In our market, condos are often the most affordable way to realize the dream of purchasing a mountain property. But there are definitely trade-offs when you purchase a mountain condo vs. a single-family mountain home. Regardless of the price point, when looking for a home in Breckenridge or Frisco it can be difficult to determine if a single-family home or a condo is right for you.
A single-family home is a stand-alone home that includes the land the home sits on. Maintenance and repair costs for the interior and exterior are usually at the owner’s expense. Typically a single-family home allows for one household or “family”. A condo, on the other hand, is a larger building with several units. Each unit is individually owned. Condos often have shared spaces like pools and outdoor areas, and residents are not required to keep up with most, if not all, exterior maintenance.
There are pros and cons to both styles of living. I encourage clients to consider their lifestyles. Do you want to be close to the slopes and town or would you prefer to pursue a quieter area?
Whether you are purchasing a second home or a full-time residence will also play a part in deciding which is best for you. It’s important to consider how often you will be using the home and to also assess your budget to determine the best type of home for you. Let’s take a look at the benefits, and potential downsides, to condo living and single-family homes.
Single-family homes are significantly larger and typically include a yard space that can be very appealing to homebuyers. Do you love to host friends and family? You would likely be happier in a larger home with an outdoor space that is all your own. This also means you have more storage and room to grow your family. In single-family homes, your walls or floors aren’t shared with neighbors or renters. This means you have much more privacy.
But with size comes maintenance and upkeep. Single-family homes in Breckenridge and Frisco typically cost more to own and maintain. Are you going to be occupying it year-round? If not, who will maintain the property while you are away?
Condos and Townhomes
When owning a condo or townhome, it can be easy to get used to the convenience of having the yard mowed when it’s due or the gutters cleaned out and sidewalks shoveled. These are tasks that, once you purchase a single-family home, become your responsibility. But when you buy a condominium or townhome, oftentimes these maintenance responsibilities are taken care of for you. Sure, you may not have the same views as a rural property – but maybe that’s not important for you. Some people love the benefits of the common areas that you see in condos, like the swimming pool, hot tubs, and gym. And, as I mentioned previously, condos are most often less expensive to purchase than a single-family home. And, renting out the condo could be an option if you don’t plan to occupy it full time.
What matters most is what’s important to you. What type of home would fit your lifestyle?
How Can I Help?
I hope that you’ve found this information on the pros and cons of single-family homes and condos useful. And if you would like insight on how the Breckenridge-Frisco area Real Estate Market is like right now, don’t hesitate to reach out. I can provide you with a detailed market report!
My goal is to provide my clients with relevant and up-to-date information that pertains to the local area and real estate topics.
Coldwell Banker Mountain Properties