Condo Living vs. Single Family Property
By Katie Kirk: The Kirk-Holton Team
Lifestyle is often the driving force behind the decision between purchasing a condos verses single family homes. The single family home buyer who has no interest in looking at condos has some reasons. They are certainly varied, but in general they do not mind doing yard work and general upkeep of the property on the exterior. In addition, they do not want to share their walls with anyone. They want to be the master of their own domain and want control over decision making when it comes to their property. The buyer that is leaning towards a condo tends to be a buyer that does not have any interest in yard work. They are often either too busy and travel quite a bit or they are at a point in their life where they have done the gardening and yard work for years and now no longer have an interest. Interestingly, I find that there is a group of buyers that know they are single family home buyers with out a question and the other group is a condo buyer without question. But what about those that can’t decide which is the better fit? It is important to think about the above mentioned items, mainly the yard work issue.
Usually the condo fees include the upkeep of the property on the exterior…landscaping, grass being cut, snow removal…. As a buyer looking at both properties find out what the condo fees is and EXACTLY what it covers. In addition, you want to see a copy of the bylaws. Are there any special assessments? What have been some assessments in the past and what was the responsibility of the condo owners. Who built the condo building? Does the builder have a good reputation? And last, what is the condo market like in the area. Is it stable, how long is it taking condos in the area you are looking to sell right now? If your situation changes and you have to move, will this be a good investment for you? Of course, you would want to investigate that as a single family home buyer too. In the end, it is important for those who are open to both types of properties to really examine one’s lifestyle, and weigh the pros and cons of living in either a condo or a single family home. This decision is going to be based on the individual, couple, or families needs but the above factors need to be examined before moving forward with a purchase.