How To Know If A Single-Family Home Or A Condo Is Right For You
Whether you are thinking about buying or looking for a new rental, choosing a new home can be stressful. Not only do you need to know what not to say when buying a house, but you'll also need to consider a few things before diving headfirst into the real estate market, per Quicken Loans. Of course, you need to finalize where you want to live. Once your location is determined, you'll need to create a budget and decide on your must-haves. While your must-have list could include stipulations like a minimum of two bedrooms and an open-concept kitchen, your first steps need to focus on the outside of the house, specifically what type of home is right for you.
According to Bank Rate, you have options when it comes to your homes. While house hunting is often portrayed as people looking for a single-family home, there are also townhomes, multi-family homes, modular homes, and condos or co-ops. If you have narrowed your home preference to a single-family home or a condo, you may wonder which one is right for you. Here's how to know.
What's the main difference between a single-family home and a condo?
The first thing to do when choosing between a single-family home or a condominium is to understand the difference between them. According to Rocket Mortgage, while we often view condos as attached apartment-like dwellings, they can also be detached homes. The main characteristic of a condo is that the homeowner is only responsible for the inside of their home. The outside of the home is handled by the property company, often for an extra fee. Condos may also have the bonus of communal amenities like pools or fitness centers.
According to Investopedia, single-family homeowners are responsible for the inside and outside of their houses. This is because the owner not only owns the actual structure but also owns the land it sits on and the land surrounding it. When it comes to a house or a condo, the differences are vast. Here's what to consider before deciding on one.
There are pros and cons to both
If you are choosing between a single-family home and a condo, it might be helpful to sit down and create a pros and cons list. When it comes to a condo, there are a lot of pros to consider. According to NerdWallet, choosing a condo may be easier on your wallet, as they are often less expensive than single-family homes. Condo insurance is also often cheaper, lowering your overall payment each month. Depending on where you live, you may also have a wider variety if you go the condo route. If you are hoping to move to a big city or populated area, condo options are much more likely to be available than single-family homes. You also get the bonus of not having to worry about maintaining your space because this is done for you through your homeowners' association. So, no need to worry about mowing your lawn on a beautiful Saturday afternoon.
But, a single-family home has its pros as well. A house allows you to do what you wish for the most part, as the rules are usually more relaxed, per Bank Rate. This means if your heart is set on DIY-ing or you love interior and exterior design, you are more likely to be happy in a single-family house. You can also count on having more space and privacy, as you won't be sharing walls or a common area with any of your neighbors. And while the price may be more than a condo, you are more likely to be able to sell after putting up your house listing — because single-family homes are always more in-demand.