When you're ready to become a homeowner, you'll face many choices and decisions. One of the first will be single family home or condominium. Each type of residential property can accommodate various types of lifestyle. This will make it necessary to do your research in advance to find the right fit for your needs with your home purchase. Here are a couple of considerations to make during that decision process:
Condos
First and foremost, owning a condo is usually more affordable. Often times significantly more so than a single family home. The lower "entry" cost makes it easier for first time home buyers to start with their first investment, then work their way up to a single family home.
Owning a single family home means added responsibility. While owning a condo, you won't have to worry about spending your weekends tending to your landscaping or mowing the lawn and can free up extra time in your schedule. Maintenance typically falls to the association for most all upkeep outside of your condo walls. Lower maintenance costs also means more savings throughout the year. However there is usually a trade-off as you'll typically pay association dues.
Condos are also favorable because they can come with a higher level of security compared to a single family home. They often include gated entries as well as security professionals. Your home may be less at risk of a break-in compared to living in a house where you're only protected by a door and security system.
Single Family Homes
Single family homes typically offer more space than a condo, both inside and out. Your free-standing home won't have shared walls or ceilings with noisy neighbors. Owning a single family home means you'll have privacy with your own yard. This being ideal if you have children, pets or spend a significant amount of time outside barbecuing or entertaining.
Single-family detached houses are known to appreciate more than condos, an added benefit once you're ready to sell as you'll have greater home value. You'll have more costs for maintenance but have a greater upside.
Owning a single family home often translates to a sense of a community, living in a neighborhood with other families or couples. It may be easier to meet other people on your block compared to living in a building where you rarely cross paths with other residents. Same goes for children if you have any. They'll find plenty of playmates while out riding their bikes or walking to school.
Understanding the lifestyle differences between single family homes and condos will allow for a more comfortable lifestyle once you've purchased and settled in. Weighing the pros and cons of each option will ensure you make the right choice and own a property you'll feel comfortable in for years to come.