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Does owning a condo differ from owning a house?

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You want to be a home owner, just like everyone else. It has to be your very own home that you will share with your family and loved ones. And who wouldn’t want something like that? There is just something about owning your own home that makes it very special. Perhaps, it is the sense of ownership that you can derive from living in a home that you can really call your own. What‘s more, there’s a sense of accomplishment and completeness that cannot be matched by anything else.

It must be noted, however, that becoming a homeowner is not that easy or simple. Every homeowner wannabe like yourself needs to have a clear understanding of that fact. The process that you need to understand and go through is a little complicated.

You need to acknowledge that to get the best home for you and your family, you need to overcome some tough challenges. Several things have to be considered before you could make any kind of decision about it. Perhaps one of the first and most important considerations that you need to make is to be clear about what you really want from your home. You and your family need to be able to define what the word home truly means for you.

Your Housing Options

As far as options go, there are several that are open to you. The following are some of the most common choices that you and your family could make your selection from – condominium, duplex, multiplex, single family residence, mobile homes, etc.

From those several choices, there are two that really stand out and those are the condominium and the single family residence. That is not to say that the other options that have been mentioned are not good, but just that those two are the most common selections.

The ultimate decision that you and other homeowners would eventually make, is going to be based on you and your family’s personal choices. Your own personal preference, as well as that of your family members, would surely come into play and be considerable factors.

While the eventual decision is up to the individual tastes and preferences, the pros and cons need to be viewed. Indeed, each advantage and disadvantage that each option offers has to be weighed and examined.

Your usual conception of a home – and others, presumably – is that of a single family residence. It is the kind of home that is perfectly fit for a single family and is not connected to any other similar structure and confined to a lot.

Differences Between Single Family Residences and Condominiums

Of course, there are certain differences when it comes to single family residences and condominiums. The difference lies primarily in how it is structured, as a condominium is a multi-unit structure that usually looks like an apartment complex. A condominium usually has several levels or floors with common areas used by the unit owners.

A unit owner actually owns their unit and can use the areas within the condominium that are used by everyone else. The areas open for use by every unit owner are the following: elevators, pools, roofs, pathways, and others.

Closeness to Others

The design of condominiums means that there are several units contained within a single structure or building. This allows multiple unit owners to occupy the units within the condominiums. And due to the way that condominiums are designed, you and your family would no doubt have to live very close to others. It means that unit owners are only walls apart from each other.

On the other hand, those who dwell in single family residences are able to enjoy the experience of living in an entirely separate home. You only live with your family and there is a separation from your neighbors. For people who do not relish the thought and feel of living closely with other people, this is an ideal choice.

If you want to talk about the advantages of living close to others as presented by condominiums, those who are sociable would certainly relish it. People who love meeting new people and who like to be very close to their next door neighbors, would certainly thrive in the situation that’s offered by the condominiums.

Disadvantages of a Condominium

However, there are also cons of this situation. If you are the type of a person who is not so sociable then the situation would surely be less ideal for you. And it could also be dependent on the type of neighbors that you and your family would have, because if your neighbors are the type who would be bothersome then the situation would be a bad one.

For single family residences, the space issue is certainly going to be solved. You wouldn’t need to worry about having too little distance from your neighbors anymore, since there is at least adequate space between you. When it comes to the exact measurement of the space between you and your neighbors, it is usually variable.

Pros of a Single Family Residence

For the pros of living in single family residences, there are lesser worries about your neighbors. Whether your neighbors would prove to be good or bad ones, you would no longer have to worry about it if you live in a single family residence. You wouldn’t need to think about what you do or say and worry if your neighbors could actually hear or see it.

With the disadvantages that come with living in a single family residence, the foremost thing that comes to mind is the lesser chance of building meaningful relationships. This is because of the fact that there is simply too much distance between you and your neighbors, making it difficult to build a relationship.

Being a Member of an Association

Both condominiums and some single family residences are usually involved in homeowner associations. However, there are only selected single family residences that are involved, as most do not belong to any type of association.

The most obvious and important advantage of belonging in a homeowners association, is that there is a specific governing organization that would help in solving any conflicts and settling any differences. And there is also a body that would take care of the maintenance of common areas used by the home owners.

When it comes to the disadvantages of belonging to a homeowners association, there are several. One of the most obvious is the fact that there are regular fees that need to be paid on a regular basis – annual or monthly. Additional fees might be charged by the association for maintenance and other repairs that would be made.

Of course, there are also the various rules and regulations that are put in effect by the specific homeowners associations that people belong to. Those rules and regulations could cover a wide variety of issues and concerns, and each home owner or unit owner needs to be aware of them so as not to encounter any problems with the association.