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What to choose: A Single Detached House or a Condominium Unit

Posted last April 27, 2012, 12:33 am in Real Estate report article

 

Some people prefer single detached house while some prefer to buy condominium units. If you’re one of those people who is interested to buy a property, here are some points to know and help you decide whether to buy a single detached house or a condominium unit.

Single detached house: 

*Single-detached houses offer private outdoor living space that acts as a buffer from neighboring properties. This yard space is for the personal use of the owner. Depending on the size and contents, the yard can make a dramatic reduction in noise pollution and greatly increase visual privacy. For pet owners, the yard is an area for their companions that is not subject to the approval of others, as is the case in apartments or attached-unit properties. The additional space also allows the homeowners more flexibility for recreation, whether it is a patio, children's play area, or swimming pool.

*The resale value of a property is a critical factor when purchasing a property, because you might want to sell it later in life. Single-detached houses offer a higher resale value than attached housing units due to the benefits and space. The value of detached houses is based on their amenities and condition. The value of attached houses is often influenced directly by the condition and worth of the other units. Savvy remodeling and landscaping can increase the value and curb appeal of a single-detached home.*Most likely do not have monthly maintenance and/or parking fees associated with them, although owners may pay a yearly fee if their subdivision is part of a homeowner's association. Attached units usually do have monthly maintenance fees or condominium fees. When you are the owner of a single-family home, you are responsible for the maintenance and upkeep of your home. And you have the option of doing it yourself or hiring someone.*Owners of single-detached houses have more freedom to customize their property. This freedom allows them to build additions, customize the existing structure, and landscape the outdoor living space without having to consult the properties management group or other tenants for approval. The local building laws, their budget, and homeowner's association bylaws are the only limits of single-detached house homeowners.

Condominiums: 

*Condominiums are cheaper than stand alone homes. Universally, you will find the lack of a yard makes condominiums a cheaper buying option when compared to the rest of the real estate market. This makes condominiums a good real estate option for first time buyers, as they are often able to get into one when they otherwise would not qualify for a loan for a tradition home.

*Condominiums are also excellent options for people that travel a lot. If you have to travel for work, you know the problems that can arise from having a home sitting empty for weeks or months on end. Burglaries, graffiti and so on are natural results of leaving a home empty. With condominiums, it is much harder for someone to tell if a person is home or not. This makes condominiums very popular with pilots and certain sales people.

*A condominium also requires maintenance, but the homeowners' association is responsible for the upkeep. Generally, the constant attention provided through the homeowners' association makes condos a better long term maintenance option.

 

Single detached house or  a Condominium unit? May these help you in deciding on whether to settle in single detached home or in codominiums. Consider your personal circumstances to determine the best choice for you.