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Condo or Single-Family Home?
The purchase of a condo allows a person to own a predetermined area of space, not necessarily land. Condo owners share in the ownership of all common areas such as hallways, foundation, stairs, social rooms, etc. under a legal arrangement. With a single-family house, the owner is solely responsible for the entire property. A house entitles the owner to the rights of the land, all permanently attached structures and the air above it. In both instances, owners have the title of ownership and tax responsibilities and may rent and sell the property they own. There are many factors to consider when deciding between the purchase of a condo or a single-family home.
Condos
About one-third of all residential real estate transactions are condos. In general, condos cost less than single-family homes, which appeals to many first-time home buyers. Many condos also have common amenities such as pools, workout rooms, tennis courts, even golf courses. Many people purchase condos as an investment and earn income by renting out the condo.
By-laws are established to set certain rules and manage the overall property of a condo building. A condo association, a group of owners within the condo, enforces and changes by-laws. By-laws are usually very extensive and typically cover areas such as noise, pets, common area usage, exterior decoration restrictions, interior renovations, etc. Typically, there is a monthly association fee that is paid into a fund to cover maintenance, repairs, and cleaning, so that the owners share financial responsibility for common areas.
Single-Family Homes
Everything about a single-family home is yours. You have no association rules and no association fees. However, you should always check out a neighborhood before buying because some do have HOA fees, especially in gated communities. There is also a tendency for single-family homes to appreciate more quickly than a condo of comparable size. Of course, many factors contribute to a home’s value such as location. Single-family homes allow you to enjoy more privacy and control.
