Investing in a property is not a joke, there are lots of things that you will need to prior to buying a home like the demographics of the area where you are planning to move into, the history of the place, taxes, and more. But more than anything else, if you are a first time home buyer looking for a normal home, searching for the right kind of property is something take into consideration too. If choosing between buying a single-family detached property or getting a condo's a big deal for you, then here are some ideas to help you narrow down your choices.
Obviously, purchasing a single-detached property is far better than owning a condo unit. Tenancy or possession of land by title makes single-family detached houses more valuable. Okay let's face the fact that while single-family detached home owners enjoy the peace and serenity of their surrounding, and in some cases condo owners will need to share noises with their neighbors. But if you're someone who can manage to pay high-priced extra fees to maintain your unit and you seem to enjoy the advantages of living a cozy life plus the classy ambiance and facilities that a condo living offers, then maybe it's the best to match your way of living.
But you must know the downturns that a condo can give you too:
- Possessing a condominium means you can only share the land beneath the building.
- You own the area between the walls of your unit but share the same wall and ownership with your neighbor.
- Shared walls may mean you will be sharing noises too
- Sharing ownership means sharing responsiblities and bills. As part of the homeowner's association you have to participate whenever there are discussions about the common areas as your opinion is much important too.
- You are required to pay fees each month for maintenance and repair of common areas; Additional charges for larger repair jobs; and may be even ask to pay for amenities like swimming pool, that you may not use.
- Condos are governed by a set of rules called Covenants, Conditions and Restrictions (CC&Rs). This can include restrictions on noise levels, pet ownership, renovations, and even what kind of curtains you can put in your windows.
- Renovations to your unit or rent your unit out may require you to get an approval from the condo association.
- Should you want to sell your house later on, please be reminded that condo properties are often more susceptible to trends in the real estate market than single-detached homes. What's worse is when the market takes a downswing, condos are usually the first to suffer and the last to recover.
There's absolutely nothing wrong with buying any type of home between normal properties and condos. What matters is your financial capability to sustain your lifestyle and how you would like to enhance your life. In the long run it is you who'll have to make a decision for your own enjoyment and fulfillment. The choice is still up to you.
Visit utahhomesforsale.com to find Condos in Cottonwood Heights Utah or view listings of Murray Utah Luxury Homes for sale to find more listings.