From times to times I received a question like :" Should I purchase a single family home vs townhouse or condo in Silicon Valley?"
Let us figure out what kind of the home is BEST for you.
1). What is the price range? The higher the home price the better chance you can buy a single family home. The lower the home price you probably have to purchase a townhouse or condo. If you want to buy a Sunnyvale home for $240,000 the only choice you will have is a one or two bedrooms condo. If the price tag goes up to $900,000, you have all kind of choice to buy.
2). The monthly Home Owner Association Fee for Townhouse and condo: HOA (home owner association) fee can run from about $100 to $600 per month. This fee will cover the maintenance of the building exterior, insurance and landscape. As the living cost goes up it will go along with you. This HOA fee will lower your purchase power.
3). Age of the home: The condo and townhouse in general are younger then the single family home. You have more chance to buy a younger townhouse or condo then single family home.
4) Privacy issue: The single family home will give you much more privacy than the others. Do you like hear your neighbor's noise? You have to think about this.
5). Appreciation: From the history of real estate market a single family residence (SFR) usually appreciate much faster and hold their value better than do condos and townhouses. The single family Homes are generally in higher demand, the more buyers dream to own a single family home than the others. In short, You will get more bang for your buck when you purchased the single family home rather than condo or townhouse. To purchase a home is a very individual decision. Everyone has a different needs. If you don't like to do much maintenance, upkeep, and don't mind of paying the homeowners' association (HOA) fees, a condo or townhouse could be perfect for you.
If you need more help, please contact The Grace Keng (408) 799-8887 to find out what kind of home is best for you. Grace Keng Team serves South Bay Home Buyers and Silicon Valley Home Sellers. From Palo Alto Luxury Homes Condos to Cupertino Condos the Keng Team of RE/MAX RES in Santa Clara provides Home Buying Tools and Home Selling Tips. www.Santaclarahomestoday.com provides info from Santa Clara County Home Sales to Silicon Valley homes Developments, Santa Clara News and Foreclosures in Santa Clara and Short Sales in Sunnyvale.