Should I purchase a condo over a single-family home?
This sounds like a simple question, but the answer is certainly multi-faceted. It is also a personal decision that only the buyer can answer for themselves.
Some things to consider when weighing the pros and cons of purchasing a condo versus a single-family home include:
Are you looking for a lifestyle with amenities such as a pool, health club and tennis courts, but without the responsibility or investment of time, work and maintenance to go along with it? Would you like someone to take care of all of the exterior maintenance, lawn care and snow shoveling?
If those things are important to you, then the obvious choice leads you to a condo
Rules and regulations
When you purchase a condo, the complex will have rules and regulations that must be followed. These are put in to place for the benefit of all of the residents in order to maintain a good quality of life.
If you don’t like the rules, don’t buy the condo.
You can certainly find privacy while owning a condo, probably not quite as much as with a single-family home. An end unit or one with a private entrance could ensure more privacy and some complexes offer free-standing units.
Of course, condo amenities and services come at a price. The monthly common charges will cover all of those items. However, be aware that the common charges can increase over time and, if there is a capital improvement project, assessments may be imposed. Your lender will calculate your monthly payments and will have to include the common charges, which will result in qualifying for less of a mortgage
Single-family homes and condos are both great choices.
Buyers just needs to be able to make an informed decision and prioritize what is most important to them and their lifestyle.
William Pitt Sotheby’s