A beautiful freestanding house surrounded by a lush green lawn and a white picket fence is the stuff of dreams. But, if you’re like millions of Americans, you might be surprised to learn that your ideal home could be a condominium. So, before you take the purchasing plunge, review the following, which offers the distinctions between these two fine home ownership choices:
Condo Pros & Cons
In general, condos cost less than homes, even if square footage is comparable. However, another important consideration relative to housing are Homeowner Association Fees (HOA). While some housing communities are free from monthly charges, condominium upkeep is paid from funds collected from each owner. So, when you are comparing the monthly costs of a house to a condo, make sure you consider the potential for such fees. Also, homes and condos in newer developments sometimes charge extra taxes known as Mello-Roos, which are used to pay for shared outdoor development such as greenbelts. These fees are sometimes short-term. But check with your realtor about the community you are interested in for specifics.
In general, some condo communities are situated near city centers within walking distance of shops, restaurants and other places of interest. And, if nightlife is important to you, you may prefer to secure a condo located in a hip and trendy area rather than a house in the suburbs. And, in many urban settings, robust public transportation systems could potentially eliminate your need for a car.
Since most condominium complexes employ gardeners as well as house painters and roofers to handle outdoor projects. If you have a green thumb, this could prove frustrating for you, since you would have to focus your gardening efforts on houseplants and patio accoutrements. But if you would prefer to spend time tending to other interests, condo life could be the ticket to more free time and less household upkeep than what is required of the average house. Another perk to condo life is that some facilities offer hotel-like amenities, such as pools, spas, gyms and tennis courts.
With home ownership, buyers purchase the space as well as the land underneath it.
With a condo, buyers own the airspace inside the condo, and exterior elements are owned in common by all owners within the community. Townhouse owners, on the other hand, own the little patch of land upon which their townhouse sit. If owning a piece of land is important to you, you should take this into consideration before buying a condo.
I just closed a condo purchase in Highland. My client was thrilled to purchase new construction by Richmond America homes. When it comes time to buy or sell a house or condo in Redlands, call Keller Williams Realtor Candace Cantu McGloin. She is qualified and willing to help home buyers and sellers across Southern California. Specializing in the cities of Redlands, Highland, Yucaipa, Grand Terrace, and Loma Linda Candace has done transactions both on the buying and selling side throughout Southern California. To learn more about real estate in Redlands or the Inland Empire or to list your home, call Candace directly at (951) 201-2443.