Single-Family Home vs Condo

Condos will never replace single-family homes as the real estate investment of choice overall.  A Single-family home will always have a wider appeal than a condo. A home will also almost always appreciate at a faster rate both nationally and in the Fort Lauderdale real estate market.

There are many advantages to owning your a single-family home. Privacy is one of the major advantages in owning a home over a condo.  Condo living is communal living where you will be sharing your living space with possibly hundreds of other people. It doesn’t matter how sound proof the building is your neighbors are still only a wall, floor or ceiling away. With a home you also will have the privacy of your own private home,  lawn and private driveway.  In addition a single-family home allows you to not have the constant interaction with other people in elevators and other common areas.

Both indoors and outdoors, you will have more space if you own a home.  When choosing a home over a condo you gain more room for things like entertaining guest, larger floorplans and storage space…  more space to make your own and call home and customize to fit your and your personality.  A garden you design and maintain, for example, can be a very rewarding experience. With a condo the association decides the exterior design and landscaping.

When you own a condo you may also be limited to what you can do as far as improvements to your investment. In most cases you will have to get permission from the association to make improvements. The condo building itself also plays a role in the overall value of your condo.  It doesn’t always make sense to make large investments on improvements if the value of your condo when the overall value is dependant on the condition of the building and the quality of the other units within the building.  If you have a really nice condo in a poorly maintained building improvements will not help your investment.

When you own a single-family home, however, improvements and investing into your home will only better your investment.  The more improvements you make the greater the value you add to your investment. You also get to the pleasure of living in an environment that only you have created. Home ownership on any level is wonderful. Nothing gives you a sense of pride like owning the place you live in. The Cabot Homes group will allow you to feel that sense of pride by finding you the perfect  South Florida home.

When it comes to ownership, there are some advantages to owning a condominium versus a single-family home in urban areas. It really comes down to which better fits your individual needs.

Even though the housing market as a whole has gone down, the biggest advantage of owning a condo over a Fort Lauderdale home is the price. Because you are buying a single unit from the building condos will typically cost less than a single-family home. When looking at Fort Lauderdale real estate you might be able to purchase a condo on or near the water for the same price or less than a house that is not as close the water. Fort Lauderdale condos were overbuilt during the last real estate boom, many now sit empty and prices have fallen.

Location can be another benefit of condo ownership. During the last housing boom for living as well as investing, many condo developers built on the most highly sought after property in Fort Lauderdale.

Clearly condo ownership is not for everyone.   The Cabot Homes Group can help you decide which is a better choice and best fits your individual needs.  Cabot Homes can aid in your decision with their knowledge of the different areas in Fort Lauderdale to find a place that suits you and your family.