Why Small Lot and New Construction Homes –
Small lot developments increase homeownership at reduced costs. Small lot developments are fee-simple units that increase homeownership and home building in LA due to lower costs to build. An added bonus – unlike a townhome or condo you own the land on which it’s built. Think of New York City brownstones you own the land and don’t share walls. When the amount of land needed for housing construction is decreased, the savings in land costs can be passed on to the homebuyer – aka YOU! You get much more house for a lot less money.
No HOA. Small housing developments are not subject homeowners’ associations fees. HOAs are corporations with formal bylaws created to maintain common areas within a certain development. Members are charged monthly fees ranging from $450 to $750 (depending on the area) to cover the cost of property management for the whole development – condo owners own “from the paint in”. Small lot developments are constructed without common walls or foundations and therefore do not require large HOA dues. They often have $150 or so a month fees just to cover common areas, trash, landscaping, roads, etc.
Low Maintenance, no/low repair Costs. Small lot homes are designed for functionality, livability and an unencumbered lifestyle. Homes at Arla have flexible floor plans for all lifestyles. Everything is brand new and low maintenance-you won’t be spending your weekends and income on home repairs leaving you plenty of time and money to live your best life!
Small Lot homes are good for Planet. Building homes up not out, on less land helps stop urban sprawl and cuts down on commute times. Live Work Small lot homes eliminate having to drive to work at all! New homes are built to today’s higher standards which reduce energy costs, are safer and decrease environmental impact. Home builders can easily incorporate green home products, ideas and smart technologies these days on top of those that are required, so they do.
Live Work or Mixed Use Homes. Some small lot homes offer separate commercial / store fronts with living space above-perfect for small business owners and creatives who want to live where they work! Save money and travel time.
Homes that go up instead of out and utilize rooftops, balconies, courtyards / smaller yards are the majority of housing stock in most major cities – think NYC, Paris, London, SF, Berlin, Melbourne, Vancouver, etc. These types of homes have been built in Los Angeles for about 16 years so are relatively new, but they are the future of our city. Because they aren’t what people think of when they think of LA, you get a LOT of home for the money in the best parts of the city relative to your typical home here. That won’t last for long though. Get on the LA Real Estate ladder where you want to live, in a home that’s large enough to last and won’t take over your budget or your free time. Small lot homes are the way forward in So Cal.
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.