Home Buying | Single-Family Home vs. Condo
Are you struggling with your home buying process, trying to choose between a single-family home or a condominium?
There are many types of home construction available on the market today. Whether you are considering new construction, a pre-owned house or a multi-family living situation, the best option depends a great deal on the prospective buyer and their preferred lifestyle. It’s helpful to sit down with your realtor and go over the pros and cons of each living situation.
When a Single-Family Home Works Best
A single-family home gives homeowners much sought-after privacy and security. A detached home does not share walls with other buildings or residences, and light sleepers generally enjoy less noise from neighbors. Families with younger children often benefit from having a backyard, allowing kids to make a little noise without bothering the neighbors. Homeowners can park their car in their driveway or garage, and take advantage of the perks of an independent lifestyle, whether it’s in the city or suburbs.
A homeowner can truly give their own signature to a single-family house. From paint color to landscaping, deck and home additions, homeowners can tailor the property to suit their own tastes and needs. A single-family home offers homeowners more flexibility when it comes to making home improvements, or it may give them more freedom in pet ownership.
Single people, couples of any age and families with children often enjoy the investment potential of owning a single- family home. Most of the time, homeowners should make a profit on the sale of their home, especially in Denver’s hot market. Homeowners will need to pay property taxes, homeowner’s insurance, utility bills and often trash pickup. However, they will typically have some flexibility in choosing providers for insurance, internet and garbage collection.
Single-family homes in attractive locations often appreciate in value and homeowners may make some extra cash when they sell a well-maintained home. It is easier to rent out a home that you own when you are looking to travel for an extended amount of time or if you are pondering a move. These are all aspects to consider when looking into buying a detached, single-family home.
When a Condo is a Better Fit
Today’s condominiums offer an amazing array of amenities, which attracts buyers young and old. Homeowners looking to be close to Denver attractions and desiring well-appointed fitness centers without the headache of gym membership often choose condominium living. Condo residents can invest their time and energy into outdoor pursuits and other interests as opposed to tending to a lawn. People who are transitioning and moving due to a job change or looking to downsize may also enjoy owning a condominium.
Condo owners have shared areas and can take advantage of additional features like a rooftop deck or indoor/outdoor pool that offer terrific social opportunities.
Check out the “walk score” before buying a condo. Those looking to be close to restaurants, scenic parks and entertainment venues may want to live close to the action. Condos close to a job location make for an easy commute. Before purchasing a condo, do not forget to review HOA fees and conditions. Fees may include basic utilities and trash removal, as well as other perks. Keep in mind there may be rules about pet ownership and the ability to sublease a space, especially as it relates to an Airbnb property.
A condo is a great choice for single people, young couples and older couples looking to enjoy a relative maintenance free lifestyle. Condo living often features common areas and amenities that provide opportunities to meet people and form new friendships. Many owners like the option of walking to their favorite shops or nearby parks. All of these reasons make condominium living an appealing option for prospective buyers.
Your Best Option
Depending on the stage of your life, personal preferences and priorities, a condominium or a single- family home can be a great investment. You can always sell (or rent) a condo or house and move to another residential option later on. Many single people, couples, families and retirees live in either condos or single-family homes. Walk around the community and check out the demographics to find a community that best suits your preferences, and you’re bound to find the perfect location before long.
Gary Ashton is a realtor in Nashville, Tenn. You may contact him at: The Ashton Real Estate Group of RE/MAX Advantage
(Editor’s Note: This post was originally published in January of 2019 and has been updated for accuracy).