Every buyer is facing their own unique set of circumstances when they decide to purchase real estate. First-time home buyers are often looking for that perfect starter home—a place that they can afford but where they can also begin to build their wealth. Growing families are looking for a place where they can make memories that will also be practical, convenient and comfortable. Established couples and retirees often want to downsize into a place that feels right, a place where they can begin to enjoy an exciting new stage of life.
All of these buyers—and many other types of buyers—are faced with the same question at this point in the process: Should they purchase a condo or a single-family home?
Choosing a Single-Family Home
For many home buyers, the single-family home is often the default option. While this is the right option for many people, it's worth noting that there are both advantages and disadvantages to purchasing a single-family home.
The benefits of investing in a single-family home are obvious. First and foremost, this is a desirable living option for many home buyers. A single-family home gives them the space the need to live in peace and privacy, and they have the flexibility to update and upgrade their home as they see fit. In addition, this property type is often in high demand, which makes it easy to sell again and potentially earn a return on the original investment, whether they're in a popular market like Lake Country or elsewhere.
Of course, living in a single-family home also comes with some additional responsibilities. The maintenance costs of a single-family home can be high, as the property owner is responsible for all repairs and upkeep. Also, an increasing number of single-family homes are located within neighborhoods that are governed by homeowner's associations, which can set rules and guidelines for property owners in that community. The fees as well as the regulations imposed by these associations are worth considering when buying a home.
Purchasing a Condo
For many buyers, a condo provides the perfect compromise between home ownership and maintenance-free living. There are both attached and detached condo units available for sale, which means that some buyers may even find a condo that is reminiscent of a single-family home.
There are many advantages to investing in a condo. For starters, this property type minimizes the responsibility of the homeowner. Most of the maintenance is taken care of by the condo association, including yard work, sidewalk clean up and even some interior maintenance. It is a great option for those who are busy with their careers, for those who are not physically able to keep up with the demands of a home, and for those who simply want to spend more time enjoying life than taking care of a property.
There are several disadvantages to consider, though. Condos can take longer to sell, because they are not always in demand amongst buyers. In addition, property owners are limited as to what they can do within their new homes. The association often dictates what types of updates can be done and how they can be completed.
Which Property Type is Right for You?
Ultimately, buyers will need to weigh the pros and cons of both condos as well as single-family homes. As you begin your real estate journey, it's important to partner with a qualified real estate agent who can help you identify the property type that is right for you and your family. To learn more about the listings that are available in your area, contact a professional real estate agent today.