When you’re ready to purchase a home, whether it’s your first, second or a subsequent home, it’s always nice to know exactly what you want. While we all know what a single-family home is, there are some nuances between condominiums, co-ops and townhomes that you should know so that you can make the best decision.
What Type of Home Do You Want?
In order to make the right choice, it’s important that you understand the general categories that cover Main Line homes for sale.
Single-family homes are available in a variety of architectural styles, but the key difference between a single-family home and other types is that it’s a detached house that sits on its own lot.
Condominiums are attached to each other like apartments are, but they’re individually owned. Condo owners are part of an association with other condo owners in the same complex, and the association creates rules and charges residents assessment fees. The condo association also undertakes maintenance of common areas and overall building improvements.
Townhomes are similar to condominiums in that owners are part of an association and that the association is responsible for maintaining and improving common areas. Townhomes are generally attached and built vertically, so they can be one or more stories tall.
Cooperative apartments are also similar to condominiums. Rather than purchasing a co-op, though, you buy shares in the corporation that owns the building. You then lease your apartment through your shares. In most cases, you need to be approved by the building’s co-op board before you can purchase those shares, and that can also make it more difficult to sell your space should you decide to move.
How to Choose the Perfect Home
Evaluate your needs honestly. Do you have the time to maintain a yard, and do you have the income necessary to make exterior and interior repairs if you purchase a single-family home? Would you rather leave outside maintenance to someone else (but still pay for it through condo association dues or homeowner’s association fees)?
Other factors, such as the types of pets you have and whether you need a garage, will have a big effect on your decision as well. Some condominiums have size limits for pets, for example, and may only offer street parking (not good if you have a motorcycle that you need to secure when you’re not riding).
Working with a Professional Main Line Real Estate Agent
Call us at 610-608-3119 or fill out our online contact form. We’ll get to work right away by setting up a custom search for homes that meet your needs.