Should I buy a condominium or a single family home?
As a York County Home Buyer, What Are the Important Factors?
The choice to purchase a condominium, townhome, or single family homes is really a lifestyle choice. All York County SC communities offer a variety of single family homes, condominium complexes, and town homes.
When making your decision, it is important to evaluate your expectations of home ownership. Do you enjoy yard work or would you prefer to let someone else take care of your yard? The same applies to the exterior. Would you prefer to let someone else take care of the painting, cleaning gutters, and the many other responsibilities that come with maintaining a single family home? Owning a condo enables you to pay a fee and have someone else be responsible.
Once you have considered your lifestyle choice, you need to understand the differences in ownership. With a condominium or town home you get the exclusive right to the interior space of your unit, but the land, walls, grounds, fences and facilities are owned in common with the other owners. With a single-family home you are the sole owner of the building and the land it sets on. This is called "fee simple" ownership. The covenants and restriction dictate what type of changes you can make for both condos and single family dwellings. Single family Covenants and Restrictions tend to be less restrictive than condominiums. Some examples would be remodeling, leasing the unit, owing animals, etc.
You should review the Covenants and Restrictions to ascertain the amount of the monthly fee. Condominium fees usually cover management of the association, hazard insurance, and monthly maintenance. A portion of your fee goes into a reserve account for future maintenance and repairs. Are utilities covered in your maintenance fee? Are there outstanding assessments or pending litigations for which you will have responsibility? Covered items vary from complex to complex. You may want to have a real estate attorney review this document and outline the important parts.
Whether you are buying a condominium or a single family home, it is important to have an inspection by a licensed contractor or a professional home inspector and a complete termite inspection.
Single family or condo ownership? Determine the option that suits your lifestyle, amenities and price range. And remember, just as the value of any one house is dependent on property values in a neighborhood, the value of a condo depends on the condition and the desirability of the entire condominium complex.