Condo or single-family home, that is the question. When you’re buying, it is essential to choose the best type of dwelling unit for your needs. Both options offer advantages and some disadvantages as well. But, what’s right for one person isn’t necessarily right for your needs. Research and compare before investing time or money into either property type.
Condos: the Good, the Bad & the Ugly
Condos cost much less than single-family homes. Condos cost an average of $10,000 less than a house, but the price difference is much more significant in many markets. A less expensive home needs a lower down payment and requires lower monthly payments.
Condos are typically much smaller than single-family homes. You’ll need to keep that in mind as you are deciding if a condo is right for you. The amount of possessions you’ll be able to fit into it may be an indicator of which way you should lean. There are options for storing excess possessions when you move if you feel like the smaller abode is what you are looking for.
As a condo resident, you’ll have many neighbors in a tight-knit community. Many condo communities are near amenities like supermarkets, parks, libraries, and restaurants. Close proximity to these amenities reduces commute time, traffic congestion, and other headaches.
There are more services available in condos. The condo owner handles services like lawn care, snow shoveling, house painting, and gutter cleaning. These are tasks that people who live in houses complete themselves. You’ll undoubtedly enjoy not shoveling any more snow that’s for sure! Plus, condo dwellers enjoy amenities like swimming pools, tennis courts, and golf. Homeowners must buy these items if they want them at their property.
While condos might be harder to sell to families than single-family homes, they can be great for young professionals who want to stick close to cities. If you’re young and single, condos can be a great first home to purchase, as they won’t have nearly all the upkeep houses typically need and will be easier to attain.
Single-Family Homes: What to Consider
Single-family homes are bigger than condos. You get more space to relax and live life inside a home. The added space makes it easy to expand your family size without moving to a new location. Most rooms are larger in houses than in condos. And, you’ll have a yard to enjoy. Condos do not include any land. It is good to have a yard if you’re raising a family. But, anyone that enjoys the fresh air can enjoy their yard.
A house also has room to grow. If your family size expands for any reason, a home may accommodate the growth. It is unlikely that a condo has the space to allow an expansion of any sort.
The Bottom Line
It is vital that you keep three things in mind when choosing between a condo and a single-family home. Is future relocation possible? How much space is needed? Do you anticipate your family size increasing? When you answer these questions, it is much easier to make the right decision.