Depending on your situation, a home could mean many things - it could be a two-bedroom high-rise condo, a sprawling ranch house or maybe a three-story townhouse. Choosing where you’ll make a home comes down to more than just location and price tag. For many prospective buyers, choosing a home also means deciding which type of property they want.
Whether you’re a first-time home-buyer or you’re an empty-nester looking to make a change, the type of property you choose is a big deal. Like with any big decision, gathering all of the details and carefully weighing your options is critical when it comes to selecting the property that you’ll call home. When deciding between a condo or house there are pros and cons that come with each option. Taking into consideration the benefits and potential shortcomings of each of these options will help ensure that you end up with a property that meets most, if not all, of you and your family’s needs.
Condo
A condominium, or condo, is an individual unit within a community of other units. Condos come in a variety of shapes and sizes, from buildings with only a handful of units to high rise buildings with hundreds of privately-owned units. When most people think of a condo, they tend to think of a unit within a building, however, detached condos do exist in some markets. When purchasing a condo, the homeowner will be responsible for all of the interior of their unit, while the exterior and shared spaces - such as community pool and dumpster, are the responsibility of a professional management company. Condos can also vary in size and be anywhere from just one bedroom to multiple bedrooms and bathrooms designed with families in mind.
Ultimately, one of the biggest reasons home-buyers are drawn to condos is the minimal upkeep and maintenance that they come with. Unlike a single family home or even townhouse, a condo doesn’t require any exterior or outside maintenance from the homeowner. Condo owners do not have to worry about mowing grass, clearing leaves, maintaining the exterior paint or anything else that falls outside of the owner’s unit. This is why condos can be especially appealing to empty-nesters, those looking to downsize or people that frequently travel.
With a condo, you don’t have any of the exterior maintenance that comes with a single-family home. For frequent travelers or those looking to spend seasons elsewhere, this can be especially appealing since they can rest assured that while they spend extended periods of time away from their home, they won’t have to worry about any ongoing maintenance. Condos also often have amenities that may be a little harder to find with single family homes, such as community club houses, pools, electric vehicle chargers and other perks.
While simplicity and lack of maintenance are big benefits of purchasing a condo, there are of course some potential drawbacks that potential buyers should be aware of. It goes without saying that since condos are most often in a shared building, you won’t have as much privacy as in a single family home with more property. Also, the exterior maintenance comes at a cost, most often in the form of an HOA (Homeowners Association) or condo fees. These fees can vary depending on your area and the particular property and may be paid monthly or annually, so it’s important to factor this cost into your overall budget when exploring this option.
House
Generally, when we think of a house we think of a single-family home. This type of house is a completely standalone structure that doesn’t share any walls or common spaces like townhouses or condos do. Houses tend to have the most variety when it comes to space, exterior and property size compared to townhouses and condos. One of the biggest reasons people opt for single-family homes over condos or townhouses is the privacy and space they come with.
Of course, not all homes have the same amount of privacy and space, but generally, a house will come with some type of yard, giving you a bit of a buffer between your space and your neighbor’s. Of course, if you prefer more privacy then it’s easy to find houses that come with more land or that are more secluded. With a house, you don’t share any common areas with your neighbors, so you don’t have to worry about any awkward run ins in the elevator or noisy upstairs neighbors.
Another big upside to purchasing a single-family home is that you have the freedom to do with it whatever you want (within local and/or HOA guidelines, of course). Owning a house gives you freedom to make it your own from the inside out, which you don’t get with condos and townhouses. Of course, with all of this added privacy and space, houses do tend to come with a higher price tag. Additionally, houses come with the most maintenance, since you’re responsible for handling everything, from mowing the grass, clearing the driveway of snow, repainting the exterior, roof repairs and everything in between.
Families will often find that a single-family home suits their needs best. Single-family homes will often come with more indoor and outdoor space, giving families the room they need. On the other hand, if you’re looking to downsize or travel frequently, then a single-family house can pose some challenges. The biggest challenge will be the necessary maintenance. If you’re looking to slow down, a house will make that difficult since it requires much more upkeep than a condo.
The home-buying process can be overwhelming and there are an endless amount of decisions to be made. Deciding between a condo or single-family house is a big piece of the puzzle when it comes to selecting your next home, but it doesn’t have to be a stressful or intimidating decision. Our experts can help you navigate this process and make sure you’re armed with the knowledge you need to make the decision that will be best for you and your family’s needs and lifestyle.
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Kevin McLemore is a second generation real estate broker, having grown up in the business. The McLemore Group is centered around the strong bond that Kevin has with his father, Dan McLemore. They have been working together selling land, homes, and commercial projects for over 20 years.
Kevin specializes in helping sellers of unique properties get maximum value for their property with as little headache as possible. He has brokered transactions throughout the greater Charlotte region including the upstate of South Carolina.
Copyright © 2024 The McLemore Group - All Rights Reserved.