There are many decisions and factors to make when purchasing a home. Trying to determine whether a single-family or condominium is best for your lifestyle can be difficult.
Here are a few things to consider to decide if a single-family or condo is a better purchase:
• Your lifestyle. Whether you’re just starting off or looking for a place to call your own, a condo can be a worry-free investment. Condominium associations handle home maintenance, landscaping, snow removal and the upkeep of common areas. If you’re constantly on the go, a condo takes care of the physical labor of owning a home. If you’re ready for the physical labor, and landscaping, then a single-family would be best.
• Location. Buying a condo might make home ownership in the city possible. Condo developers have created luxury condos with access to public transportation, shopping, dining, recreational activities with existing buildings. If you’re looking to get out of the city and enjoy the tranquility, purchasing a home in a rural area or subdivision makes sense.
• Amenities. Condominiums also offer shared amenities such as swimming pool, tennis courts, fitness rooms, clubhouses and more. These amenities add to the value of your lifestyle and free time.
• Renovations. In a condo community, you have to get renovations approved through your homeowner’s association. When you own your own home, you can knock down walls and renovate whenever (but don’t forget permits when necessary).
• Neighbors. It’s important to see and meet your neighbors before you move in to ensure compatibility. In a condo community, you often share a wall with your neighbors, making privacy limited. When you own your own home, your neighbors may be 1,000 or more feet away!
• Association fees. Make sure you factor into your mortgage payment the additional costs of your association fees. Do your research, find out the costs and what they buy you. If you purchase a single-family house, you only have to worry about your mortgage payment (unless your subdivision has association fees).
If you’re tired of renting and ready to purchase a place of your own, contact a Shorewest Agent today!
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Categories: Home Buying