Buying a condo and the value of different types of homes

What are the pros and cons of purchasing a condominium?

Condominiums are very similar to townhouses. Condos are usually located in urban areas. Many condominium buildings have security at the front door either by a person who screens all who enter or by a series of owner-only locking doors.

While many condos are less expensive than a single-family home, in the highly sought after urban areas, condominiums that sell for several million dollars are not unheard of. Many condominium buildings are their own contained cities with shopping, medical care, and service providers all in the same building complex.

While a condominium can share walls on up to six sides with other units, most condominiums offer a little more privacy and quiet than townhouses, due to the way the buildings are constructed.

This normally does not apply to those condos that are merely conversions from what used to be rental apartments. Condominiums also have the issue of a homeowners' association.

Finally, parking can be a very large issue with condominiums. You may find that the only parking available, other than on the street, costs a huge amount of money every month.

What style of home has more value - a single story, a split level, or a multi-story?

Each area has its own preferred style of homes that are the top sellers. For example, in California the beige stucco, red-tiled roof home with the backyard pool is the quintessential California dream home. In New England, the more traditional multi-story formal home is the most sought after. You need to look at your own area to see what the different styles of homes are selling for.

A great way to look at the different styles available in your area is from the newspaper picture ads, Internet ads, and from those free real estate brochures that are provided in many grocery stores and public places.

The more you look at these ads, the better you will be in determining what you and your family want in a home and the price range of those wants.

You also need to assess what your family needs. If one of your family members is disabled and cannot manage stairs without assistance you may want to look at single-story ranches or the split level that will allow the installation of a chair assist on the stairway.

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