Are you planning to buy a new home in University Park or another Dallas Fort Worth neighborhood in the near future? The Dallas Fort Worth real estate market is currently in favor of the seller, with more prospective buyers than there are listings. Though this can prove to be a bit of a challenge for those searching for University Park houses for sale or homes in other DFW neighborhoods, it certainly doesn’t mean you can’t still find a property that fits your needs.
Before you begin your search, it’s important to decide which type of home you’re looking for. In University Park, there are generally three types of properties: townhomes, condos, and single-family homes. Keep reading to learn more about each and how to choose the one that is right for you.
University Park Condos
If apartment living is your lifestyle of choice, there are plenty of University Park luxury condos to choose from. Condos are individual, privately-owned units within a larger community of other units. Those who own condos also jointly own the common areas of buildings that can include amenities like entryways or lobbies, fitness centers, garages, outdoor spaces, and pools. Condos are very similar to apartments, but they differ in the fact that tenants purchase their condos, while apartments require tenants to rent.
University Park Townhomes
Townhouses (also referred to as townhomes) are multi-level homes that share one or two walls with adjacent properties while still maintaining their own entrances. In a townhome situation, there is usually no common space such as lobbies, though pools, fitness centers, and other shared amenities are sometimes present. Those who buy University Park real estate in the form of townhomes not only own their personal residence, but they also own the land the home is built on (including front and back yards) and the home’s exterior.
University Park Single Family Homes
If you are looking for University Park houses for sale that is free-standing and not connected to other dwellings, you are probably searching for a single-family home. Those who buy single-family homes own the structure and the land the home is built on. Most single-family residences will not have shared amenities like pools or fitness centers unless they are built-in communities that have a homeowner’s association and related fees that give owners access to these types of perks.
Which Property Type is Right for You?
Before you start your search for University Park real estate, it’s important to decide if you prefer a townhome, condo, or single-family residence. That way, you can convey your preference to your agent so he or she can narrow down the properties to show you. Here are some questions that will help you make a solid choice:
Do I want a lot of freedom to make improvements or renovations to my home? If you plan to do extensive remodeling, you’ll likely be best off buying University Park houses for sale. Most condo buildings and townhome developments have restrictions on making improvements — especially those that affect the exterior — and you may be limited to minor projects like painting and redecorating.
Do I want the benefit of extra amenities? Though you may be able to install a pool and fitness room in your single-family home, it likely won’t be as extensive as those offered in condo buildings. If you want shared amenities, you should look at University Park luxury condos.
Do I want my own backyard? If you crave personal backyard space for your dogs, a garden, or just a relaxing spot for your family, you should eliminate University Park luxury condos from your list. Some townhomes will have individual backyard space, but your best bet will be a single-family home.
What is my budget? Though you can find University Park luxury condos, townhomes, and single-family homes in a wide variety of price ranges, the initial cost of purchase is usually the lowest for condos. However, keep in mind that ongoing costs could be higher for a condo or townhome depending on how much the HOA fees are.
How much upkeep do I want to do? Some buyers gravitate toward University Park luxury condos because they know they won’t have to mow the lawn or perform other maintenance duties. Others enjoy the prospect of maintaining their own yards and exteriors and would therefore prefer single-family University Park houses for sale.
Tips on Buying University Park Real Estate
Whether you decide to look for University property in the form of condos, townhouses, or single-family homes, you need to keep the following tips in mind to increase your chances of success:
Get pre-approved for a mortgage. In a seller’s market, you need to get pre-approved for a loan to show that you are a good-faith buyer. Visit a mortgage lender prior to looking at University Park houses for sale, so you can go through the necessary steps and bring your letter of pre-approval with you to showings.
Be ready to make a quick decision. Homes can sell quickly in this type of market, so make sure you have your financial documents in order and are ready to make an on-the-spot offer to avoid losing a home you love to a more motivated buyer.
Make a solid initial offer. Increase your odds of having your offer accepted by making it at or above the asking price and leaving out contingencies based on things like the result of appraisals or inspections or on obtaining financing.
Condos, townhomes, and single-family homes all have their benefits and drawbacks. Finding out which is right for you will help you streamline your options and facilitate the buying process.
Ready to get started? Reach out to an experienced University Park real estate agent like Bradford Coffman for individualized service.
