House Or Condo: Which Is Right For You?

With a multitude of new modern condominiums popping up in downtown Wilmington, homebuyers may feel torn about whether to consider the downtown lifestyle or opt for a traditional single-family home in the suburbs. Taking lifestyle, transportation needs and other key components of each option into careful consideration will help you to make the right decision.

Lifestyle
Your parents probably bought their first home in the suburbs. If this is the only lifestyle you are accustomed to, the hustle and bustle of the city may seem overwhelming to you. However, many find the amenity-rich lifestyle of downtown neighborhoods increasingly appealing. As more young couples make the switch to urban dwellings, these neighborhoods are being revitalized, with condo buildings within walking distance to bars, restaurants, shops and parks.

It is also important to consider how much spare time you have to commit to the maintenance of your property. A house may be better for you if you enjoy maintaining a home and garden. In a condo, you will share decision-making with other tenants and could pay a steep fee for building maintenance. A condo may be more realistic for you if you lack the time and enthusiasm for upkeep.

A major difference between single-family homes and condos is the amount of privacy you are afforded both at home and with your neighbors. Couples can find that they need at least a mid-sized condo to feel comfortable, but budget considerations often do not allow this space. Also, consider if you enjoy having neighbors close by for comfort or if you prefer more privacy. You may find it difficult having neighbors in adjacent condo units if your lifestyles are very different.

Transportation
Whether you live downtown or in the suburbs, the location of your home will inevitably affect your daily commute. If you live and work downtown, you may be able to walk or take a short trip on mass transit. You could save an hour or more each day in addition to the money you save on gas.

If you work in the suburbs and live downtown, you could also save time by traveling against the traffic. Regardless of whether you decide on the suburbs or the city, test drive your route to be sure excessive congestion will not be a problem.

Parking must also be considered when deciding between a condo and a single- family home. If you have three vehicles, a condo probably isn't your best choice. You may have to purchase or rent parking spaces downtown for a hefty fee. Also, find out whether family and friends will have easy access to on-street or off-street parking when visiting.

Be sure to ask your Realtor these questions when looking to purchase a suburban house or a condo. Their knowledge and expertise will help lead you to your perfect home.