One of the best things about living in an urban area is the many choices you get when it comes to housing, including condos, townhomes, and single-family homes. While single-family homes are the traditional choice of most Americans, more and more homebuyers, particularly millennials, have been opting for a condo or townhome.
If you’re a first-time homebuyer and are trying to decide whether to buy a condo/townhome or a single-family home, here are some of the things you need to consider:
Condos and townhomes are generally more affordable than single-family homes found in the same area and with comparable quality. The downside to this is, you often have to trade-off more living space for a lower price.
Condos and townhomes are typically located in urban areas close to offices, shops, and restaurants, with easy access to public transportation. Walkability is one of the top reasons why condo properties are popular. Because of their central location, condos are mostly within walking or biking distance of the neighborhood’s major attractions.
Single-family homes in central urban areas are getting rarer, and those that still exist often come with a high price tag. More affordable options are found in suburban communities, but you will likely need a longer commute to get to work or to the downtown area.
When you live in a single-family home, you’re on your own when it comes to maintenance. You will need to deal with everyday upkeep needs, such as repairing the roof, fixing the plumbing, mowing the lawn, and so on.
Condos, on the other hand, have a condo association that takes care of the building’s maintenance and upkeep. This makes condos a good fit for those who don’t have the time or inclination to deal with the maintenance responsibilities that come with owning a single-family residence.
Flexibility and space
If you have a growing family and are looking to expanding your home in the future, then a single-family home would be the better option. With more indoor and outdoor space, plus complete control over the property, you have the flexibility to add more rooms, or to remodel and renovate as you want.
You don’t get the same freedom with condos or townhomes. In addition to the limited space, any renovations may need to have the approval of the condo association first.
With their shared areas and units separated only by walls, you get less privacy in a condo or townhome. The properties’ more compact design can also mean you will have to deal with the neighbors more often, which may not be your cup of tea. On the flipside, condo and townhome residents often develop a close-knit community, partly because of their proximity to each other.
A single-family home, on the other hand, can provide you with all the privacy you need, particularly if it’s surrounded by a large yard.
One of the best things about living in a condo is that you get to enjoy exclusive amenities like a swimming pool, a gym, a private playground, and more.
On the other hand, a single-family home can give you much more outdoor living space. You can have a deck or a backyard where you can hold a barbecue or play with the kids – something that most condos can’t provide.
Need help deciding between condos/townhomes and single-family homes? Contact me or call/text me at 760 622 5087 anytime, I’d be happy to help.