Condo or House: What’s Right for You?

March 17th, 2017 By Allison Van Wig in Blog,Buying. Tags: , , ,

Condo or House - What's Right for You

When you’re ready to buy your next home, whether it’s your first or your fifth, there are plenty of Lakewood real estate listings to go through—but would you be better off in a condo or in a single-family, detached home? (If this will be your first home, check out 3 Must-Read First-Time Homebuyer Tips to help you begin the process.)

Condo or House: What’s Best for You?

Naturally, there’s no one-size-fits-all answer to whether a condo or a detached house is right for you. Buying a home—any home—is a big choice because you have to figure out what’s going to be right for you (and your family, if you have one) for the next several decades. You’ll also need to determine whether you want to buy new construction or move into an existing home.

You’ll have to consider:

Location

Your lifestyle

Maintenance costs

Rules of ownership

Price

Monthly fees

Benefits of Living in a Condo

When you live in a condominium, it offers a respite from all the maintenance responsibility that’s attached to living in a detached home. If your roof needs to be replaced, for example, you don’t have to lift a finger to do it (other than calling the condo association to let them know you’re having an issue, that is).

The common areas in a condo are there for everyone’s use, whether you’re moving to a condo with a pool, a workout center, or a mix of other amenities—and your condo association dues (typically a monthly, quarterly, or annual payment you make to the association) cover your use of all the property’s amenities.

Cons of Condo Living

When you buy a Lakewood condo for sale, you own the space inside the unit. You can’t do anything about the space outside it other than petition the condo association. You won’t be able to repaint your front door, for example, or make other improvements without sharing the decision-making process with your neighbors.

Some people don’t like living in such close proximity to others, either. Some condo developments are a bit like apartments where you’ll have someone living above, below, and beside you.

Benefits of Living in a Detached Home

When you buy a home for sale in Lakewood, you’re free to make whatever changes you’d like to the exterior of the property—provided that your homeowner’s association allows it. (Some HOAs have very strict covenants, conditions, and restrictions, or CC&Rs.)

Many single-family homes have outdoor living space, which some people consider a bonus; that can be especially true for people who have children or pets. It’s also common for houses to have more storage space than condos do, but that’s not always the case.

Cons of Detached-Home Living

You’re responsible for everything—and we mean everything—that goes wrong inside your home. When the roof leaks, you have to call a roofing company or pull out your ladder; if the hot water heater stops working, you’re on the hook for buying a new one.

You may also have a strict homeowner’s association that severely limits what you can do to your home’s exterior. Even if you want to make an improvement that adds value to your home (and thereby the entire neighborhood), you’ll have to go through the HOA to get permission or risk having a lien put on your home.

Are You Looking for a House or Condo for Sale in Lakewood, CA?

Call our expert Lakewood real estate agents at 562-882-1581 today to tell us what you’re looking for in your new home. We’ll start looking right away.

While you’re here, you can also explore our:

Bellflower homes for sale

Bellflower condos for sale

Long Beach homes for sale

Long Beach condos for sale

Seal Beach homes for sale

Seal Beach condos for sale

 

 

 

 

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