I've come across several buyers who deliberate on whether they should buy a condo/townhome or a traditional single family home (you know, the kind that usually have bigger back yards and are NOT in an association).
So what exactly are the pluses and minuses of owning a condo/townhome and owning a single family residence?
Condos (which include townhomes as far as the MLS is concerned) are good for the following reasons:
- Most are "low maintenance," meaning the yards (if it has one) are usually small, less grass to cut, less weeds to pull, less greenery to water, etc. This is attractive for busy people who don't have time to deal with it and don't need the bigger yard.
- The HOA (Home Owners Association) is actually a PLUS sometimes. Let me give you an example: Some HOA's cover the roof of the property. So, let's say we have heavy rains. The roof leaks. The HOA property manager is contacted, who, in turn contacts the roofing vendor. The work is done at the expense of the HOA. Roof repair for Orange County, CA homes can run extremely high, especially in extreme situations where the roof needs to be completely replaced. This would be a HUGE out-of-pocket expense for someone who owns in a traditional neighborhood. The buyer of a condo is advised to look into exactly what the HOA covers. Some cover a TON, some cover very little and you're scratching your head wondering why the dues are $333 a month.
- Condos in Orange County tend to be newer on average than traditional home-homes. Now, that isn't to say that there aren't older condo tracts, but condo/townhomes generally are newer than sfr's. Newer construction equates to less potential problems with the plumbing, electrical, etc.
Condos can be bad for the following reasons:
- The HOA's can be horrible...some run over $300 per month and you're looking around asking, "For WHAT?!?" Some HOA's can be excessive in terms of rules and regulations and oppressive. I've heard stories of HOA's writing up violations for silly things like plants growing to large or dogs peeing in wrong places. Don't get me wrong...sometimes rules can be good and in the best interest for everyone, but I've seen when the Board members are sheriffs on the look out for anything out of line....like the lady in Over the Hedge who measured the grass of her neighbor's lawn, 2" height requirement.
- Because of the HOA, you are limited to what you can do to your property. Especially on the outside of the property, visible from the street. So, no painting that cracked wheat color, no addition to the home without the HOA's approval via architectural request. Individual creativity and expression is usually not encouraged in an HOA. On the positive side, however, this limiting of artistic creativity or color preference can be a good thing -- Do you really want your neighbor to paint their house turquoise?
- Size. Condos and townhomes generally are smaller than your traditional family home. This obviously is not always the case, but is a generalization.
Single Family "Home Homes" are good for the following reasons:
- They usually have bigger yards. This is good for the person or family that likes to entertain a lot of people and need space for the pool, BBQ, sport court, lawn activities, etc. Some people like the wide open space, the distance between their home from their neighbor's house.
- There usually aren't restrictions on what you can do (city must approve additions, improvements, however). It's nice to know you can paint the home YOUR favorite color or park your car in the driveway or next to the curb or have people stay over the night, weekend, or week. For pet lovers, they can have as many pets as the city ordinance allows.
- Neighborhood. You usually find the "settle down" kind of people in neighborhoods of single family homes. These are neighborhoods that have history. Sometimes people look after each other, take care of the pets and yard when you go on vacation. Community block parties...and these neighboring families can become so close that they actually become like an extended family. This is very attractive to the outgoing people that love community and interaction with people.
Single Family Homes can be bad for the following reasons:
- The bigger yards mean more TIME spent gardening (if you don't have a gardener). It means more up-keep and responsibility. Some care, and some don't. A pool is awesome for kids and their friends in the summer, but can be a liability if someone gets hurt or drowns.
- No HOA means no insurance coverage for the exterior of the dwelling...you're on your own if there is a flood in the home or a leak in the roof or a fire breaks out in the master bedroom. It's you and your invidual insurance company.
Need help selling your home? Need to find a home? Call or email me!!!
Nic Petrossi, Prudential CA Realty in Brea
(714) 272-3646 npetrossi@yahoo.com www.NicPetrossi.com
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