Should I Buy a Condo or Single Family Home?

When buying a residence, there are many reasons to consider between a single family home and a condo. There are pluses and minuses to both, and knowing both sides can help potential homeowners make informed decisions.

The Good and bad of Buying a Single Family Home

Single family homes are a big part of many people’s dreams. A house on a plot of land gives one a sense of true ownership as they step out of their back door and sit in the peace of a private yard.

Among the many reasons to buy a single family home are that most of them are not located within a Home Owners’ Association, meaning that there are less fees. If one’s family is growing, then creating additional living space is a possibility, which cannot be said about a condo.

Landscaping can be done to taste. This can include extensive gardening or replacing all grass with a yard full of river rock.

Among the downsides of owning a single family home are more responsibilities. A good yard makes for a good neighbor, and vice versa. Additionally, the home that had once been expanded and customized may become too large, creating a situation where an elderly person stays in a home they can no longer afford. As the appliances get too old and the utility bills too high to maintain, they end up sacrificing their nestegg simply because they feel connected to the sheetrock and shingles they’ve called home for so many years.

Of course, owning a condo has its ups and downs, as well.

The Good and bad of Buying a Condo

Condominiums are build to suit low maintenance home owners who want to have a nice place to raise a family, or start a life. Condos are built with few variations. Lawn care is not an issue, and while there is not much property for a person to call their own, everyone gets parking spots and a private patio.

In addition to this private patio is a large amount of open space that is good for children to run play, for dogs to get their exercise, or even just to gaze upon while relaxing. The great thing is that its maintained by professional landscapers, leaving weekend chores indoors.

When one gets old, a condo is still suitable for their needs, elimintaing the need to move.

The downsides to owning a condo are that they are often between two others. This is one way to get to know neighbors quite intimately, whether you like it or not. Adding to this, outdoor privacy is extremely limited.

While the yards are kept, the care is paid for by homeowners’ association fees. These fees tend to only go up, affecting fixed income families.

Lastly, customizing a condo is almost always limited to painting and furniture, creating a drawback for some.

What Best Suits Your Current and Future Needs?

When buying a home, be it a condo or a single family property, getting into one that will suit your current and future needs is best. However, having both is a possibility. There are many people who purchase a condo early on, then rent it out when they buy a single family home, then moving back into it when they get older.

This possibility makes owning both an incredible opportunity, making the answer to the original question of buying a single family home or a condo: Yes!