Condo or Single Family Home

by : Albert Bor

Deciding what kind of home to purchase may just be one of the most important decisions a person ever makes. It ranks right up there with decisions about your focus in life and the job you take. After all, a home is the base whereupon all other aspects of life happen from. It is also one of the major decisions that will help to shape your financial future. In choosing a home you will need to ascertain your home needs and wants and then choose the style of home that suits you best. In our modern world there are really two basic choices for a home style, condos and single family homes.

Condos are a great starter property. With many condo developments possessing a starting price lower than the average single family home, they have become a favorite choice of first-time buyers. Condos offer a unique lifestyle that is based around a community living model, much like apartments but with the major difference that the units are owned rather than rented. This style of living has several benefits for residents, the most notable of which is the fact that maintenance of the property is handled by a management company. This kind of environment is highly desirable for those who simply do not have the time or ability to maintain a traditional property. Now keep in mind that in condos there will be a monthly condo fee on top of whatever mortgage you are paying. These funds go to the aforesaid property maintenance and building improvements. Many current developments also feature extras like spas, health clubs, meeting rooms and other community based services.

Traditional homes are the other major housing choice. The list of benefits of owning your own home is well documented and there is little need to go into that exhaustively. A single family home is by definition great for a family as most condos are ideal for one or two people but when considering a larger family, the home reigns supreme. There is also something to be said for owning a parcel of property and seeing your hard work pay off as the property becomes more and more value due to appreciation. There is also the peace of mind in knowing that if you need the extra space you can simply add on to the home. Really, the only limit of what you can do to a home is your imagination; or your wallet.

The choice is yours. There is no one better to assess your home needs. Be realistic with yourself about what you need, what you want, and what you can afford both short-term and long-term.