When looking to buy home in Denver, buyers often wonder which is best to buy: a condominium, townhome or single family home. I say, it depends. Here are areas to consider when comparing and contrasting the three:
1.Yard/building maintenance: Those with busy work schedules may prefer a building manager handle exterior issues like yard and pool maintenance, roof leaks, snow removal and exterior paint. Condos and townhome options require HOA fees that cover these issues with no attention by the owner. The properties frequently offer more amenities than could be afforded in a single family residence (pools, gyms, nice outdoor entertaining areas or roof gardens, etc.). Before you fall in love with a property and consider the option to buy a home in Denver, know the HOA fees—they vary wildly.
2.Privacy/noise/parking: Condos and townhomes will likely share at least one wall with a neighbor, affecting noise and privacy. Parking options may be limited compared to a single family neighborhood residence. When looking to buy a home in Denver, consider whether you would like your own space around your home or you are okay with having shared space.
3.Affordability: It’s all about what is important to YOU when it comes to the choice of whether or not to buy a home in Denver. If location is important for schools or work, a condo or townhome might make more sense financially, but be limited in privacy or ability to have the optimal floor plan. If you want the pool to yourself, consider a single family home with a pool that is further from a prime location, but remember you’ll be paying for the upkeep.
4.Resale: Half of all condos and townhomes turn over on average every six years, according to the National Association of Home Builders. Units should be chosen carefully remembering top floor and end units are the most valuable as are those with interior amenities like washer/dryers, high-end appliances and appealing unit-specific patios or balconies.
Whether buying a condo, townhome or single family home factors like lifestyle, the location, extra amenities, maintenance and yard work are all things you must consider. It’s a highly personalized decision. If you’re on the fence, consider Denver suburbs’ single family options, which many see as the best of both worlds. Most of these communities provide amenities, open spaces, and snow removal as part of a reasonable HOA fee while offering an excellent single family experience with a low-maintenance yard. Corken + Company looks forward to the opportunity to be your trusted partner to buy a home in Denver.