|Buying a home is one of the biggest and most important decisions you’ll ever make. Whether you are a first-time buyer, or a veteran homeowner looking to trade up or make a new start, you will inevitably be faced with a number of questions. Your answers will lead you to the home that’s right for you.|
One of the most fundamental questions all homeowners face is whether to buy a condo or single family house. There are advantages and disadvantages of each and only you can know what’s right for you.
For Boston newlyweds Michelle and Kevin Millsom, 31 and 36, it was an easy decision. With high-powered financial careers and no children, they were drawn to the excitement of the city and wanted their fingers on the pulse. They bought a penthouse apartment with a breathtaking view of Boston’s famous esplanade and Charles River.
“We enjoy everything the city has to offer—the restaurants, theatre, outdoor concerts. We walk everywhere and find the easy access to the airport to be a plus since we travel frequently for work,” said Kevin. “When we have children, we may think about a house in the suburbs, but for now this is where we want to be.”
Like all things, living in the heart of the city comes with tradeoffs. For the price of their two-bedroom/two-bath condo, they could buy a home three times the size, just a short 20-minute commute away. They share decision-making for their building with fourteen other tenants and pay pricey condo fees to cover the costs of insurance and upkeep. Their car sits idle most of the time in a $300 per month rented parking spot only to leave for short jaunts to the grocery store or visits to see family. But for Kevin and Michelle who want to spend their spare time out and about, the location and convenience can’t be beat.
On the other hand, Adriana Forte, 62, lives in a condo in the Boston suburb of Arlington and misses all that a single-family home has to offer. Six years ago, after her divorce, she bought a “condex,” (a two-family home with a shared wall) with the belief that managing a home would be too much for her alone. But it turned out to be the wrong decision for her. Now, she is desperately seeking a single-family house to call her own.
“It’s difficult to live with neighbors so close,” Forte said. “First there was the noise. My neighbors are night people, and every night they are just getting geared up when I’m trying to sleep. Then I found myself handling 100 percent of the finances and maintenance of the duplex—without compensation. I may as well be living in my own house!” Forte also misses the fresh air and private outdoor space. For her, maintaining a home and garden is pure enjoyment. The privacy is what she misses most.
What is most important to you? Give consideration to the following:
Location – Where do you want to be? Are there options for both condos and single-family houses in this area?
Privacy – Is it important to you to have complete privacy or do you find close neighbors to be a comfort?
Responsibility – Do you need total control over decisions affecting your home or are you attracted to the idea of sharing decision-making with your neighbors?
Maintenance – Are you a homebody who enjoys getting dirty in the yard or are you delighted with the idea of never having to cut a blade of grass again?
Budget – How much do you have to spend? Depending on where you want to live, a condo may be the only option that meets your budget.
These considerations and others will help you determine the best choice for you now. And just remember, if your interests and priorities change in the years ahead, you can always sell your home and make a move, this time with experience as your guide.