Annette Bui | Updated April 28, 2020
| Lifestyle Mortgage Blog
While you shop for your dream home, the possibilities may seem overwhelming. Whether you want to be near your hometown, close to work or proximity to quality school districts. One of the bigger questions as you venture to different neighborhoods is the lifestyle differences between choosing a town home or a single-family residence. The debate brings some serious considerations into light such as amenities or association dues as opposed to guard gated neighborhoods or extra space for a growing family Here are a few factors to consider while you list your pros and cons and review your options.
Single Family or Condo?
The first priority is to determine where you want to live, whether
it is in a large urban city like New York or a suburb in Long island that means
it would take a bit more of a commute to get to downtown? These questions are
all essential because the likelihood is there are more town homes and
condominiums in downtown areas that may also impact parking necessities. On the
contrary, the advantage is you may end up being close enough to work for public
transportation and eliminate having to own a car at all. These advantages are
essential to consider because occasionally you may find some single-family
homes that are closer to urban areas but at a premium cost differential.
What about HOA dues?
Furthermore,
another matter to think about is how much you want to be limited as far as Homeowners
Association (HOA) dues, covenants, conditions & restrictions (CC&R). Are
you committed to always being required to pay hundreds of dollars a month after
your home is eventually free and clear? Depending
on where you choose to buy, the cost can vary from $50 per year or even up to thousands.
The perks of living in a town home is there is often some type of HOA dues. This usually pays for amenities including
- Dry cleaning
- Pool/cabanas
- Concierge services
- Gym/dance studio
- Guard gate community
Of course, not all communities will have these amenities and it is
a nice benefit to have someone else take care of maintenance, landscaping for
community areas such as pool and amenities but regardless you will pay for
those services.
Some people don’t mind the high fees, because it gives them the ability to live in a nice community without having to worry about mowing the grass or buying a gym membership. But other people would prefer to keep that money themselves. It’s all up to you.
Town home vs. Single Family – front yard/courtyard/noise control
How much space do you need depends on whether you are going to be empty nesters, a growing family or on your first home. A family lifestyle with one at home parent that needs additional workspace or are you okay with a smaller space since you are often away for work or traveling.
Granted, many families may choose to occupy town homes or condominiums because they value location more than spaces, while others love having a whole house to themselves, added front lawn to throw ball with the kids or a garden in the backyard. At the end of the day, the amount of space you want or even need may change depending on your stage in life.
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