First-time homebuyers may not have the confidence or experience to take on the upkeep of a single-family home.
A condo can be a good fit for new homebuyers because HOA fees, which are paid by all the owners, pay for maintenance and repairs in all common areas. Sharing costs is often easier for first-time homebuyers, especially for major repairs.
Owners of single-family homes, however, bear the entire cost of all repairs. If you need a new roof, for example, the entire bill is yours. But in a condo, the cost would be divided evenly among all the owners.
Top Condo Amenities:
- Fitness facility
- Water/Electric covered
- Dog Park
- Common Area Upkeep
*Pro-tip: Have a doorman? You can expect your HOA fees to be significantly higher. If security is important to you, it may be worth the extra monthly cost.
When it comes time to see the condo: Condos, in general, don’t appreciate in value at the rate that homes do. And if your neighbors are selling too, you don’t have much to set yourself apart from the competition—most units will be similar.
Are you ready to upgrade?
You are the true definition of #adulting when you own your very own single-family home. While the upkeep of a standalone home can cost you time and money, you will benefit from the comfort and space your home provides.
A big advantage to owning a standalone home is that you have total control over the property to remodel or make changes without the consent of others.
Sick of walking to and from a parking garage? A single family home with an attached garage is the answer!
Which will it be?