Should You Buy a Condo or a Single-Family Home? 5 Things to Keep in Mind
March 4, 2021
“What’s a condo vs. single-family house?”
It’s one of those questions you think we know the answer to — right until someone asks you. Then you may hem and haw about the time you think you stayed at your cousin’s condo in Miami 14 years ago. Or maybe it was a townhome?
Understanding the pros and cons of condos really isn’t important until you’re considering buying a condo vs single-family home vs some other type of residence. And with new condo communities arriving in Greater Richmond, including The Overlook at Hancock Village in Chesterfield, odds are you may be digging into the pros and cons of condos sooner than later.
Here’s a closer look at condos and five things to keep in mind before buying a condo vs house.
FIRST THINGS FIRST: WHAT’S A CONDO?
Before we can detail the pros and cons of condos, we first need to establish a working definition for a condo, which is short for condominium. The following are true of condos:
- Condos are private residential units within multi-unit buildings, projects, or communities.
- Condos can share walls with other residences, but they can also be semi- or fully detached structures.
- Condos may share amenities, such as pools and fitness centers, as well as common areas and facilities.
- The aforementioned common areas and amenities are maintained by a condominium association, which is similar to an HOA. Homeowners pay monthly or quarterly dues to these associations.
Now do you think you could spot a condo vs house or townhome as you drive through Greater Richmond?
The truth is that we’ve built many communities in the style of condos communities above and beyond The Overlook at Hancock Village. These are communities that have technically fallen under the umbrella of “condo ownership.” In other words, we’re probably the closest thing to an experts when it comes to condo development in the area.
Now we know the defining characteristics of condos, but we haven’t even scratched the surface of the pros and cons of condos.
Buying a Condo vs. Single-Family Home: 5 Benefits of Condo Living
1. SO MUCH TO DO, SO FEW TO-DOS
With low-maintenance living, condo owners get to reap all the benefits of well-maintained yards and home exteriors without having to pitch in on the upkeep. This is huge for homebuyers looking at a condo vs. single-family home who may have some anxiety about mowing, weeding, and whacking — maybe for the first time ever. They get to focus on their home’s interior while still enjoying the inviting outside spaces. And better yet, this benefit of buying a condo vs. house means that there’s more time to indulge in community amenities — whether you’re kicking back solo or bonding with the neighbors. Finally, low-maintenance living means protecting your investment for years to come as well, whether you’re there enjoying your condos just as much as on day one or you’re looking to put it on the market.
2. INVITING AMENITIES? CHECK. PRIME LOCATION? YOU BET.
Sometimes, it’s tough to find both pros and cons of condos. That’s because, sometimes, there are just pros. We just mentioned community amenities, but we didn’t explore all the potential offerings. Take The Overlook at Hancock Village, our Chesterfield 2-over-2 condo community. (FYI: that means each multi-unit structure is built with two condos on top and two on the bottom.) Here you’ll find walking trails, a clubhouse, and fitness center – all impeccably maintained by the condo association.
Among the other benefits of condo living, especially when choosing between buying a condo vs house, is the location. Condo communities are typically located within close proximity of all the places in your daily orbit: restaurants, stores, healthcare facilities, highways, and sought-after school systems. They’re right in the middle of it all, but still designed to provide plenty of privacy, peace, and quiet. Such is the case at The Overlook at Hancock Village, where you’ll find Starbuck’s and popular shopping destinations right outside your front door. Even better, top-rated Cosby High School is right around the corner.
3. MODERN FEATURES DESIGNED FOR CONVENIENCE
Choosing a condo vs single-family house — especially a resale home — can become an easy decision when you start taking stock of appliances, countertops, and other features. With a home was built decades ago, for example, you could be looking at original flooring and a dishwasher. Not only should you be running your fingers over granite countertops and checking your reflection in stainless steel appliances, but you should be embracing smart home features, too. For example, with StyleCraft’s LiveSmart suite of convenient features, all new homes come included with Ring doorbells, Schlage door locks, touch-screen thermostats, as well as whole-home wi-fi and connectivity. This includes The Overlook at Hancock Village — which depending on where you’re looking — makes the condo vs house decision a no-brainer.
4. THE PRICE IS RIGHT
One of the biggest benefits of condo living is more jingle in your pocket. Buying a condo vs home is a much more budget-friendly move. And when you consider all that you’re getting — amenities, modern features, an ideal location, and more — you aren’t really losing anything, either. And did we mention all that extra time saved by not trimming the grass or pruning the trees? It’s a win-win for you and your bottom line.
5. THE NEIGHBORLY THING
Many of the pros and cons of condos we’ve outlined here have to do with things we can put a price on: a smart doorbell, lawn care on the house, a convenient location that saves you time and gas. And so on. But here’s one more benefit that we can’t put a price on, because it’s priceless: the community. Condo communities bring homeowners together in common spaces and amenities. For starters, they probably wouldn’t choose a condo community unless they liked the idea of gathering with neighbors and friends. And second, often times, condo owners are often traveling in the same lane of life, which helps to build quick rapport.
Are you ready to take a closer look at condo communities? Start with The Overlook at Hancock Village — and don’t look back.