By: Shane Lovering, New Home Specialist, CSP
Having lived in a townhome here in Josephine Crossing for some time now, I have seen first-hand some of their terrific benefits. Here are six points that might give you reason to take steps to consider a Josephine Crossing townhome much sooner than later:
1. You get some good bang for your buck!
Because our townhomes share walls, land, gathering spaces, a common watering system, maintenance and insurance costs, their price vs. a comparably-sized single-family home can be significantly lower. This can prove to be super beneficial for those with a tight budget or for folks who are wanting to invest in things other than a large mortgage payment. And with our homes starting out at $176,900, you might find that your mortgage payment can be lower than your rent!
2. A low-maintenance lifestyle frees up your time.
Purchasing a new, quality-built home can offer the advantage of years of worry-free maintenance. With a new water heater, furnace, appliances, siding, paint, and roof, you can forget about maintenance costs on these items for some time. Add to this the fact that your lawn care and snow removal is covered by your HOA, and you can relax and enjoy a little more life with a little less work. No longer does your yard steal hours away from your weekend, and you can rest, assured that your brand new home is covered under a builder’s warranty!
3. Your home will yield terrific utilities savings.
Since your city water and garbage bill is included in your HOA fees, that leaves you with only natural gas and electrical utility bills. Good insulation practices, a 95% efficient furnace and a jaw-dropping 98-99% efficient tankless water heater in our homes all combine to make for some very wallet-friendly monthly bills. I ran a quick utilities comparison of over half a dozen of same-type town homes in our neighborhood over a one-year period, which revealed the average monthly MDU charges to be $28.30 and NWE @ $60.58, for total average combined monthly utility costs of $88.89. How does that compare to your current monthly utility costs?
4. Current interest rates are fantastic!
The expectation has been that mortgage interest rates will increase. Amazingly, local mortgage rates are only a quarter percent higher than they were prior to our presidential election last November, still below 4.0% for a 30-year Conventional, and at 3.25% for an FHA loan.
According to Bankrates’ Mortgages Blog, “Mortgage rates change daily, but they continue to represent a bargain compared to rates before the Great Recession. If you’re in the market for a mortgage, it could make sense to lock if you see a rate you like.” (Claes Bell, 6/5/17)
5. You become part of a great community.
Nine years ago, my wife and I were drawn to the “community” aspect of this neighborhood, where front porches offered opportunity for conversation and people were more important than the automobile. Here, pocket parks are available for “movies in the park” and giant blow up water slides.
Folks in this neighborhood have organized book clubs, Ladies’ Wine Night, Guys’ Poker Night and neighborhood garage sales. One late night last fall I stopped a group of women returning from the banks of the Yellowstone River, empty wine bottles in hand. “What have you been doing?” I asked. “Watching the moon rise” they answered!
Sure, you can keep to yourself in Josephine Crossing. However, if you prefer a little or a lot of human interaction, there is no reason that you can’t find it here. One warning to issue, though—due to the amicable nature of many of the people living in J.C., mean, grumpy-types just don’t seem to fit in around here!
6. It really beats paying rent!
While renting sure has its place for some, home ownership can bring some great benefits, including tax deductions on both property taxes and interest accrued on the mortgage. And no more worrying about a landlord raising rent when you have fixed-rate mortgage! Other benefits include reduced car insurance rates when bundled with homeowner’s insurance, the potential for improved credit scores for on-time mortgage payments, and the peace of mind knowing that you are gaining equity as you pay down the principal on your home every month.