March 11, 2024 | Homeowners
5 Things to Consider When Moving From a Condo to a House
At first glance, there may not be many obvious differences between owning a condominium and a house. After all, they both allow you to own something that’s truly yours while building equity from the moment of purchase! Yet, there are several factors to consider when contemplating a jump from condo living into single-family homeownership.
Perhaps you already own a condo and are ready for more privacy. Maybe you love your condominium community but still crave independence when making decisions surrounding your living space.
In this blog post, we’ll discuss the most important distinctions between condos and single-family homes. Read on to discover the top 5 factors to consider before making the leap from a condo into a single-family home!
Not sure if a condo or townhome is better suited to you? Click here to read our blog post on the topic!
1. Space & Privacy
Condos are usually attached units that often also share outdoor and common spaces. One obvious advantage to single-family homeownership is the privacy that comes along with it. When you own both your physical home and the space around it, you are in complete control. Want to host a large family gathering over the holidays? You don’t have to worry about community restrictions or interference. Decide to build a treehouse in the backyard? Not an issue since there is no governing body to ask permission. In general, private homes offer both privacy and more outdoor living space.
Preparing to buy a home? Read these other articles from our blog for more tips and insights.
- 5 Things to Consider to Get Your Offer Accepted
- Answering the Most Common Home Buying Questions
- How to Maximize the Value of Your Home Purchase
2. Freedom From Rules
One huge advantage to owning a single-family home is the complete independence it gives you to live as you would like! If you are already a condo owner, you are well acquainted with an HOA or condo board, who dictate rules surrounding what you can do with your own property. While you become a homeowner when you purchase your condo, you are also part of a larger community that can have a substantial say in how you live. Anything from pet ownership to trash removal services can be dictated by a condo association.
A Homeowner’s Association acts as the governing body of a residential community, essentially creating rules and guidelines for everyone. However, not all single-family homes fall under an HOA. This means that buying a detached home gives you far greater freedom to customize the space or simply live your life how you would like.
3. Control Over Costs
You may think that condo living is always less expensive than homeownership, and in some cases that is true. But occasionally, HOA fees can really put a dent in your wallet. In addition to monthly condo fees, there are also assessments that can be charged to condo owners that cover any unexpected repairs/maintenance or shortfalls. These assessments can be unpredictable, thereby making budgeting that much harder.
Maybe you purchased your condo before learning that the association planned to build new walkways or repair roofs and you’re facing unexpected costs. If the association has to deal with a pending lawsuit, you may find yourself chipping in as well. Some condo communities with excessive amenities like pools and clubhouses can actually be very pricey. When you own your home, you are the boss of your budget.
4. Making Improvements
Perhaps the biggest benefit of owning a single-family home is being able to make improvements whenever you’d like, and however you’d like. You don’t have to ask permission to do anything from painting a bathroom to a full gut renovation! And you’ll have the added reassurance of knowing that the improvements you make add to the resale value of your home. That being said, while you certainly have more independence to the work you do on your home, the decisions are solely yours. Some people prefer to have a condo association make those decisions and manage the upkeep of the property. If you purchase a single-family home, it’s important that you conduct routine maintenance on the home. If you don’t do it, nobody will!
Selling your condo and buying a single-family home? Read these blog posts next!
5. Building Relationships
Another big benefit of controlling your own home maintenance is having control over selecting your service providers. As we all learn at some point as homeowners, hiring the wrong plumber or electrician can be a total disaster! Building relationships with great technicians makes all the difference and can save you both money and stress. Often, service companies offer contracts that help you to plan ahead and book maintenance visits to keep your home in tip-top shape.
Understanding Your Needs
Purchasing a single-family home is a fabulous option for buyers who are looking for more space and privacy as well as autonomy overall. Condos are great when you don’t want the hassle of home maintenance, or you love the idea of being part of a larger community. One final advantage of homeownership to consider: it’s often easier and faster to sell your single-family home. Condos can stay on the market longer, especially if competing with other units also for sale.
Maybe it’s time to take the leap and maximize your independence. Whether you’re upsizing into a single-family home, or downsizing into a condo, it’s important to have a local real estate professional helping you to navigate the home selling and buying processes, especially if you are planning to do both simultaneously.
Considering the sale of your North of Boston home? Discover Andersen Group Realty’s unparalleled buying and advisory services today. Click here to send us an email or call 781-729-2329 to get started.
