Are you a first time buyer that really isn’t sure which way to go with your first purchase? Maybe you have been in a single family home for years and are wondering if it is time to consider a condominium, or maybe you are a condo owner thinking about making the move to a single family dwelling. Whatever your circumstance, we thought that we would cover some of the basic pro’s and con’s of each.
Condominium ownership allows a person to own a predetermined area of space, that may or may not include land, and to 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 owns everything and is solely responsible for the entire property. A house entitles the owner to the rights of the land and all permanently attached structures and the air above it.
In both instances owners of condos and houses have title of ownership and tax responsibilities and can rent and sell the property that they have ownership of.
Because condo owners share ownership for common areas and because of this, by-laws are established to set certain rules and manage the property. A condo association is formed (usually a group of owners) that enforce,change and create by-laws. By-laws will usually cover areas such as noise, pets, common area usage, exterior decoration restrictions, interior renovations, and so on.
In addition, the common areas need to be maintained, cleaned and repaired and thus financial responsibility for common areas is shared by all the owners. Typically it is a monthly association fee that is paid into a fund to cover everything. This monthly fee will take into account extended repairs that may be needed in the future.
With a single family home everything is yours. There are no association rules and no association fees. There may also be a tendency for single family homes to appreciate in value more quickly than a condominium. With a single family home you enjoy more privacy, more control, and have sole responsibility for the property including all maintenance and repairs.
Depending on your needs and wants, either could be a great move for you and your family. To say one is better than the other comes purely from someones point of view. To look at your options and compare the two, contact Pete and John or visit our website to view our listings.