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Condominium Purchase versus Single Family Home in Southern NH; Nashua, Brookline, Hollis

By
Real Estate Agent with Stoudt Realty REALTOR

Condominium Purchase versus Single Family Home in Southern NH; Nashua, Brookline, Hollis

 

If you are contemplating whether you should buy a single family home or condo, you should consider your life style preferences.

 

1. Do you have a lot of vehicles, sport utility toys?  Most condominiums have "rules and regulations" with limitations as to the number of vehicles that can be parked outside.  One of my sellers said that he didn't realize when he bought his unit that his boat, motorcycle, and travel trailor would have to be stored off-site and that the costs of storage far out weighed what he would have spend if he had purchased a single family home.

2. Price may be an issue and there are quite a few condos that you can buy for far less than what you would spend on a single family home in southern NH.  However, consider the condomium fees, what do the fees include, what types of insurances are needed, etc.

3. Management company - should you decide that home maintenance of a yard (trees, shrubs, mowing) is not for you, then consider the condominium management company that handles the place you are thinking about buying.  Read the condo docs and the financials to ensure that the association has money in reserves to handle a new roof, leaky plumbing, and any major repairs that might arise. 

4. Amenities - a condo can offer amenities such as a pool, tennis courts, club house, etc. but remember, the more amenities, the higher the condominium fee is likely to be.  In addition, the pool will need to be repaired, etc. and you want to be sure that enough money is being put aside to cover any major renovations and/or repairs in the future as discussed in #3.

5. Relocation - if you decide in a couple of years you will move and rent your condo which some executives might do since they move alot then think again.  Many of the condo associations don't allow rentals and then those that do require a minimum 1 year lease.  I've had some investors say they are looking for a condo that they can turn into furnished executive housing for short -term executives.  This is hard to find because the condomium rules are getting for stringent in order to comply with various requirements to get approved owner financing.

6. Security - Living in a garden style condomium, secure building, there is strength in numbers.  Safety is always an issue, especially for a single person so perhaps you prefer a condo for that reason.  In southern NH, most of the homes are on large lots, and in areas such as Hollis and Brookline the general lot size is approximately 2 acres.  As a person who is highly concerned about security, a rural setting may or may not be an option.  Again, it is all about life style preferences.

7. Lending - A condominium might cost you - right now the rates are higher on a condominium purchase than a single family home.  For example purposes, let's say you can purchase a house for 200,000 at 4% the condo % might be 5%... talk to your lender about what that difference would mean.  Rates fluctuate all the time and the BEST way to find out what the current rates are is to contact a reputable lender.  Your real estate agent is not a lender and should not be used as a source for rate information and/or lending practices. 

 

If you haven't considered items 1 through 7 then there are probably quite a few other things you haven't considered as a buyer.  A professional experienced Prudential Verani Real Estate agent can help you with your questions or point you in the right direction!

 

 

Posted by

Lori Robertson-Stoudt
Broker

Stoudt Realty

CDPE * CRS * ABR * Published Author * Licensed in MA & NH

Lori Stoudt Stoudt Realty

 

 

 

 

 

 

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