Condo or Single Family Home? Helpful Tip Buyers Can Use to Make the Right Choice
According to sales figures compiled in 2016, single family home sales totaled more than 4.8 million, proving that they are still the most popular choice for home buyers. On the other hand, condo sales during the same period totaled only 614,000, but that number has been climbing steadily over the past few years as more buyers take notice of the potential advantages of condominium living.
If you are preparing to purchase a home and struggling to determine whether you should choose a single family home or opt for a condo, instead, the following tips will help you make the best choice for your individual situation.
Top Reasons to Consider a Single Family Home
Depending on your needs and wants, single family homes offer a wide range of possibilities and regularly prove why they are the number one choice for many buyers.
- You like your privacy – because single family homes are separate structures and situated on larger parcels of property, they can offer much more privacy than condos with common walls, shared outdoor spaces and group parking
- You need outdoor spaces for children, pets, or outdoor activities, such as gardening – unlike condos, single family homes are usually situated on larger lots with fenced in areas that facilitate many types of activities
- You want a faster resale experience when you are ready to move in the future – because they continue to dominate the market, single family homes usually sell faster and for a higher price than a comparably sized condominium
- You want more control over your home – unlike many single family homes (except those covered by HOA rules) condos are often governed by a condo association with power to make rules for all the condos in their development
Top Reasons to Consider a Condo
Condos are rising in popularity for a number of reasons – when could it be the right choice for you?
- You want or need a low maintenance home – unlike single family homeowners, condo owners pay a fee that usually covers exterior maintenance of the condo and regular maintenance such as lawn care, snow removal, pool cleaning, etc.
- You travel often and want to feel that your home is secure while you are away – condo owners who travel for work or pleasure can usually do so without worrying that someone will break in or vandalize your home due to its closer proximity to the surrounding condos or the presence of on-site security personnel
- You want to live closer to your work, or shopping or entertainment options – unlike single family homes that are often located in subdivisions several miles from the heart of your city, condos are usually available closer to the city and all it can offer, including public transportation options, nearby shops, restaurants, and special events
- You want a more affordable lifestyle – because condos have shared walls, heating and cooling bills can be much less than you might have to pay to heat and cool a similar sized single family home and in addition, many of the repair and maintenance costs of living in a single family home are covered under your condo agreement, especially big ticket items, such as roofing, siding, driveway repair, etc.
If you are still having trouble figuring out whether to purchase a single family home or a condo, take time to discuss the matter in depth with your real estate professional. They can help you sift through the pros and cons involved in purchasing both types of property and help you recognize which type will work best in your situation.