One of the best things about buying or investing in real estate in State College, PA is the wide array of property types you can find here. Whether you’re looking for a cozy condo, a home for the family, or an excellent investment opportunity, you’re bound to find the right property to suit your needs.
When buying real estate in State College or anywhere else, keep in mind that the type of property may have an impact on your mortgage application. If you’re buying a second home or an investment property, for example, lenders will generally have more stringent requirements on credit scores and proof of funds.
Here’s a look at the various types of properties that you can find in State College.
- Single-family homes
Single-family homes dominate the housing market in the borough. They come in a wide range of prices and sizes to match different budgets and preferences. You’ll find everything, from a sprawling estate with a stately mansion and acres of land, to charming houses that are perfect for first-time home buyers.
The ages of single-family homes for sale in State College, PA also vary widely. Some are historic properties over 75 years old, boasting distinct architecture and a classic charm. There are also quite a few new construction homes built in the last five years or so.
Townhomes are a great option if you’re looking for more affordable housing. They typically feature two or more stories, with one unit sharing one or more walls with adjoining unit/s. Most townhomes are designed as row houses, but this is not always the case. Some may be built with a different orientation for each unit to allow for more privacy.
Compared to a condo, townhomes generally give you more privacy and space. A unit generally comes with a small yard or roof deck that’s also part of the owner’s property.
Condos are highly popular in State College, particularly as off-campus housing. As such, they make a great home or investment property that you can rent out to students or university employees. Similar to single-family homes, the condos in the town come in a wide range of sizes and prices. You’ll find million dollar luxury properties with three or more bedrooms, one-bedroom condos of around 700 to 750 square feet, and everything in between.
Condos are typically multistory buildings with several units on one floor, but they can also be housed in a single story building. Row houses may also be sold as condos, but what makes them different from townhomes is, with condos, you only own the space within the walls of your unit. Anything outside that is common property shared by all owners in the building or complex.
“Apartment” is a general term that refers to a unit in a multi-family property. Condos and coops are types of apartments. However, many people refer to “apartments” as housing units that are solely for rent, while condos and coops are properties that may be purchased.
In most cases, an apartment building only has one owner, while ownership of a condominium building is shared by the individual condo owners.
Apartment buildings make great investments in State College. As a college town hosting a large university, renters here outnumber owners at a ratio of 4 to 1. With a limited number of on-campus housing, apartments are the most popular lodging options for students.
Apartment buildings are considered commercial properties, so buying or selling one is more complex than buying or selling a single-family home or a single condo or townhouse.
- Multifamily houses
Multifamily homes are generally single-family properties that have been converted into two to four housing units. If the number of units is more than four, then it’s considered a commercial property. A multifamily property may be a rowhouse, or it may be a multistory property with a single entrance or a separate entrance for each unit.
What makes a multifamily home different from a condo or townhome is that all units and the entire building are owned by a single person or company. The owner may live in one unit and rent out the others, or may rent out all units. They may also choose to use other units as guest houses or as home for friends or relatives.
Land is arguably the simplest way to invest in real estate. Unlike in homes and buildings, you generally don’t have to spend on its maintenance or management. Moreover, the value of land traditionally increases over time, giving you great potential for a profit when it comes time to sell.
You may also consider renting out the land for temporary uses, such as for billboards or warehouses, so you can make passive income in addition to building your equity.
You can find great opportunities for land investments in State College. Some are vacant lots in developed subdivisions or developments, on which you may build a home from the ground up when you’re ready. Others are raw undeveloped acreages with excellent potential for a residential or commercial development.
Find the right State College, PA property with the Heritage Realty Group
Whether you’re looking for a condo, townhome or single-family home for rent or for sale, land, or any other property type, it will be our pleasure to help you achieve your real estate goals. Get in touch with us today at 814.231.0101, or drop us a note here.