Peter Dettore, sales and marketing, J Thomas Homes
It is no secret that Cache Valley is becoming more and more populated. AARP Magazine recently recognized our valley as one of the top places in America to retire and financial experts have ranked Utah as one of the most business friendly and financially sounds states in our country. Within Utah, Logan continues to be one of the fastest growing cities.
So, as new people are being attracted to the area and more and more students are choosing to stay for long-term employment after finishing school, there is a definite need for increased housing in our community. The question for many of these individuals – on both the newly graduated and retiring ends of the spectrum – is what is the best housing option for them.
Recent national financial challenges have many potential home buyers thinking long and hard about what type of home to purchase. One couple that recently bought a townhome explained the purchase made financial sense although they were tempted to buy something bigger. They explained that, in the end, buying a townhome fit their newly married, recently graduated budget and that they plan to keep the townhome as an investment property in the future. Other perks of a townhome purchase for young families include the low maintenance care and the opportunity to own a new home, with energy efficient amenities, at a much smaller closing price than that of a traditional single-family home.
Those nearing retirement see value in investing in a townhome for many of the same reasons as they younger group. A townhome can make the stress of home and yard maintenance disappear, and, for many, the thought of downsizing is appealing. One retired couple said that the best thing about living in a townhome community is being able to pack the car and travel without the headache and worry of a yard: If it snows while they are away, the driveway is plowed; if the grass grows, it gets mowed.
As interest rates remain low, investing in a townhome now makes sense as financial experts predict rising rates. When rates do rise, consumer buying power will be impacted and less people will qualify for mortgages, which will heat up the rental market. People investing in townhomes today for lifestyle reasons will be the benefactors of a great rental market when they choose to use their property as a rental in the future.