Gay Realtor on buying a Single Family, Condominium or Loft?

For most people, the kind of dwelling they choose to live in is largely dictated by the requirements of their life stage. Any denizen of a major city has probably seen at least a few friends depart for the suburbs after child number one or two. These suburban migrants regularly cite green spaces, “safety”, and better schools as their primary reasons for abandoning the beloved amenities and attractions of city life.

While prevailing wisdom has long held that single homes are stable, enduring investments, condos and lofts are known to skyrocket in value overnight. Condo and loft developers compete fiercely to offer exciting urban spaces, designed to maximize space and convenience for the busy creative or business professional.

If it isn’t already obvious which living space is right for you—single family, condominium or loft—consult with an agent and draw up a list of your needs. Here are some fundamental distinctions between these dwellings that can make or break your decision.

Single Family Homes

Single-family homes tend to have the most flexibility for families or individuals who simply enjoy the freedom of four walls and a yard.

You can modify a single-family home to your specifications. With a condo, you may meet resistance from the condo association board, and many condos have extensive rules and regulations that govern modifications by residents.

With a single-family home, you are also buying land. A little bit of green space goes a long way. If you like to entertain guests or have a toddler or a dog, land is possibly the single greatest advantage of a single family home.

Single-family homes are a stable and steady investment. Despite a volatile, topsy-turvy housing market over the last few years, single-family homes continue to retain value in the long-term. However, you will want to conduct extensive research with your agent to get the best possible deal. This is especially true if equity growth and retention are priorities. Remember, too, that you are investing in a home and a neighborhood.

Condominiums

Condominiums are an excellent solution for people who want modern, clean, and refreshed spaces without leaving the city. Many longtime apartment inhabitants come to eventually realize they are throwing money away on rent each month, when they could be building equity in a condo. Many condos offer the amenities of single-family homes, without sacrificing nightlife, cuisine, and other urban benefits.

Condo facility maintenance is not the resident’s responsibility. For those with busy lifestyles, with a condo you aren’t on the hook for land management and grooming or maintaining the exterior of the building. The condo association manages these things.

Condos are an investment and many owners report reduced living expenses. Condos are another way to build a nest egg for the future. You can build equity and won’t pay rising rent costs every year. Any major building repairs or renovations are a shared cost, so you pay a fraction.

Condos make it possible for everyone to live in costly urban areas, where demand drives up the average cost of a house. For many people, owning a home in the city is akin to purchasing a small castle— it just isn’t realistic. Condos are a great way to have the comforts and value of home while saving on maintenance.

Lofts

Loft spaces are much like condos insomuch as they are an investment, are usually maintained by a homeowners association, and have conveniences befitting the lifestyles of their urban inhabitants

Lofts are stylistically distinct from condos. Many developers build lofts in converted warehouse spaces. What you get is a unique, and often historical or industrial living space, with tons of oversized personality. Lofts are often characterized as having high ceilings, monolithic beams and columns, and are regularly constructed with a sharp, modern appeal. They also tend to be quieter than condos, because you don’t share as many walls.

As far as management and amenities go, lofts have many of the same perks of condos, like lower, shared maintenance cost. Condos and lofts part ways at points of style and versatility. Condos are usually built to reflect the utilities inherent single-family homes: carpet, complete kitchen and a living space that is divided by walls. Lofts are a little bit more “freethinking” and don’t tend to conform as much as condos.

Consult your realtor

If you just can’t decide what’s right for you, realtors are trained arbitrators, risk-assessment managers, and experts in design and space. They will have plenty of ideas to help you make the right decision. Consult a realtor at www.gayrealestate.com for more information on exciting living spaces tailored to your LGBT lifestyle.