Condo or Single Family Home? 4 Questions to Consider Before Making Your Decision
by Shawn Clayton
on Thursday, December 21st, 2017 at 11:16am.
With many different types of homes on the market in most areas, from luxury condos to oceanfront estates, it can be difficult for prospective buyers to decide which one will be the best choice for them. Ultimately, however, statistics show that most home buyers eventually decide to choose either a single family home or a condominium. While both can offer excellent value in today's real estate market, there are some significant reasons for buyers to select one over the other. Asking the following four questions is an excellent way to learn more about each type and help make the right choice.
What is the reason for buying a home at this point in time?
Understanding the reason behind purchasing a home can also help with making the decision to purchase one type over another. Prospective buyers who are relatively certain they will remain in a certain area for a decade or more may find that purchasing a single family home will offer them necessary space for a growing family. On the other hand, prospective buyers who expect to have to move within a few years, or those who are downsizing or single may find that a condominium unit better fits their current housing goals.
What level of home maintenance is desired as a homeowner?
The level of home maintenance required should always be a major factor in any home buying process. This is especially true when considering the purchase of a single family home, where the homeowner will be responsible for both interior and exterior maintenance. Prospective buyers who enjoy doing home maintenance tasks or those who can financially afford to hire service contractors to handle necessary repairs may be happiest with the purchase of a single family home.
For those who travel frequently or do not want to be burdened by a higher level of home maintenance, purchasing a condo can be a much better fit. In most condominium developments, the association fees that each condo owner pays is used, in part, to handle exterior maintenance, landscaping, and maintenance of common areas, such as parking and sidewalks.
What financial considerations are involved?
Financial considerations should be a key factor in deciding whether to purchase a single family home or condo. When comparing financial information for both, remember to look at all the costs of home ownership that will apply to each home. This includes the purchase price of each, as well as any HOA dues, real estate taxes, homeowner's insurance, maintenance, expected repairs or upgrades, and costs associated with actually living in each type of housing, such as utilities and services.
What lifestyle considerations apply?
The last question to consider is how the purchase of a single family home or condo might impact your current lifestyle. For example, a homeowner who must travel frequently for work may not have the time to devote to the maintenance needs of a single family home. In addition, homeowners who want to enjoy amenities and features commonly provided by a condominium development, such as swimming pools, on-site fitness facilities, or restricted access may find condo living more convenient and secure.
Prospective buyers who are still wondering whether a condo or Bay Head single family home will be the best choice for their housing needs should consider discussing their situation with a caring real estate professional. In addition to providing excellent information about local housing value trends for the both the condo and the single family home market in your area, they will be able to help you view both types of homes and make the best possible decision.