Condo vs Single Family Home

Condo vs Single Family Home

  • Some home buyers may opt for a condo over a single-family home for a number of reasons.  A condominium can provide a less-expensive entry into the housing market, and is a low-maintenance downsizing option for seniors.  However, misconceptions about condominium ownership abound, which can often keep potential buyers from considering them as an option.
  • Many home buyers view condo fees as an additional expense, compared with owning a single-family residence.  However, it’s important to look at what’s included in that figure.  Typical condo fees generally include a contribution toward the building’s upkeep and maintenance, but also may include heating costs, water, sewer, garbage-collection fees, and even electricity and cable TV, in some cases.
  • Even well-managed condo associations may have what is called a “special assessment,” which is an additional fee that condo owners must pay when the regular condominium fees are insufficient to pay for a major repair.  Not unlike living in a single-family home, even homeowners who routinely save money for repairs may encounter major unforeseen expenses, such as foundation or roof repair.

Joan Berry

Joan Berry

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