It is finally time to stop renting and own a home. There are a number options available to prospective buyers, including single-family homes and condominiums. Buyers need to think about their specific needs and lifestyle prior to purchasing a home. Explore some differences between single-family homes and condos when looking to purchase a home.
Less Time on Maintenance
When it comes to living in a condo, many maintenance jobs are taken care of by the association. Owners can count on the association to hire workers to attend to tasks including yard maintenance, snow removal, landscaping and more. However, this cost is covered by the dues paid by condominium owners. At times, it may be necessary to pay in excess of those fees when the budget does not cover all of the maintenance requirements in a community.
In addition, as the association hires workers, a single condo owner may have little input into how people are chosen or be able to do anything if work performed does not meet certain standards. The benefit of this arrangement is that owners do not have to concern themselves with digging out their driveway, mowing lawns and other necessary tasks that can take up a significant part of a homeowner's free time.
Those who own a single-family home have more say and shoulder more responsibility. Homeowners can do routine jobs themselves or hire a company to maintain and care for the property surrounding a home. They hire and pay for work and being in such a position, can fire incompetent workers. However, performing routine tasks takes time and effort. Those who hire out may also be shelling out additional money for services.
Restrictions and Regulations
Homeowners who live in condos or single-family homes need to follow federal, state and city regulations. Single-family residence homeowners generally have more flexibility in use of their property. Homeowners have more say in choosing the type of grass on a lawn, making landscaping choices and entertaining guests throughout the year. Those who own pets often enjoy the backyard space provided to allow their pets some measure of free reign on a fenced property.
Detroit condominium owners may need to be more respectful of neighbors and attend to the behavior or pets or children in common spaces. Closer living arrangements makes it necessary to be more mindful of others and be aware of their needs, as well as to follow any community guidelines set forth by the association.
Going from renting to owning means being on the line for unexpected expenses. This can occur for those who own a house or a condo. A condo's reserve may not have enough funds and condo owners may be obligated to pay an additional sum for a necessary repair or update. Homeowners of a house have to pay for and attend to issues such as foundation problems, leaking pipes or a damaged roof. Those that set aside money as part of their maintenance budget can find it easier to pay this bills when the time comes.
When It Is Time to Buy
In many areas, condominiums are more affordable than single-family homes for first-time homeowners. Those who are looking to purchase may want to be aware that some mortgage products, such as an FHA loan, may make it harder to purchase within a condo development. Consider all of the options available and speak with an agent as how to best position oneself when buying a condo or single-family residence.