMUNITIES
OFFER MORE THAN
JUST PATIOS
Patio homes, also known as carriage homes or
garden homes, are gaining popularity among first-
time homebuyers and empty nesters for the growing
appeal of single-story, low-maintenance living. There
are major differences between owning a single-family
home and a patio home, but those differences could
be exactly what you are seeking in a new home that’s
right for you. Whether you are looking to downsize, or
to purchase your first home, it’s helpful to know what
makes patio homes so attractive to buyers.
Single-family homes provide owners with a sense
of privacy, with no shared walls, floors, or yards. This
varies greatly from the offerings of a patio home.
Patio homes have some similarities to condos and
townhomes, including a shared wall and lawn, but
differ slightly. Townhomes are typically two to three
stories, while condos may be one to two. Patio homes
max out at one-level living, sometimes including a loft,
but aiming for all amenities to be on one floor. This
appeals to those looking for a home with a smaller
footprint and without stairs. Patio homes also offer a
sense of a close-knit community of people through
shared lawns, amenities, and close living quarters.
But the biggest difference isn’t what’s on the inside,
but what’s on the outside. Townhome and condo
owners typically only own the interior of the housing
unit, while patio home ownership also includes the lot
that the property sits on. Although patio homeowners
own their land, many communities have a homeowners
association, or HOA, that everyone contributes to for
lawn care and maintenance. If you’re looking for low-
maintenance living, but a strong sense of community, a
patio home might be for you.
HISTORICALLY LOW MORTGAGE
RATES ARE HERE
As the Baby Boomer demographic continues to age in place,
or stay in their lifelong homes, the housing market is seeing an
increasingly low inventory. According to Forbes, 55.2 percent of
all owner-occupied homes are owned by someone over the age of
50. This, along with the increase of time horizon, or the length of
time people are staying in their homes (now averaging 13 years),
has kept the real estate market eager for house listings.
Earlier in 2020, the coronavirus outbreak’s anticipated
economic impact left the U.S. with historically low mortgage
rates. The uncertainty of the market may be troubling, turning off
some buyers, but this may also be a good time to buy for those
who have their finances in order and who see real estate as a safe
haven for an investment.
If you feel that you are confidently in the market to buy, it’s
recommended that you have about 20 percent saved with another
five percent set aside for closing costs plus additional emergency
funds. Having these funds set aside will ensure financial well-
being, even if the market were to take a downturn. Lenders will
also be looking for an acceptable credit score and will encourage
you to buy a home with a mortgage that is manageable (staying
below 28 percent of your gross income).
If you’re ready to sell, now may be a good time, as buyers are
looking at very limited options. Take a look at comparable sales
in your neighborhood market to see if homes are selling for what
you’re hoping to make. This may also help you determine if now
is the time to sell. Enlisting the help of a real estate agent will also
help you feel confident in your decision.
WANT TO SELL IN 2020?
Putting your home on the market requires a lot of work and can
be emotional. Sellers often assume that buyers will like their taste
in décor and design, and may overlook simple things that could
keep their home from appealing to a wide variety of buyers. These
tips will help you make your house marketable:
1. You only get to make a first impression once.
Start with good pictures for your listing. Clean the space
as if you were already showing your house before pictures
are taken. Then, check out your home’s curb appeal. This
is the first thing buyers will see when they pull up for a
walkthrough. Do dead bushes need to be removed? Old
holiday decorations need to be put away? Try to view your
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