Owning a home has been defined as the “American dream.” There are many considerations one must undertake when purchasing a home, which include price, size, and location. However, in Ann Arbor there are many who forego traditional family residences in preference of condominiums. If you’ve been trying to figure out if a condo or house would be better for you, consider the following advantages and disadvantages of each:

Advantages of Homeownership

Privacy is one of the biggest advantages of homeownership. There are no shared walls, floors or ceilings. Significant space and walls separate single family homes. Therefore, owners are not subject to the personal affairs or inconsiderate actions of neighbors. Space also provides great benefit for homeowners. You have a larger amount of storage area (than most condominiums) and more ability to customize living areas.

Multiple car garages provide generous space for storage and work. Private garages also provide an additional measure of safety for owners with small children or occupied hands. Owners can secure themselves within their garages and in close proximity to the home entrance prior to exiting their vehicles.

Homeownership may or may not have association fees. Gated communities are subject to HOA fees. However, if prospective owners wish to forego these fees, they have a near unlimited choice of neighborhoods and homes that will accommodate their needs in Ann Arbor. Homeowners may also build or reconstruct their home to their personal taste. They are only limited by zoning laws that govern the city.

Disadvantages of Homeownership

Homeownership requires greater maintenance. Full lawn services cut grass, pull weeds, and trim trees as part of their offerings. Some services also install and replace damaged sprinkler heads. These services can be expensive. Some owners may opt to maintain their property. This can be time consuming and may require expensive mowers and other gas powered equipment.

Single family homes are more expensive and require greater financial resources to qualify for loans. Therefore, prospective owners may purchase starter homes in neighborhoods of less value. Location is the single greatest consideration when purchasing a home. Location can determine rate of appreciation and ease of resale.

Advantages of Condo Ownership

Affordability is one of the biggest advantages of owning a condo. Condos costs less money than homes in the same location and may be ideal for single individuals and couples with no children or very small families.

Many condominiums provide additional services and amenities not afforded to homeowners. Concierge services offer everything from event planning to an assortment of valet services. Residents may also have access to conference rooms, internet services, and community pools. Many of these residences provide 5 star services equal to the finest hotels.

Ease of management and convenience may provide an additional attraction for those considering condo ownership. Condominiums require no yard work or maintenance. Many are conveniently located in close proximity to cities, restaurants and public transportation. This significantly reduces commute time and may eliminate the need for personal transportation.

Disadvantages of Condo Ownership

Less privacy should be of concern to anyone considering a condominium. Shared walls, ceilings, and floors can magnify noise at the most inconvenient times and will prove a great challenge to individuals who enjoy serenity. Neighbors argue, play loud music, and keep odd hours. Inconsiderate neighbors can frustrate the most patient individual.

Fees and rules govern many aspects of the condo community. Owners are not as free to personalize, build or alter their homes. Association dues can rise and may eventually make ownership very costly. Owners who decide to sell may find disappointment in slow appreciation values and difficulty of selling. However, condos in trendy locations are coveted commodities.

Choosing the Right One

Whether considering a home or condo, ownership provides significant, long term, financial advantage. Homeownership is one of the biggest investments any individual will make and should be considered after careful research and planning. Whether you are looking for a condo or a home, contact us today. We’ll help you find the perfect place for you to call “home!”

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