Choices. Choices. If it’s not one thing it’s another. So,
let’s visit the age-old question - condo, or single family home? As with
anything else, it depends. It depends on what you’re looking for, and willing
to put up with in a dwelling. Let’s look at the pros and cons of each, and
hopefully we can help you make up your mind.
First, let’s look at the condo life. Condos are popular, and
getting even more popular. There’s a reason for that - they’re affordable. If
this is your choice for a first home, you’re in good company. Per the National
Association of Realtors, roughly 12% of home sales are condos, and growing.
That said, let’s look at the good and the bad of owning a condo.
The Good:
· The exterior of the building, the pool, the lawn
and the landscaping are owned by the condo association. That means you don’t
have to maintain it. This is great if you’re a busy person, or really dislike
maintenance.
· They are usually less expensive than a similar
single family home. There’s a reason for that, you only own what’s within the
walls.
· Everyone knows your name. You guessed it; they
all know what’s going on at your condo, because they’re close by. This is good,
as they can keep an eye on things while you’re gone.
The Bad:
· While they are affordable, it also means you’re
probably not going to get as much out of it as you would a single family home
when the time comes to sell it.
· You will get hit with special assessment fees
when the exterior areas need special work – think new roofs, siding or pool
repair work, etc. These fees can be somewhat surprising.
· The condo association gets to say what you can
do to the property. Just because you like a certain kind of flowers doesn’t
mean you get to plant them. If you don’t like rules, this can be quite trying.
· Everyone knows your name. Yes, this can have a
downside – if you’re a private person, or you have an unruly neighbor.
Now, let’s look at single family homes. Like condos, they
have a good and bad side, according to what you’re expecting from owning one.
The Bad:
· You own everything! And you’re responsible for
all of the maintenance, so make it happen.
·
Home owners associations, like condo boards, can
be a pain. Try one little thing they don’t like, and they can get cranky.
· It’s going to cost you more initially, and in
the long run, to own everything about your home.
The Good:
· You own everything! Which means there’s usually
a lot more of everything. This can be very helpful when you’re in need of
space. When you need extra storage, you can build a storage area on your
property. Need extra rooms? Build them. That’s not going to happen with a
condo.
· You get to park your car where you want – it’s
your property. No more worries about making sure you have your parking permit
in the windshield, or making sure your guests have a permit. No more unexpected
tows. Go crazy! Park in the yard!
· Personalize it to your heart’s content. The
outside of your home is a canvas waiting for you to make a personal statement.
Go for it.
· Think equity. More appreciation and value, because
you own the house, the land, and everything on it.
· No special assessments from a condo board. Yeah!
Hopefully this article gave you
some needed info. With any luck we’ve managed to help you with your decision.
When you want to look at either one, feel free to call us, or drop by our site.
www.Shafferrealtyllc.com 800 436 2785
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