Condo or Single Family House in Palm Beach County?
Considering moving to the beach? Maybe you already live here and are now considering a home of your own. Whatever the case may be you might be wondering if a condominium, cottage house or townhome or a single-family house makes the most sense for your lifestyle and your budget. Here are the pros and cons to each and price ranges between homes and condominiums in Jupiter, Singer Island, and Palm Beach Gardens.
Condos and townhomes:
A condominium and townhome is typically less expensive. Currently, there are 5,900 condominiums for sale in Palm Beach County priced up to $15 million but there are literally thousands of condos priced from $50,000 on up so the choice is almost endless!
Condominiums or townhomes make ideal first-time homebuyer options. You can ease into home ownership with low maintenance responsibilities and get a good sense of what it’s like to pay a mortgage payment and own your own home. Many times first-time homebuyers start with the condominium or townhome, build up equity, and then sell, using that equity to put a down payment on a single-family house.
Living in a townhome or condominium will require extra homeowner’s dues, however. Typically homeowner’s dues are roughly $100-$1000 per month or per quarter and maintain the common areas such as a swimming pool, landscaping, and exterior building maintenance. The homeowner's dues also vary depending on the complex's amenities. Of course, luxury condominiums with dozens of amenities will require a higher monthly or quarterly homeowners fee. (Some are up to $4,000 a month!)
Condominiums and townhomes will feature common areas such as swimming pools, clubhouses, fitness centers and other perks that are usable by all the members of the Homeowner's Association and residents in the community.
One drawback to a condominium or townhome is that you are somewhat restricted when it comes to remodeling and renovations. Many times major renovations will need to be approved by the Homeowner's Association and cannot alter other condominiums or resident units.
A single-family house will be typically more expensive priced from about $150,000-$10 million depending on size, condition and location. Homes with views tend to be more expensive. Overall you can probably get more square footage for less money in a condominium then you can in a single-family house. The average home price in Palm Beach County is about $300,000 and include 2 to 4 bedrooms and about 1500 to 3000 ft.² of living space.
With a single-family house, you may not have homeowner’s dues but you may have association fees per year that keep up the local landscaping and management. These fees are typically anywhere from $100-$800 annually.
A single-family house and gives you more options when it comes to renovations. You can typically paint your house any color you want and have full responsibility for the exterior landscaping and appearance of the home as well as the inside. However, you do have the maintenance and responsibility of upkeep and repairs should something break or need replacing.
The first thing I would do is find out how much home you can afford and then make a list of what you’re looking for in a property. I can help you find the right home at the right price anywhere on the island of Oahu so call me today and let’s get started.
More For Home Buyers
Images courtesy of MLS