Why buy a Small Lot Home?
Like townhomes and condos before them, small lot homes help decrease urban sprawl by maximizing the use of the land and building up — giving you more home with multiple floors. This is also lessens the homes’ environmental impact and cuts down on commuting times and pollution in a car-centric city like Los Angeles. Plus, with the ability to create small lot homes that are both commercial business space and living space with store fronts on the bottom floor, the city will be allowed to grow in new ways as well. And unlike with townhomes and condos, freestanding homes mean you can enjoy your separate living space without the hassle of shared walls.
With smaller land footprints in a city where every parcel is at a premium, you the homebuyer will enjoy lower costs when buying. And as you design and build your new small lot home, you can make the choices that are right for your needs. Whether it’s the layout, features, or upgrading to even greener technologies, small lot home constructions offer you flexibility and savings unlike what you’d get renting or buying an older home in Los Angeles.
TIC or Tenancy In Common?
This is another “newer” housing option in Los Angeles you may want to consider if your budget is $700,000 or less. Tenancy in common is the least expensive route to homeownership in Los Angeles.
It’s a way of buying property in L.A. that’s relatively new or recycled for singles or couples as they are usually small homes – one bedrooms are common or small two bedrooms. Outdoor space is usually shared. Unlike a small lot, condo or townhome, you are buying a fraction of the entire building and signing a TIC agreement with people in the other units to share property taxes and other responsibilities for the building.