If you’re a first time home buyer, you’re likely facing the crucial decision of whether to buy a single-family home, or a condominium. A condo is a home in a multi-residence building, which may include a typical condo building, laid out like an apartment complex, or possibly a town-house like community with separate entrances but shared walls. Some condo buildings might contain only a few units – 2 or 3 – while others can number several hundred. A single-family home might be your typical suburban ranch style house with a yard, or a row home on a tree-lined city block.
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So as you can see, the decision isn’t always single-family vs. condo. Finding the perfect space depends on many qualifications. Let’s take a look at some home buyer needs to see what type of property you may prefer.
Location
The neighborhood you prefer may determine whether you can buy a single family home or a condo. In some areas, condo buildings are much more common, while they are nearly unheard of in others. If you prefer to be on a street with a lot of retail space, condos may be located above the shops and restaurants you desire – or single family homes may be interspersed or located just a short walk away. If you have a specific location in mind, the inventory may determine your course of action.
Privacy
Are you set on having your own yard or outdoor entertaining space? Or would you prefer to not have the headache of mowing your own lawn every week in the summer? Do you want your neighbors to be close by to better form a community, or do you shudder at the thought of shared walls? How much and what kind of privacy you want will likely be a big factor when choosing to look for either a condo or a single family home.
Maintenance
One hallmark of a condo is that the exterior is a shared responsibility, with the condo association using monetary reserves from HOA dues to pay for maintenance and upgrades. This means you won’t be responsible for calling a roofer the day after a major storm, or painting the exterior window trim three weekends in a row. On the other hand, if you’re a DIYer, you might prefer the opportunity to maintain the exterior of your home yourself, and to be able to make decisions about things like the color of your siding or the type of plants that line your sidewalk. Your condo association might also not shop around for lower cost services, which means you could save money in a single-family home by doing your own landscaping, painting and repairs, or finding a lower cost solution.
Budget
Does your budget allow for one choice more than the other? Condos are typically one to three bedrooms, while single family homes may come in larger sizes. If you are looking for a smaller space, condos may also be the answer, depending on the single family home inventory in the neighborhood (think rambling Victorian mansions versus smaller craftsman bungalows). New condos may also have a ten year property tax abatement. However, condos may have more hidden fees. The homeowners’ association, or HOA, will require a monthly or quarterly fee. What the fee covers and how much it is depends on the condo and building, but you need to factor it into your total budget.
Amenities
Most single family homes don’t have fully furnished private gyms, complete with personal trainers and smoothie bars. A condo, however, won’t have a private pool. What you are looking for, whether it’s private outdoor space, on-site dry cleaning, a three-car garage, or a secured and monitored entrance, might determine whether you purchase a condo or a single-family home. Do you like to rebuild motorcycles in your free time? A condo likely won’t have a large, private garage or workshop space. Would you like a large rooftop deck and hotel-like amenities? A condo is probably your best option.
Now that you see the difference between single family homes and condos, hopefully this makes your decision easier. Of course, you can always look at both options in person before making your choice! If you need an experienced real estate agent who loves leading first-time homebuyers through the process, please don’t hesitate to contact me. And remember: friends don’t let friends buy homes without Agent Lady!
About Agent Lady: Cherise Wynne is a leading real estate agent in Philadelphia, helping home buyers and sellers navigate the City of Brotherly Love, with a special focus on first time home buyers. To chat about getting started with your first time home buying experience, click here.
