3 Tips for Choosing Between a Condo or Single Family Home
Standard single-family homes have long been considered a stand-in stereotype for the American dream. This makes them a popular option when it comes time to buy a property because everyone thinks it's the ultimate symbol of accomplishment. But sometimes that reverence causes home buyers to discount other options out there that may actually be a better fit. See when buying a single-family home makes sense, and when it might be time to consider a condo.
A single-family home comes complete with a yard to maintain, a roof to fix, and a driveway to repave. A condo usually has a set fee that covers much of the building's maintenance work, which can be a huge relief to busy owners who don't want to call 10 companies to steadfastly compare rates. The average new homeowner may not realize what it really takes to care for a piece of property, which can make their lives more stressful than they could have imagined, whether they live in Rancho Palos Verdes or elsewhere.
A condo fee won't fix your clogged pipes or chipping paint, but it will take care of a good chunk of a to-do list. One caveat though when it comes to these home repair issues is that some condos don't always come through when it comes to their repair promises, which can lower everyone's property values. Choose a condo with excellent reviews when it comes to keeping up the state of the property. Convenience can also mean proximity to wants and needs, services and entertainment, etc. For example, one might find it is easier to make appointments with a mental healthcare professional in one location compared to another. It all depends on what your priorities are.
The cost of every property will vary based on not just the perceived benefits of it, but also the inherent values of the primary real estate market. Condos put an owner in the heart of the city, while single-family homes are typically located farther from town centers. Buying any kind of property is going to involve a few trade-offs, but condos typically have lower demand than single-family homes.
For example, a larger condo in a popular area may cost about 25% less than a single-family home of the same size, which can make it easier to qualify for a mortgage. However, condo owners will need to factor in potential fees they may be charged at a condo. Some building owners will make residents pay assessment fees on top of their annual fees. These assessment costs are meant to take care of unexpected or urgent repairs (e.g., a pipe burst.) Again, reviews should help buyers budget for the long-term forecast.
Single-family homes offer more privacy from neighbors, but they can also promote isolation. Condos have a built-in sense of community which can be an intangible benefit for many owners. It's easy to get caught up on electronic devices and forget that there are real people everywhere who just want to share a few pleasantries. Condos can help people forge and maintain their relationships based on proximity alone, though single-family homes provide distance between homeowners and potential bad neighbors.
Home buyers need to evaluate the choice between a condo and a single-family home based on a number of criteria. The choices has as much to do with lifestyle than it has to do with the final purchase price. The more a homeowner can determine their personal priorities, the easier it will be to choose.