Knoxville First Time Buyers: Should You Buy A Condo Or A House?
As a Knoxville first time buyer, you have plenty of different housing options. You can buy a house, condominium, or in a planned unit development.
The problem is for some buyers this choice isn’t always clear cut. Before embarking on you home search, it can be important to look at whether a house or condo may be a better fit for you. In this post, we’ll look at closer look at the difference between these two options.
Single Family Homes: What Do They Offer?
For many first time buyers, a single family home can be very appealing.
A single family home can give you more space of your own and comes with a yard for even more privacy.
Below we’ll take a closer look at the good and the bad of buying a single family home.
The Good About Single Family Homes
One of the great things about buying a single family home is the privacy. Typically, in a single family home you’ll have more space of your own than if you buy a condo or a PUD. It can be a nice feeling not having your neighbors right on top of you.
More Storage Space
Single family homes typically come with more storage space than condos or PUDs. If you’re someone who needs a ton of closet space and extra space throughout a home, a single family home is where you want to look. Condos and PUDs typically don’t come with as much space.
Finally, one very large benefit of a single family home is having outdoor space. Many buyers like the idea of having a yard for children or pets. A single family home is where you want to look if this is important to you.
The Ability To Personalize
In a single family home, you have the ability to personalize the outside of your home as your like. Even if you have a homeowner’s association, typically single family homes are not as restrictive in your ability to personalize things outside of your home.
The Bad About Single Family Homes
While a yard can be great and all, it can be a lot of work to maintain a yard. If you’re someone who doesn’t want to bother with yard work or bother to pay someone to do it, this can be a downfall of single family homes.
Depending on your lifestyle, the size of a single family home may not be worth it. You may only need 2 bedrooms to fit your lifestyle, so a house may be more than you need. If that is the case, a single family home may not be the right housing option.
Condos and Planned Unit Developments (PUDS): What Do They Offer?
For some buyers who are not wanting to take on a single family home, a condo or a PUD can be a good option to have.
The Good About Condos and PUDS
No Yard Maintenance
One great thing about living in a condo or a PUD is that you will not be responsible for taking care of the maintenance of your yard. As part of your homeowner’s association dues, the maintenance of the common areas is taken care of. For buyers who want maintenance free living, this is what makes
Another great thing about a condo or a PUD is that many of the homeowner’s association provide amenities for residents. Things that can be included are pools, clubhouses, tennis courts, and fitness centers.
Lower Utility Bill
Generally speaking, condos and PUD have a lower square footage than single family homes. For those buyers who are wanting to avoid outrageous utility bills, a PUD or a condo can be a good option.
Many Different Options
In the Knoxville real estate market, condos and PUDs come in many different shapes and sizes. You can find condos that are attached on one side, both sides, or condos that are not attached on any side. It all depends on the development. As a buyer, you have many different options to choose from.
The Bad About Condos and PUDS
HOAs Can Be Restrictive
One downfall of condos and PUDs is that they typically have very active HOAs. This means that you may not be able to do certain things do to HOA restrictions. For some buyers, this can be very unappealing.
Another downfall of condos and PUDs is that it can fee like your neighbors are right on top of you. If you’re someone who likes your privacy or doesn’t want to share a wall with your neighbors, a condo or a PUD may not be right for you.
Bottom Line: It’s Personal
Every buyer is a little bit different. Some buyers crave the personal space that a single family home offers, while other buyers may crave the lower maintenance that condos and PUDs can provide. As a buyer, it’s up to you to assess what housing type would fit your lifestyle.
Are you thinking about buying your first Knoxville home? Please let us know if there is anyway that Knoxville Home Team can assist you in your home search. You can contact Rick at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Or, you can contact Kati at 865-392-5880 or via email at Kati@KnoxvilleHomeTeam.Com.
You can start your home search today on our Knoxville Home Search Page.