Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

4 Advantages of Choosing Single-Family Housing

by Luke Fields

In the market to purchase your own residence? Perhaps you're tired of throwing your money into a monthly rental payment when you could be building equity in your real estate. As you begin exploring your options for residential real estate, you'll be faced with an important decision: is a single-family home or multi-family unit the right choice for you? Consider exploring some of the main benefits of single-family housing before you get started so you can make an educated decision.

Enjoy Your Own Outdoor Living Space

If outdoor living and entertainment space is important to you, then a single-family home for sale may be your best option. By having your own home, you'll also have free reign over your outdoor space, including your front and back yard. You'll be able to enjoy backyard barbecues and entertaining without having to worry about sharing the space with your housemates. You can also decide what type of landscaping you want and how to maintain it.

Avoid Noisy Housemates

One common complaint people have about living in multi-family units, such as town homes, condos, and duplexes, is the lack of peace and quiet. With a single-family home, you'll never have to worry about loud upstairs neighbors or paper-thin walls preventing you from enjoying quiet in your own space. This can be especially important if you have young children.

More Space and Greater Privacy

Speaking of peace and quiet, what about privacy? When you buy a single-family home for yourself, you'll also enjoy a greater sense of privacy since you'll likely have significantly more space than you would in a condo, town home, or similar type of unit. 

Do What You Want With the Property

Finally, when you own 100% of the residential unit in which you reside, you can more-or-less do whatever you want with the property. Want to add a pool? Go for it! Want to add onto your home? So long as you can obtain the necessary permits, the possibilities are essentially endless. With a multi-family home, on the other hand, you would likely need to get permission from the property manager or, at the very least, reach agreements with the other owners.

These are just a few reasons to consider looking at single-family homes as you shop for a residence. Yes, you may spend a bit more on a single-family unit, but the benefits will far outweigh the added cost involved.


About Me

Do You Need Private Mortgage Insurance?

Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.