Should You Purchase A Condo or A Single-Family Home?

Should You Purchase A Condo or A Single-Family Home?

For first-time home buyers, many have the question burning in their mind: Should I purchase a condo or a single-family home? When you reminisce back to the 1950s, many families would describe their dream home as a house in the suburbs with four bedrooms and a big backyard. That still remains for many families, but today there are far more housing choices, reflecting different life-styles and preferences. Also, first-time home buyers aren't always families. They are single-adults without the responsibility of a family. Just the same, those single-adults want to sometimes plan for the future when deciding to buy their dream home.

Prioritize The Features You Really Want

"Location, location, location." Location is definitely a priority when purchasing a home. Many Americans spend more time than ever on daily commutes to and from work and school. While neighborhood is important, it seems that the focus on living near good schools and in low-crime areas is no longer at the top of everyone's list.

Home maintenance and improvement also play a big part in determining the right home type. You will be responsible for the many problems that both older and newly constructed home occasionally face such as lawn mowing, roof leaks, painting, burst pipes, etc. In addition, you will have relative freedom to make home improvements such as adding a fence, dog run, garden, swing set, swimming pool, or even a room. Most other types of homes may restrict your ability to do the things you want to with your living space.

Most condominiums, townhouses, lofts, or homes with planned communities are ruled by some type of restrictions or association. Sometimes homeowners would rather not follow someone else's rules regarding property they have purchased. If you are not the kind who likes to follow certain rules, you may not be happy with these types of homes. But if you are willing to trade away some freedoms for what many consider to be "can't-live-without" advantages, you could be a good candidate for this type of home.

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