Single Family Home vs. Condo – Finding the Best Fit

A home purchase is a major decision, and a lot of influencing factors should be taken into consideration. In addition to how long the work commute might be or how close restaurants and shopping are, it pays to think about what type of home to buy.

Some people tend to like the independence of a single-family home, which allows them to do as they please with the property. They can landscape how they choose or add on another room down the line. Others opt for the condo lifestyle, appreciating that the bulk of home and yard maintenance will be done for them. When it comes time for a new roof, it won’t be coming solely out of their pocket. How do you know which to choose?

Benefits Of A Single-Family Home

Owning your own home is synonymous with the American dream, and a single-family dwelling is often an appealing choice. One of the largest draws is the ability to truly have your own space. There are no shared walls or floors with a single-family home, and options for exterior paint and landscaping are endless.

In the absence of an HOA, more eccentric homeowners may enjoy the ability to put up multicolored curtains or fun patio furniture. If there’s ever a thought of putting a play structure or a pool in the backyard, that’s often a possibility with a single-family home.

Another selling point is that single-family homes are usually larger too, allowing adequate storage space for belongings and even the option for a growing household if needed. Rooms can often be added on if you just can’t let go of the house.

Benefits Of A Condominium

Depending on the priorities of the buyer, the benefits of a single-family home might just not be that enticing. On the contrary, a condo offers a lot of options that aren’t available otherwise. If doing home repairs or yard work isn’t exciting or simply not feasible for any number of reasons, a condo provides the opportunity for this work to be done for you.

Utilizing the fees you pay toward the homeowner’s association, much of the work that comes with your own home is eliminated in a condo situation. Many individuals who want to be in a location closer to a city center or shopping amenities also choose condo living, as these are often integrated as live/work spaces.

Condo living brings extra features that can be hard to find in other housing options. Many complexes include recreation centers that have a gym, pool and sometimes even a sauna. Typically there are fees for the use of these benefits that are rolled into the HOA dues, but it can be a small price to pay for a lot of luxury.

Different Places For Different Priorities

Ultimately the decision of home ownership is a big one and buyers should think about their specific priorities. While it’s certainly more commonplace for single-family homes to be the first choice, think about your own lifestyle and what benefits and amenities you want. The decision can be tough, so talk with your real estate agent to help narrow down which option will be best in the long run.