Shall I Buy a Condo or a Single Family Home ?

Real Estate Agent with Keller Williams Realty Professionals BK694889

If you are new to real estate, this article is a read that will save you a great deal fo time in answering a very common question. The cpening and closing line can be the same, "The decision is one of lifestyle".

Thinking about Fort Lauderdale Real Estate one of the first questions you may think about is whether you can see yourself in a Fort Lauderdale Condominium or a Fort Lauderdale Single Family Home?

Often when people start to talk about this we hear the response, “We would prefer a Fort Lauderdale Condo but we are going to look at Fort Lauderdale Homes for Sale first because we don’t want to pay monthly maintenance fees”.  As a professional Fort Lauderdale Realtor, this is my perfect opportunity to discuss a condominium budget and point out the similarities in running a single family home. Hopefully the buyers will focus on other characteristics of the type of property they want and stay focused on finding the  Fort Lauderdale Real Estate that is right for them and their family, and make condo maintenance a bit less of an issue.

Should the buyer ultimately decide on a condo our job, as realtors and the local real estate experts, is to help them understand the property and make sure that they are purchasing a well managed property that meets their needs.

Approximately 25%-30% of the monthly fees of a Ft Lauderdale condominium pay for the building insurances. These insurances cover you up to your interior walls; and even though no additional insurance is required by many Ft Lauderdale Condos we do suggest that you carry homeowners insurance. Insurance for a median priced Ft Lauderdale Home  will run  approximately $2400 per year or $200 per month, buy a more expensive home, and insurance will go up accordingly.

Purchase a Fort Lauderdale Home, and you will most likely have some additional services to help maintain the property. The lawn service will run you about $100 per month; the pool service and chemicals will add another $100. Cable TV (included a many condos) can add at least another $100 these days. All of a sudden we are looking at a $500 monthly expense, including only some of the basics. We then need to add water and trash bill, which is usually covered in most Ft Lauderdale condominiums.

In a well managed Fort Lauderdale Condominium the condo association will be putting away a reserve for a rainy day, just like we may want to consider doing as homeowners. When it comes time for a new roof hopefully your Ft Lauderdale Condo has already put the money into reserves, and you will never see the bill. In a single family home that same roof can cost $20,000, divided over the years the roof has been in service and you can be looking at another $100 per month.

Hopefully you are starting to see the point of these very general estimates,

You can see where this conversation is heading. Overall, the cost of owning a Fort Lauderdale Condominium and a Fort Lauderdale Home is not as much a financial conversation as you may think. The cost of maintaining a home will be very similar to the monthly costs in a Ft Lauderdale condominium. Back to the original question, of which is right for you and your family, a Fort Lauderdale Condo or a Ft Lauderdale Single Family home?  Review your personal wish list, and focus your search accordingly. A team of professional Ft Lauderdale Realtors will help to guide you to properties that best meet your needs.

Curious about some great Fort Lauderdale Condos and not sure where to start here are a view of our favorites to look at.

Tides at Bridgeside Square          Symphony Condominium        Las Olas River House        Point of Americas

Comments (3)

Howard and Susan Meyers
The Hudson Company Winnetka and North Shore - Winnetka, IL

Eric...Very good job of laying out the pros and cons of this difficult decision. 

Aug 07, 2011 03:43 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Condos had their day lost it and then came back, lost , then came back. Some people swear by them while others see the house on a lot alone their paradise. The post causes us to take a look once again. thank you Eric

Aug 07, 2011 03:47 AM
Harvey Collier
Guaranteed Rate - Coral Springs, FL
Sales Assistant Michal Bander Team

Eric ... I would agree that from a cost stand point a single-family home and a condo will have similar expenses. The more ammenities, the higher the costs. It does probably come down to lifestyle when making a choice for an "All Cash Buyer".

However, if you are planning on obtaining a home loan to make your purchase, a single-family home will provide you many more Fort Lauderdale home loan options.

Oct 10, 2011 09:49 AM