Housing Choices in Lakewood

In these days of tough economic times, a two-family home may be an excellent housing option.  Rental income assists the owner with a monthly mortgage payment and residents can enjoy flexible living situations.  Closer proximity to friends or family members who are able to live in the same house, one-floor living and preference for friends to co-mingle without cohabitating are a few reasons people choose two-family homes.

Lakewood's doubles come in every style, size and price range imaginable.  Currently, the Multiple Listing Service reports 131 doubles (and triples) available for sale from $39,900 (a fixer upper!) to $250,000 (beautifully appointed and ready to move in).  The charm and character of many achitectural styles can be found, from the steadfast construction in Birdtown to the elegant edifices of Lake Avenue.

A first-time buyer or a couple meeting the income limits of Lakewood's HOME Program, should race to apply for this $14,000 bonanza.  The City offers TOTAL FORGIVENESS of this $14,000 if the property remains owner occupied for nine years.  WOW!! That is FREE MONEY.

For mortage qualification purposes, most lenders allow 75 percent of the rental income from the second (and third) suite to be applied to the buyer's qualifying income.  This extra income allows the buyer to qualify for a higher mortgage amount on a multi family house than on a single family house purchase.

There are many reasons, financial and personal, to consider multi-family ownership.  Talk to a qualified professional and review all the options available when making your next housing decision.  Lakewood has choices!

Remember --- Lakewood IS a great place to call home!

Sunny Updegrove is a licensed Realtor with Howard Hanna

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Volume 6, Issue 20, Posted 8:30 AM, 10.06.2010