Are you trying to decide whether to buy a single-family home or a condo? If so, there are three main differences you should consider with this decision, and comparing these three differences might help you make the best decision for your family.
One of the key differences with homes and condos is the way exterior maintenance is handled. When you buy a single-family home, you will own the entire home. This includes the inside, the outside, and the yard. All these areas will be yours to care for and maintain.
With a condo, you are really only purchasing the inside of the home. The outside of the home and the yard will belong to the homeowner's association (HOA) in the community. This means that you will not be responsible for the outside of your house or the yard. The HOA will take care of things such as yard work, updates on the home's exterior, and snow removal.
To compensate for this difference, you will have to pay a monthly fee to the HOA, whereas you will not have this fee with a home. You will, however, have to pay for all the maintenance of the home yourself.
The second factor to consider is whether you are looking for a community that offers amenities you can use, such as a park, pool, or clubhouse. Condos are often located within communities that have these types of things, while communities that are made up of single-family homes do not traditionally offer these types of amenities. The fees you must pay when living in a condo are used to maintain these extra amenities, and that is how they make them available to the residents in the community.
The other factor you might want to consider is the differences in rules. Communities with HOAs tend to have a lot of rules, guidelines, and restrictions that must be followed. For example, you might not be allowed to plant flowers or place a swing set in your yard if you live in a community with an HOA.
While there might be rules and guidelines in a subdivision full of single-family homes, there are typically fewer rules to follow. You generally have a lot more freedom in a single-family home community, and this is something that is vital to understand before you buy a house.
If you are ready to buy a condo or a single-family home, you should contact a real estate agent for help locating the perfect one for your family.Share