Single Family Home versus Condo – Which One is Right for You?
Single Family Pros:
- You can make more changes to the property than you can in a condo. – You may be able to add on or change the exterior of the house, which you typically can’t with a condo.
- You’re in charge, other than city zoning laws and restrictions (or homeowner’s association restrictions, if there is one – which there usually isn’t in many older Orange County neighborhoods).
- No shared, common wall with your neighbor.
- Larger yard.
Single Family Cons:
- Responsible for all repairs and maintenance,
- Responsible for fire/hazard insurance.
- Not responsible for the roof, or exterior paint, or landscaping, or common areas.
- Very few maintenance issues.
- Only responsible for what’s inside the walls.
- Association amenities – such as pool, tennis courts, clubhouse.
- Own only the air within the interior walls.
- Association dues, which may increase, and over which you have little control,
- Liable for special assessments if the association needs more money.
- Smaller yard
- More restrictions under which you must live often including the number and size of pets, the ability to change the outside of the property, and sometimes even what plants can be planted outside of your property.
- All property is common, and the control is joint not individual.
- In times like now, condos often don’t sell as quickly as single family homes as people who can afford a single family home often prefer them to condos.
So, should you buy a single family home or a condo?
It depends. Do you want to have a place to live that’s maintenance free, or do you want to make all sorts of changes to your home?
Will you be able to live in a location you couldn’t otherwise if you buy a condo instead of a single family home?
What is best for you really depends upon your situation. If you want to find out what fits you best, please give me a call at 714.319.9751 to discuss your individual situation.