Condo vs. single-family
Linda L. Esterson
Contributing Writer
For years, you've cherished the family home where you've raised your children and made so many memories. But now, the kids are out of the house, and yard work doesn't do it for you anymore. How do you decide on your next step?
According to Paula Shevitz, Realtor with Fiola Blum in Pikesville, you have to think about what's important to you. Are you looking to maintain an active lifestyle without time to care for your home's exterior? Are there any physical limitations? What's your price range?
"It depends on your point of view," Shevitz says. "Where are you in your life - what can you handle and what can you afford?"
According to Maryland census data by infoplease, more than 160,000 or 8 percent of homeowners are over the age of 65. And where are they buying? The housing options are varied - condominiums, townhomes and single-family homes.
Condo living has its pluses.
• The outside is carefree - homeowners are not responsible for lawn care, snowplowing or exterior home repairs
• One-level living - there aren't steps to deal with and many units have elevators to upper floors
• Social network - a clubhouse serves as the hub of activity for events, parties and club meetings
• Amenities are included - tennis courts, pools and shuffleboard are just some of the features of condominium communities
Townhomes have perks as well.
• More space than condominiums, including basements and additional family rooms
• Outside property still may be cared for
• Can be just as sizeable as single-family home
Still, single-family communities have their benefits.
• Living among people of a common age
• Avoiding noise associated with young children, screeching cars
• No association fee
• Privacy
• Appointments like paint color and fencing not regulated
• More yard space
There are some considerations to keep in mind, and many of them are financial. Condominium fees are charged to cover outside repairs, those to the roof and even the building elevator as well as landscaping and snow removal. In some instances, condo fees can be unstable, increasing every year, and not accounting for assessments to cover major repairs. But single-family homeowners must pay out of pocket for all repairs, landscaping and snow removal. In addition taxes are higher and the homeowner absorbs the annual increases imposed by the government. There's also no established social network in a single-family community with larger lots and no common amenities. The decision is a personal one that should be made with plans for the future in mind. Shevitz finds that many 50-plusers are opting for lifestyle.
"Most people in their 50s and older don't want headaches and hassles," says Shevitz. "They like to live in communities where things are taken care of for them, and they have access to amenities."
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