What type of dwelling is right for you? The two general types of residences you can choose from are: a detached single-family home or an attached dwelling known as a condominium or townhouse. The exclusive right of ownership on a detached property covers the entire structure and the land it stands on. What separates you from your neighbors is either a fence or boundary. The exclusive right of ownership for an attached property is confined to the walls, floor, and ceiling of that particular unit. When it comes to the common areas such as parking areas, amenities, and other facilities ownership is shared thru a homeowner’s association that you automatically become a member of after purchasing.
Things to consider when purchasing either type of these properties are based on your desire. One of the basic differences between these types of properties is the property maintenance. With detached properties you have the freedom of personal creativity over the property. Condo owners have to abide by specific conditions on ownership rights. Tending to a garden, mowing the lawn, and landscaping is a lifestyle some people like. If this isn’t for you, a condo’s homeowner’s association takes care of these duties for you. The trade-off of course is that condo residents have to pay the homeowner association dues which cover maintenance, insurance, and reserves for major renovations. Detached homeowners, on the other hand, need to have the time, energy, and petty cash for home repairs and grounds upkeep.
The decision to purchase a condo or a single-family house rests on your taste, priorities, budget, and lifestyle preferences. Investing in a dream home, whether it’s a house with a picket fence and a manicured lawn, or a pristine penthouse condominium unit overlooking whatever view comes with purchasing, can indeed be a unique and challenging yet enjoyable experience.
Your HomeReach Certified Agent,