A condominium and a single family home are two of the major options buyers have when it comes to purchasing a home. They can either go for. The major difference between the two is the type ownership you get. With a single family home you own both the land and the building constructed on it. However, with condominium you get only the ownership of the interior space of your unit; land, grounds, and other facilities are owned in common with the other owners in that building.
Both have their pros and cons and the best choice depends on the buyers’ life style and needs. Cost is also a major factor when it comes to choosing between the two. The following article will help you determine whether a condominium or a single family residence is the most suitable option for you.
Prices of condominiums are lower as compared to a single family residence. It is a good way to ease your way into property ownership. Moreover, condos also offer the advantage of low maintenance. Low purchase price and less costly maintenance make them significantly attractive.
There are several amenities that come with a condominium which you may have not been able to afford in a single family home. Most condo complexes are making sure to include fitness facilities as people are more conscious of their health. Condominiums may also have a pool. Swimming help you improve your fitness level.
A multi-purpose clubhouse is one of the most useful and versatile amenities you may find in a condominium. You can host birthday parties, holiday celebrations, meetings, and other small events without having to stress about finding a suitable venue.
A Cafeteria inside the building can definitely boost your living experience. Condos may also have a playground area so that your children can release their energy in a relatively safe environment.
There can be a gym inside your condominium building. Gym memberships tend to be expensive, so living in a condo with a gym is a big boost to those who want to live an active and fit lifestyle.
Condos provide safety and security to its residents. Many condos offer gated or locked entries, doorkeepers, or even security guards. Neighbors are always there to keep an eye on your house while you are away. In a nutshell the around the clock staff, 24/7 security, and overall sense of community all help to make condos more secure.
Condominiums have generally less privacy than single a single family home. While condos offer close-knit communities, it is possible to feel too close to your neighbors. Sharing walls can be an inconvenience because of the noises. Since condo owners often share walls with their neighbors, the noise does not necessarily have to be very loud for it to be disruptive. Similarly, if you love to play loud music, or have parties every now and then, it might be frustrating to have your neighbors constantly ask you to keep the volume down.
Rules and Regulation
Living in a condo means you have to abide by the management’s rules. You would not have as much autonomy as you would in a house. Rules may include whether you can have pets, what types of pets you may have, how and when the shared facilities may be used, and rules about visitors or guests among others.
Slow Increase in Value
When you buy a condo, you are only investing in the living space, not the land. This means the value appreciates more slowly over time. Land is a key factor to increase or appreciate a home's value. Over a longer period of time houses have historically given higher rates.
Owners of single-detached houses have more freedom to customize their property. This freedom allows you to build additions, customize the existing structure, and landscape the outdoor living space. You can renovate it and make changes as per your requirements. If you plan to have children, there is always room for expansion as well.
The resale value of a property is a critical factor when purchasing a property, because you might want to sell it later in life. A single-family home is detached and entirely independent. Moreover, value of land is a crucial factor when it comes to the resale of a property. Therefore, single family house offer a higher resale value than condominiums.
If privacy is something you cannot compromise on then a single family home may be the way to go. You can have any type of pet you want. Having more privacy implies worrying less about the noise you make at home, and also incoming noise from neighbors. Moreover, you do not have to worry about anyone listening to your personal conversation through the walls. You can have a family get together in your yard without being disturbed by anyone.
One of the main downfalls of detached homes is that you are the in charge of the maintenance and maintenance cost may be higher than condominiums. If you live in a condo, management will hire someone to take care of smaller problems.
Because of regular maintenance of condos, these small issues are caught before they become bigger issues that cost hundreds or thousands of dollars. However, in a single-family detached home every maintenance falls upon the homeowner If lawns are to be mowed, plants to be tended, snow to be shoveled or roofs to be maintained, it is all the property owner’s responsibility.
Condominiums often have significant amenities as compared to detached houses. They can, for example, have swimming pools, fitness centers and tennis courts. They have been designed with the idea people will use some or all of these amenities, and will be drawn to the developments by them. Detached homes generally have no access to such amenities.
Higher Purchase Price
The main disadvantage to buying a single-family home is that the price may force you to get a bigger mortgage. Buying a single family residence can prevent you from spending money in other plans. This could be possible by buying a condo instead.
Both condominium and single family homes have their advantages and disadvantages. You cannot conclude that one is better than the other. Depending on your preferences for space, privacy, geographic area, life style and community living you may be happier in a single-family home or in a condo.
Assistant Manager, Real EstateTreadstone Associates