In the hyper-expensive Boston area, more and more first-time buyers are choosing condos over single-family homes. Here are a few questions to ask yourself about how you live, to better determine what kind of property you should live in.
1. How much do you want to spend?Condominiums are generally less expensive than single-family homes. You alone own the condo unit, but share ownership of the common space. Don't forget to factor the monthly maintenance fee into your monthly payment. 2. Do you want to live in or close to Boston? Are you willing to commute?
The closer to Boston, the more expensive the real estate. The suburbs offer more of a choice in the starter-home price range. In March in Suffolk County (Boston, Chelsea, Revere, and Winthrop), 186 condominiums priced under $250,000 were listed with realtors. Only 18 single-family houses were listed, according to the Massachusetts Association of Realtors. In contrast, Middlesex County, west of Boston, offered 130 single-family houses and 250 condos in that price range. 3. What is your approach to maintenance?
In a condominium, you pay a maintenance fee and someone else takes care of gardening, mowing, shoveling snow, and maintaining the premises outside of the private spaces. With a single-family, if you don't do it, it won't get done. 4. Do you have or plan to have children?
Generally, a condominium gives you less flexibility to grow than a house. If you plan to raise kids, get a condo with enough space. With a house, though, you can always add on. 5. Do you have pets?
A condominium might restrict the type and number of pets and charge a maintenance fee, especially for dogs, to keep the grounds clean. 6. Do you travel a lot?
Condominiums appeal to people who are frequently out of town because the maintenance will still get done. With a house, grass or snow may be piled high to greet you when you return. 7. Can you tolerate people living next to, above, and below you?
In a house, if you want to blast your stereo or let your kids jump on a trampoline, that's your right. In a condo, you have to worry about whether the neighbors can hear you. And you have to tolerate other people's noise. 8. Can you live with the shared decision-making of a condominium association?
A condo might restrict what you can put on your balcony, whether you can hang wash out to dry, or what kind of car you can park in your spot. (Some condos bar vehicles with commercial lettering, for example.) You will also have to help pay for major repairs, even for units other than your own. In a house, unless it's a development ruled by similarly restrictive covenants that are written into your deed, your clothesline is your business. And so is your leaky roof. 9. How much storage do you need?
A single-family house, with a basement, attic, and garage, usually has more storage than a condo, which might have a designated storage space in a common area and not much else beyond your closets. 10. How much outdoor space do you need?
A condominium might have private decks or patios, along with shared outdoor space such as the swimming pool area and tennis court. Most houses have yards where you can garden, let your pets run around, and give your kids free rein to jump a little higher on that trampoline. RICKI MORELL