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Orlando Branch

Single-Family, Townhome or Condominium?

Which Home Style fits You?

Whether you’re first-time home buyer, downsizer, upgrader or simply just trying to picture your life owning your own space in Central Florida, we’ve broken it down to give you positives and negatives to owning each style of dwelling.

Single Family Home

Owning a home can offer a variety of positives as well as considerations based on your goals and desires as a person, couple or growing family. Certainly a single-family offers more space for families that are growing. In addition, homes tend to be a better investment vehicle with generally a higher demand and freedom to build, expand and renovate as needed. Land Home Financial Single-Family Home

Considerations to owning a single-family home versus a townhome or condominium usually mount up in cost to maintain. Owners are typically responsible for all maintenance.

Condominium

Usually less expensive by equal comparison to a single-family home as the building maintenance is managed by the homeowner’s association for a monthly fee. These costs go to lawn maintenance, the common areas including the gym, pool, mail center, security gates and general property care. Land Home Financial Condominium

Considerations to owning a condominium would be that there is less space for growing families yet may be ideal for singles or couples as well a few others. They are generally a weaker investment than a home and harder to differentiate with less options in expansion and renovation.

 

Townhome

Owning a townhome generally can be less expensive than a single-family home due to the maintenance being offset through the association fees as well as minimal yard and garden spaces to maintain. Land Home Financial Townhouse

A townhome is a weaker investment compared to a home yet stronger than a condominium. Also, you have fewer neighbors as well as more property to enjoy. The same considerations with expansion and renovation apply when choosing a townhome over a single-family home.

Final Words

Life’s filled with endless opportunities such as travel, study, flatting, social events, must-have retail products, thoughts of marriage and possible children.

Home ownership is often the afterthought, in a series of decisions that ultimately affects our financial position and timing in acquiring our own piece of turf.

If you aren’t lucky to have your parents fund your travels or university, there are choices to be made: do you work and save for a house? Or do you travel? Or do you study then work and save for a house? Or do you get married and have children then work and save for a house?

The end result is that there is always going to be a sacrifice along the way. So if home ownership is your ultimate goal, something is going to have to take the back seat.