Condos Vs. Single Family Homes

Buying a home or condo is a big decision.

You have decided to purchase a house or condo -- perhaps your first. This is an exciting time, but before you rush into buying, make sure that you consider all the important facts that go into your purchase choice.

Purpose

You will have likely determined before you purchase if a property is strictly an investment or will be your own home, but the type of home can make a significant difference. Condos are an excellent choice for both purposes, and a few single-family homes are well-suited to being investments as well. Some of the time, however, a multi-family dwelling offers more bang for your investment buck because it provides you with two sources of potential income for the price of a single property.

Noise

A factor that many home buyers fail to consider adequately is the noise level in condos. With shared walls, ceilings and floors, in some buildings you can hear everything that is going on with your neighbors. Single-family homes, which stand alone, generally offer more quiet and privacy.

Money

In most cases, property purchases come down to a matter of dollars. Condos typically cost less than single-family homes, but it all depends on the location and the property. Many times, buying a condo first and progressing to a house lets you build equity and increase your savings, bringing the dream of your single-family home that much closer.

References

• Buy, Close, Move In!: How to Navigate the New World of Real Estate--Safely and Profitably--and End Up with the Home of Your Dreams; Ilyce R. Glink; 2010