Which is Better for You: A Condo or a Single Family Home?

Did you know that condominiums are one of the fastest growing segments of the housing market? Owning a condo is perfect for those with busy lifestyles, little interest in home maintenance or landscaping chores or who frequently travel. Condos are a fine choice for a first home or when downsizing from a larger house.

Here are some pros and cons to consider:

Condo:
· Fewer maintenance requirements.
· Usually less expensive than a single family home.
· You own the space inside the walls.
· There can be more security with neighbors close by.
· The exterior of the building, landscaping, surrounding roads and driveways, and common areas all owned by the condo association, a group made up of all unit owners.
· Special assessments by the association for painting or repairs can be a substantial added expense.

Single family home:
· Usually offers more storage space.
· You own the interior as well as the exterior.
· You are responsible for all maintenance, landscaping and repairs.
· You usually don’t have to pay community dues or special assessments.
· You have room to grow plants, flowers, trees, veggies, etc.

Think about how your household may change over the next few years. Will you still need a larger home or will you have enough space in a condo? Or would you be happier in a smaller house with room for a garden?

For more information about real estate options in our market, call or email us. We’d be happy to provide you with that info via email or we can show you what is available.

Which is Better for You: A Condo or a Single Family Home?

Did you know that condominiums are one of the fastest growing segments of the housing market? Owning a condo is perfect for those with busy lifestyles, little interest in home maintenance or landscaping chores or who frequently travel. Condos are a fine choice for a first home or when downsizing from a larger house.

Here are some pros and cons to consider:

Condo:
· Fewer maintenance requirements.
· Usually less expensive than a single family home.
· You own the space inside the walls.
· There can be more security with neighbors close by.
· The exterior of the building, landscaping, surrounding roads and driveways, and common areas all owned by the condo association, a group made up of all unit owners.
· Special assessments by the association for painting or repairs can be a substantial added expense.

Single family home:
· Usually offers more storage space.
· You own the interior as well as the exterior.
· You are responsible for all maintenance, landscaping and repairs.
· You usually don’t have to pay community dues or special assessments.
· You have room to grow plants, flowers, trees, veggies, etc.

Think about how your household may change over the next few years. Will you still need a larger home or will you have enough space in a condo? Or would you be happier in a smaller house with room for a garden?

For more information about real estate options in our market, call or email us. We’d be happy to provide you with that info via email or we can show you what is available.

Richmond Real Estate - Condo Buyers Should Do Their Research!

Condominium buyers who fail to take a close look at the condo association's rules and finances can be in for some unhappy surprises.

These documents can contain everything from the operating hours of the laundry room to plans for major construction or pending lawsuits. If the potential condo buyer reads the document and doesn’t like what’s there, the law generally says he or she can walk away from the deal.

"These statutes are built to give purchasers the information they need to make an educated decision," said Pia Trigiani, a lawyer at Mercer Trigiani, a firm that specializes in real estate transactions.

Here are the some key questions a condo buyer should try to answer when reading through the association's documents:

• Is the association charging residents enough to pay expenses without going into debt?
• Is there a pattern of special assessments that may indicate poor financial management?
• Is there sufficient money or a plan to get more money to pay for the projects specified in the reserve study? Buyers should compare the budget provided in the resale package against the expenses predicted in the reserve study and see if there appears to be enough money.
• What do other residents and the management company think? Read the board minutes, which are maintained by the management company. Some companies charge a small fee for this service.

Source: The Washington Post, Renae Merle (11/17/2007)