Life in a single family home is far different from life in a condo. For people who are thinking about buying property and aren't sure which type of home to buy, knowing the major differences between these two types of properties can help.
Condos: Pros and Cons
Condos are similar to apartments in terms of layout and design. Like apartments, condos are often housed in large buildings that have been divided into individual units. The difference between a condo and an apartment is that the condo is owned by the individual, not by the landlord. People who own condos are responsible for maintaining the inside of their condo, but are not responsible for exterior maintenance. In other words, if the furnace breaks down, the owner is responsible for fixing it. If the landscaping is damaged, this is handled by the homeowners association.
Pros of condos include:
- Condos are often more energy efficient than individual homes.
- Condos may require less maintenance than single family homes.
- Some maintenance costs (like roof and sewer) are shared between each condo owner.
Cons of condos include:
- People who live in condos typically pay a monthly fee to their homeowner's association.
- Condos often do not appreciate as well as single family homes.
- Residents may have limited control over the condo building's maintenance and appearance.
Who Benefits Most from a Condo?
Many people benefit from condo living. Some of the people who may benefit most condo living most are people who have limited time or interest in performing maintenance around the home.
Single Family Home: Pros and Cons
Single family homes are individual buildings that contain one household only. A single family home typically (but not always) includes a yard. The average single family home frequently has more storage space and more personal outdoor space than a condo, although single family homes in urban areas may have little or no outdoor space.
Pros of a single family home:
- Single family homes are unattached from other buildings, affording more privacy for occupants.
- The homeowner has complete control over the maintenance and care of the home.
- Single family homes usually appreciate more quickly than condos.
Cons of a single family home:
- Homeowners have total responsibility for maintenance, and must pay for or perform all maintenance on their own.
- Single family homes tend to be more expensive to buy than condos.
- Some people feel isolated in single family homes, whereas condos have a built-in community.
Who Benefits Most From a Single Family Home?
Single family homes typically provide more space and more privacy that homeowners can enjoy. People who enjoy doing their own DIY projects and who like to perform exterior maintenance also may enjoy living in a single family home.
Making The Decision
Choosing between a single family home and a condo can be tough for some home buyers. The best way to make this decision is to see both types of homes up close. Talk to your real estate professional and search Sandstone listings, or others, for both types of residences. Your real estate agent can help you decide which type of property is right for your needs.