Nothing brings more pride to any person than owning the place that he lives in. Having a residence to your name, as they say, is the greatest investment anyone could have in his lifetime and any level of ownership would surely bring a good sense of fulfillment. With time, various forms of housing units have emerged to add to the options of New York homeowners. Whether in Manhattan, Long Island, Queens, Staten Island or Brooklyn; it pays to weigh things carefully before buying. This article looks into the pros and cons of living in two of the most popular types of shelters- single family home and condominium.
A condominium is a single living unit that still serves a part of an entire building making it generally less expensive than its traditional counterpart.
The ownership of a single family home entails the lot and the physical structures built onto it, thus expect higher insurance fees and taxes. Though more expensive to buy, you can also expect a higher resale value with more flexibility in terms of changes for better living or for staging and selling.
Convenience and Location
One great thing about condominiums that makes them ideal for big-city living is that they are typically developed on sites that are convenient for city dwellers and commuters. Prime spots include beach-front and within New York City areas where the action is. Living in a condo will require homeowners to pay for an association fee that covers the general maintenance of the property, leaving you with more free time for family, friends and work.
A single family home, however, is normally constructed from a distance, away from the hustle and bustle but not unless your family can afford one within a high-end commercial neighborhood. This makes up for a more peaceful living, without all the noise and far from stress. But this also means that all the upkeep and maintenance is your sole responsibility.
Buying a condominium unit will inevitably give rise to home improvement issues. Why? Overtime, changes in lifestyle and the growing family needs will make remodeling or home improvement necessary but constraints posed by the condo’s association will lead to minimal solutions leaving the needs still unattended.
But with a single family home, you have more freedom to impose changes however you want it and when you feel like it. As long as you provide necessary building requirements, adhere to local codes and are not under regulations of any homeowner’s association; you can do whatever you wish with the house or the property all-together.
Choosing to live in a condominium would mean giving up a good amount of your prized privacy as you would have to deal with living wall-to-wall with other people and their family every single day. On the other hand, your own single family home affords you and the family more privacy to enjoy everyday living and other activities.
Even with the constant debate in the real estate industry on which is a better option, in the end, the decision boils down to… You. Yes, buying a house is a very personal choice with which you should carefully consider how you and the family would fit into the residence and likewise, how the house would make your quality of living better.
Eugene Makeev uses his skills and expertise to help home owners in Brooklyn, Long Island, Queens, Manhattan, and Staten Island avoid pitfalls by matching their needs with prescreened condo remodeling NYC.
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