Condominiums vs Single-Family Homes
Introduction Condominiums Vs Single-Family Homes
When you decide to purchase a home, there are many options for the types of homes you can buy. These options may include basic single-family or multi-family homes to condos and townhouses.
We think it is imperative that you decide what kind of house you require and then start your hunt for the property. Today we will discuss condominiums vs single-family homes with some pros and cons.
This should help you make a well-informed decision depending on your living situation and your lifestyle.
Condominiums
A condominium frequently shortened to “Condo” where it refers to residential buildings similar to an apartment divided into several units. Each unit is individually owned and therefore regarded as real estate.
It also has some common areas which are jointly owned. There are also some detached condos which are similar to single-family homes, but in this, the common areas like yards, streets, and building exteriors are jointly maintained by a community association.
Condominiums Pros
1: No Stress Lifestyle: When it comes to condos, you will enjoy a no-stress lifestyle. You don’t have to deal with any issues like laundry, lawn maintenance, snow shoveling, etc. You don’t have to worry about the maintenance because the association contracts that out.
2: Amenities: Another benefit of buying a condo is having access to different amenities like saunas, gym, and pools. You don’t have access to these amenities when you buy a single-family home. These amenities cost a lot if you buy a single-family home.
If you buy a condo, the cost of these amenities is shared with other unit owners bringing the expense much lower, and you still get to enjoy these amenities.
3: Security: The third advantage of buying a condo is getting advanced security features. At the end of the day, just having your neighbors close by adds another level of comfort to many people buying a condo.
Condominiums Cons
1: Maintenance Schedule: Although the maintenance is taken care of by the association, sometimes it is not done on your schedule, and you might have to shell additional time for the same. Although you have a vote on when maintenance is done, the bottom line is, whoever is contracting that out for the condo may not be lining it up with your schedule.
2: Paying for Amenities: Yes, you do get to enjoy the amenities provided by the condo association. However, you still have to pay for the amenities that you don’t enjoy through the maintenance fees. So if you are planning to buy a condo, you have to make sure that all the amenities are something that is going to be useful as they are going to add as a cost to you.
3: Less Privacy: Having close neighbors means having less privacy. Most likely, unless you have an end unit, you are going to have people living on both sides, above and below your unit. Not to mention in some cases, the neighbor noise which is one of the downsides of buying a condo
4: Special Assessments: The maintenance cost is steady and predictable for a condo. However, special assessments do come up, and you, as an owner, would be responsible for paying the assessment on your unit. The assessments could be for maintenance that has not been budgeted for or anything specific to your unit, as the owner, you would have to pay for the same
Single-Family Homes
Single-family home is one of the most common purchased homes in the country. It is a real estate construction with a structure maintained and used as a single dwelling unit. Hence there are open spaces on all four sides. The owner of a single-family home is liable to make the entire decision on the house and mostly is not bounded by any community association
Single-Family Homes Pros
1: Peace: If you like peace, if you like having your own space, if you wish to have your own parking spot, a single-family home is a good option for you. You will have complete peace and privacy which a condo would be unable to offer. Since there are no neighbors close by, you would get absolute privacy and peace.
2: Property Appreciation: A single-family home would get much higher appreciation value over a period of time compared to a condo. You are a sole decision-maker and have the freedom to make decisions regarding any renovation projects subjective to legal limits
3: More Space: Buying a single-family home would give you access to more space compared to a condo. This space could include lawn, backyard, own parking space and in some cases your own garage.
Single-Family Homes Cons
1: High Maintenance: Since you are the sole owner of the property, the maintenance cost of the home is comparatively higher than a condo. A single-family home would require constant maintenance like lawn maintenance, HVAC maintenance, etc.
2: Fewer Amenities: Compared to a condo, a single-family home would have fewer or no amenities like a gym, pool, sauna, etc. Hence you may have to spend a lot more on those amenities.
Conclusion
Buying a home is one of the most significant and most important decision you would ever have to make. Whether you are a first time home buyer or an investor, you would be inevitably faced with several questions.
Your answers to these questions would help you to make informed decisions to know what kind of house is best for you. Since there are pros and cons for both single-family homes and condos, only you can understand which is right for you.
