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Townhouses and condos both refer to a type of ownership, meaning you won’t have to pay rent to a landlord. While these HOAs are not responsible for the maintenance of the individual townhouses, they oversee the preservation of the community as a whole. Everything else is reserved for the condominium’s HOA.
Cons: Limited exterior personalizations (HOA restrictions). These units are rented out, so landlords have more responsibility than residents, but residents aren’t building equity since they don’t own anything. Limited privacy and total freedom with property (HOA restrictions). Modern appliances and other functions.
However, the logistics of renting a property and being an upstanding landlord are a bit more involved. You’ll also need to check with local authorities to understand requirements for how to rent a house in your area and any organizations like HOAs or condominium associations, when applicable. Does Rental Income Count as Earned Income?
Gated communities, HOAs or up-and-coming communities are three subspecialties of this niche. Unique architectural properties Do you feel warm and fuzzy when you spot a lovingly restored Craftsman or the clean lines and wood finishings of a mid-century modern gem? Or is Scandinavian, modern minimalist more your thing?
price-fixing and steering) Corporate landlord hoarding vs. owner-occupant homebuyer first-look periods Digital and modern-day redlining Downpayment and/or closing cost assistance needs Gutted safeguarding of protected classes (nationality, religion, etc.) HOA board dysfunctions Legal “source of income” discrimination (e.g.,
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