Vive la difference! We live in a society where we have choices, and can make decisions based on our lifestyles, needs and capabilities. Single family homes and condominiums are two of the choices we can make when electing to purchase a home and one of them is assuredly the better choice for you.
The two forms of ownership differ. In a single family home, you own the property, including the land, building and amenities. In a condominium, you have fee simple ownership of everything within your four walls entitling you to exclusive use but the common land and facilities are owned together with your fellow condo owners. Because of the shared ownership, the condominium sets out a set of rules and regulations (called CC&Rs) spelling out the rights and restrictions of condo owners.
If you’re a free spirit, these rules may feel like a burden. You may not be able to paint the exterior of your unit the color you like; you’ll have to pay a common Home Owner’s Association (HOA) fee for the use and care of the facilities; and you may have to attend a meeting or two to agree on something or other. On the other hand, you will not be responsible for the maintenance of the property and can enjoy the beautiful grounds and facilities you might not be able to afford in a single family home.
Condominiums are often less expensive than single family homes in the same neighborhood, and this means that you may be able to buy a condo in a much more desirable location for the same dollars you would spend on a less desirable single family home. You may find it worthwhile to trade off some privacy for a lovely view or more accessible location.
If control and privacy speaks to you, you will probably be more comfortable in a single family home. If you are a gardener or would love to tinker in a garage workshop, having a private home would probably suit. The extra work may be made worthwhile by that beautiful tree that belongs to just you.
When it comes to cost, you need to do a full analysis of either form. Condos may be less expensive to purchase, but not necessarily; some in the toniest neighborhoods may be quite expensive. You’ll have to figure in the monthly HOA fee covering such items as management, maintenance, utilities, insurance, and the like, and compare them to the comparable charges you would incur as a single family home owner. You also must remember that though your common charges cover the grounds, you are still responsible for repairs and maintenance of elements within your condo unit. If you need a new refrigerator, the cost is still on you.
Both condos and single family homes do appreciate and grow in value; condominiums because of their location and amenities, and single family homes because of their uniqueness and style. Either can be a wise investment.
It’s a matter of personality for the most part as some of the old distinctions have begun to blur. Though we think of condos as having common walls, some are now free standing buildings where the common land and amenities are shared. Likewise, there are some single family developments that have instituted some rules and regulations similar to condominium communities.
My advice is to do a little self-analysis, see what your personality dictates and explore all the opportunities out there.
I’m sure with a bit of effort you’ll find that single family home or condo that feels just right!
Del Phillips is a California Licensed Real Estate agent. He is a member of the National, California and San Diego Association of Realtors. You can reach Del at Ascent Real Estate at 619-298-6666 or at Del@DelPhillips.com DRE LIC #01267333
