In diverse real estate markets such as Irvine, many prospective homebuyers find themselves equally attracted to single-family homes and condominium units. On one hand, house hunters who have been renting apartments may feel a condo does not fit into the American Dream ideal of a detached home surrounded by a white picket fence. On the other hand, some prospective buyers may be more interested in the maintenance-free style offered by condos.
If you want to buy real estate in Irvine but you’re finding yourself caught in the single-family home vs. condo dilemma, here are a few aspects of housing you should consider before making an offer on an available property.
You’re Looking for Value, Affordability, and Equity
When you become a homeowner, you also become a property investor, which means you may think about selling for profit down the road. If your financial approach tends to be conservative, you would be better off in the single-family home market because it has historically been more stable. If you like to take on a little risk for the purpose of deriving greater profits, condos may be for you. With this in mind, you may find some condos to be very affordable during periods of heavy market downturn. In terms of equity, you may find single-family homes tend to gain in value gradually and steadily.
Your Lifestyle Is More Suitable to One Type of Home Over the Other
You should not automatically assume your life will be easier and more carefree in a single-family home instead of a condo. Keep in mind that gated communities of detached homes may be organized under a homeowners association similar to a condo. If you are the handyman type, a single-family home in a subdivision may seem appealing until you run into major issues such as a faulty HVAC unit or a roof that keeps leaking. These are issues that require work as well as substantial repair costs. Younger homebuyers these days tend to be attracted to the maintenance-free and resort lifestyle some condos offer.
You’re Responsible When It Comes to Maintenance
Association rules may not sit well with your idea of being able to do what you want with your property. However, a single-family home includes a certain degree of responsibility that you will have to assume. Mowing your lawn and maintaining the exterior in a condition that keeps municipal code inspectors away are two examples of these responsibilities.
You Want to Raise a Family
The idea of a wholesome environment to raise children is not determined by an attached or detached structure. It is more often determined by the neighborhood. Condos located in urban centers tend to be busier in terms of traffic, commerce, and business activity, but they also offer amenities, attractions, and convenience that children can enjoy and benefit from. If you want a more traditional Southern California lifestyle, a suburban single-family home for sale in Irvine, CA, may be better for your family.
Whether you’re interested in single-family homes in Shady Canyon or West Irvine condos for sale, you’ll want to make sure to have a trusted agent on your side who can help you find the property you’re looking for. Get in touch with the reliable real estate agents at OC Residential today. Call 714-454-6304 to start your search.