Buyers have many decisions to make when purchasing a home and can often feel overwhelmed with all the options.
Aside from location, housing type is one of the most important decisions to make when buying. Should you buy a single-family home, condominium, or townhouse?
This choice truly depends on your lifestyle. Each housing type has certain advantages and disadvantages. It is up to you and your realtor to match your needs and wants with the ideal housing type. If you are unsure, below is some information to help you make the best choice.
Single family home
Looking for space and perhaps a larger yard? A single-family home may be the right option for you. Single-family homes tend to be larger than condominiums. They also, generally, have a yard that is ideal for those with children or pets. You are also almost always afforded some level of privacy from your neighbors . You are, however, responsible for your own home maintenance. You will either have to find a qualified lawn care professional , for example, or attempt to do it yourself. Doing it yourself may also require you t o buy extra equipment and tools. If you like the space, the privacy, and are somewhat handy this may be your perfect option.
For people who are very busy or dread the idea of home maintenance, condominiums may be the best option. For a monthly fee, know as the homeowners association (HOA) fee, outside maintenance is taken care of on your behalf. While this may sound like a blessing, these fees can be steep and are paid monthly outside of your mortgage payment. HOA fees are not fixed and they may rise for various reasons including an unexpected maintenance issue . Living in a condominium can often give you access to resort -like amenities . Your building may have a pool, fitness facility, and resident clubhouse. This allows you to live like you are on a permanent vacation and who does not like vacation? Y our neighbors are very close so you have plenty of opportunities to interact with others. Condominium living may be perfect for you like being surrounded by all the amenities, if you don’t mind the HOA fees, and you enjoy living in a close community.
Often time’s townhomes can be the best of both worlds . You have more space than a condominium, but less yard and maintenance than a single-family home. You are still close to your neighbors, but you may have your own small backyard for some semblance of privacy. Y ou are responsible for your backyard, but the HOA will take care of any minimal common areas. Townhomes may have HOA dues , but they tend to be lower than condominiums.
If location is your first priority, the n the choice of housing type may be easy. Lets say that you want to live in the Gulch, well your primary options would be condominiums. Your housing type may be limited by the neighborhood you select or even the lack of inventory. If you do have the option then exploring your lifestyle preferences, tolerance for maintenance, and finances will help you decide which option is right for you.
(Originally published for 12th&Broad: 5/12/2015)