Now that you have made the exciting decision to become a homeowner in Bennington, it will be important to think about the type of home you will purchase. There are several types of homes to consider:
Single Family: This is the most popular type of home ownership. As the owner of a single-family dwelling, you are responsible for paying the mortgage, property taxes, and any other carrying costs, including all maintenance.
Condominium: As the owner of a condo, you own your living quarters (apartment, town home or other unit) in the same way that a single-family homeowner does. You also own a share or portion of the common space such as gardens, parking areas, and community facilities, and pay monthly maintenance fees for the common expenses. The owners association, which you will belong to, makes the decisions about how the association is run.
Multi-Family: This type of home has separate living quarters for two or more families to rent. The owner may be able to use the rent from other tenants to cover his or her own housing costs.
Each type of home ownership has advantages and disadvantages. Feel free to discuss this with your Realtor® if you have any questions – give the experienced staff at Maple Leaf Realty a call at (802) 447-3210.