So you have finally decided to become a homeowner! Great but before you actually start searching for your new home, there is one major decision that you should make. According to a survey, a lot of people skip this part, which leads to problems later on and makes searching for a home more difficult. If you do not want any unnecessary problems, you should decide this as soon as you become serious about buying a home.
The word home can refer to a number of options that include single family residences, condos, mobile residences, duplex, multiplex, and so on. Of these, the two most popular options are single family homes and condos. According to the survey report, single family homes are a popular choice, but in this era, condos have also started to gain nearly the same amount of attention. In fact, permits for condo construction are also being released in larger numbers than ever before.
Just as the name implies, a single family residence is suitable for one family. A condo or more properly, a condominium has a very different structure, comprising of several units. Every individual can own any of these units but has to share other amenities such as swimming pools, roofs, elevators, sports facilities, and so on.
All the units in a condo are structured very closely, so there are a lot of people around you. More often than not, the only thing separating you from your neighbors is just a wall, whereas in a single family home, the separation can be as much as a yard. Depending on your preferences, you can either enjoy the benefits of this or bear the drawbacks.
Another differentiating factor between a condo and a single family home is the association. Generally, most condos belong to a homeowner association. This may be true for some single family homes, but not all, depending on the area in which the residence is located. The association is managed by a board, which is elected by the owners of the units in the region. Every homeowner in that region is automatically a member and has to pay an annual fee for maintenance purposes.
In terms of the value, condos are receiving importance right now and the survey claims their values are rising rapidly. However, not all industry experts are sure this trend is going to continue. As for the single family homes, they have always comprised a major portion of the real estate market.
Source: www.realestate.aol.com
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