Difference Between Condos, Townhouses and Single Family Homes in MN
The difference between a Condo, Single Family, and Townhome in Mpls, MN
You, the first time home buyer have now been through the preapproval process and know how much the lender is willing to give you for a mortgage and at what rate. You also know how much of a down payment you need and your approximate closing costs. You know how you will pay for your home. Check!
You, the first time home buyer know the current Twin Cities real estate market favors the seller and competition for homes is keen at your price range. Knowledge is power and you feel confident that you will move quickly when you find “the one” because you have done the work and are fully prepared. You know how to maneuver through the Twin Cities real estate market. Check!
You the first time home buyer feel confident and prepared because you have a real estate professional at your side for each important step of the home buying journey and will use his experience and knowledge to assist you in finding and successfully negotiating a sales contract on your first home. You know how you are going get the home that best meets you and your family’s needs at the best possible price for this market. Check!
What home should You Buy
So you know how you will purchase your home. Now what? As your agent my first
consideration is finding you the home that fits your wants and needs, is within your price range, and brings you joy and pleasure. Because I doubt buyer’s remorse is on anyone’s bucket list this decision is an important one.
There are 3 basic types of homes: a condo, a townhome and a single family. Maybe some of you already know exactly what type of home you want and that is awesome! For those of you not quite there yet and feeling a little confused, thinking you want one type of home but then finding yourself drawn to another, let’s dig into the question more deeply.
In order to maneuver through the “what question,” your first hurdle is to decide the option that best suits your lifestyle now and going forward for as long as you think you want to stay in this home. There is not a one size fits all and your own personal priorities will help determine what type of home will be right for you at this stage of your life.
Living in a Condo in MN Can be like a Resort Vacation
If you enjoy spending your spare time on recreation and pastimes this might be a
great option. Be aware that beyond the cost of the condo itself there is an association fee that is generally paid each month and can sometimes be steep depending on the location and the amenities included in that fee. Keep in mind that along with perks come restrictions as to ownership of pets and options to be able to rent your condo should you need to do so. Are you the type of person that likes living in close proximity to your neighbors or do you prefer having more space and privacy? Are you going to use the amenities such as swimming pools, fitness center, tennis courts and party room that you will be paying for in your association fees or will that be a waste of money? Here is a great resource post from US News that you might find helpful.
MN Townhomes can be a Good Compromise
Townhomes can be very well appointed and feel more like a single family home. Many townhome communities are geared to young families with children as well. Most allow pets and have an area that functions as a yard. Although an association fee is still required, it is generally lower than condos. Do you want more privacy and space than available in a condo but want the security of having someone else maintaining the property? If you travel a great deal or are not interested in the amenities that come with a condo than a townhome might be a better choice. This article from In the Nation does a good job comparing a townhouse to a condo as well.
Your Very Own Single Family Home in The Burbs of Mpls, MN
This gives you the most freedom as to changes to the inside and outside of the home. You can have pets. You do not have to consider a monthly association fee but keep in mind that you are responsible for all utilities and every repair that needs to be done as well as all the ongoing maintenance. A good idea is to consider setting aside your own monthly association fund to pay for any event you did not anticipate because trust me they will happen. Also be aware that if you feel allergic to yard work or snow removal but still want all the other benefits of home ownership you can always pay to have that work done for you as long as it fits into your monthly budget.
Looking at properties on line can give you a sense of what may work or not work for you if you are still confused. If you have friends that have recently made the leap talking to them about their experience may give you the answers you are searching for. Tap into all your resources. Talk to family and by all means talk to your real estate agent. He or she should be your greatest resource. Use it. Check out your agent’s website, which should be a good resource for you as well. Check out this article on Bankrate as another good resource.
As an agent with 15 years of experience helping buyers purchase their first home, I have seen and experienced many different situations and outcomes. Part of my job is helping you get to the home that is right and best for you so that when you move into your new home, you will be jumping for joy like the couple pictured here. Please feel free to run any questions or concerns by me and chances are I’ll have an answer for you. Call, text or email me, and thanks for taking the time to read my post.
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