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Condo or Single-Family House: Which One is Right for You?

Condo or Single-Family House: Which One is Right for You?

     
June 12, 2014  |  Real Estate

Condo vs. House

 

Here are some guidelines to help you decide which is which. Should you buy a house or a condo?

Location

The first thing to consider before buying a property is where you want to live. Deciding on where to move is your basis on finding out more about the properties for sale, narrowing down your search and hence, making life easier for you to look only in your chosen locality.

Check on the condo and house options, price range, neighborhoods, and nearby vicinities. Are you particular with its convenience to schools, business centers, downtown, etc.? If you are after being in the center of the city, you might find that condos are more prevalent, while being in the school district gives you more of single-family homes option.

Price Range

How much are you willing to spend in buying a home? Condos are usually more affordable even with the influx in the housing market. Weigh your options in terms of mortgage payment and terms. You don’t want to stretch yourself way too thinly financially.

Maintenance

If you are considering buying a condo, know that most units have maintenance fees to cover for the exterior upkeep of the property. Although it will cost you an extra charge, the good thing is that you wouldn’t have to worry about the maintenance of your landscaping, lawn/yard, and other outside areas of the property. Check with the community and see which repairs and care the HOA covers.

On the other hand, owning a house will not cost you any maintenance fees at all, but in exchange of having to take care of the upkeep of your home on your own.

Responsibilities as homeowner

Are you comfortable with rules or would you rather set your own policies? This could be a make or break for the “condos vs. homes” dilemma.

Many condo communities have strict regulations about things such as the choice of paint, schedules for trash-out, noise/party policies, pet or no pet rules, among others. Single family home communities tend to be more lax, unless the neighborhood has a homeowners’ association (HOA) that set rules for the community quite similar to living in a condo setting.

Privacy

Does privacy matter a great deal to you? Choosing a single-family house would guarantee as much privacy as you wish (sans nosy neighbors!), while living in a condo means neighbors will be quite close given the physical set-up of a condo community. Moreover, condo living could mean no private outdoor space, while owning a house may include your own backyard and/or patio.

 

With prices on average mortgage loans going on near all-time lows, this is definitely a good time to invest in or buy a property. Owning a new house/condo or maybe even your first home has never been more exciting!

Check this out too – The Pessimistic Guide to Buying a Condo vs. House from Real Estate Arcade

 

Condo vs House

 

Visit www.findalldenverhomelistings.com and see the properties available on the market

 

 

 

About the author

The Blake Team is a full-service Real Estate team based in Aurora, Colorado specializing in working with Buyers & Sellers, foreclosures/HUD, short sales, and luxury properties. A team with years of experience and an impressive success rate that made it the No.18 real estate brokerage in the nation, as well as the No.1 Keller Williams agent in Colorado led by CEO & Founder Lisa Blake. The Blake Team is your No. 1 choice for getting your dream home!