Buying a home is one of the biggest and most important decisions
you’ll ever make. Whether you are a first-time buyer, or a veteran homeowner
looking to trade up or make a new start, you will inevitably be faced with a
number of questions. Your answers will lead you to the home that’s right for
you.
One of the most fundamental questions all homeowners face is
whether to buy a condo or single family house. There are advantages and
disadvantages of each and only you can know what’s right for you.
For Boston newlyweds Michelle and Kevin Millsom, 31 and 36, it
was an easy decision. With high-powered financial careers and no children, they
were drawn to the excitement of the city and wanted their fingers on the pulse.
They bought a penthouse apartment with a breathtaking view of Boston’s famous
esplanade and Charles River.
“We enjoy everything the city has to offer—the restaurants,
theatre, outdoor concerts. We walk everywhere and find the easy access to the
airport to be a plus since we travel frequently for work,” said Kevin. “When we
have children, we may think about a house in the suburbs, but for now this is
where we want to be.”
Like all things, living in the heart of the city comes with
tradeoffs. For the price of their two-bedroom/two-bath condo, they could buy a
home three times the size, just a short 20-minute commute away. They share
decision-making for their building with fourteen other tenants and pay pricey
condo fees to cover the costs of insurance and upkeep. Their car sits idle most
of the time in a $300 per month rented parking spot only to leave for short
jaunts to the grocery store or visits to see family. But for Kevin and Michelle
who want to spend their spare time out and about, the location and convenience
can’t be beat.
On the other hand, Adriana Forte, 62, lives in a condo in the
Boston suburb of Arlington and misses all that a single-family home has to
offer. Six years ago, after her divorce, she bought a “condex,” (a two-family
home with a shared wall) with the belief that managing a home would be too much
for her alone. But it turned out to be the wrong decision for her. Now, she is
desperately seeking a single-family house to call her own.
“It’s difficult to live with neighbors so close,” Forte said.
“First there was the noise. My neighbors are night people, and every night they
are just getting geared up when I’m trying to sleep. Then I found myself
handling 100 percent of the finances and maintenance of the duplex—without
compensation. I may as well be living in my own house!” Forte also misses the
fresh air and private outdoor space. For her, maintaining a home and garden is
pure enjoyment. The privacy is what she misses most.
What is most important to you? Give consideration to the
following:
Location – Where do you want
to be? Are there options for both condos and single-family houses in this area?
Privacy – Is it important
to you to have complete privacy or do you find close neighbors to be a comfort?
Responsibility –
Do you need total control over decisions affecting your home or are you
attracted to the idea of sharing decision-making with your neighbors?
Maintenance – Are you a
homebody who enjoys getting dirty in the yard or are you delighted with the
idea of never having to cut a blade of grass again?
Budget – How much do you
have to spend? Depending on where you want to live, a condo may be the only
option that meets your budget.
These considerations and others will help you determine the best
choice for you now. And just remember, if your interests and priorities change
in the years ahead, you can always sell your home and make a move, this time
with experience as your guide.
Copyright
© by Move, Inc.
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