CONDO OR HOUSE • HOME DESIGN • BUYER ASSURANCE

Condo or house - The decision in one word

Lifestyle.

That one word sums up the top factors in deciding between a condo or a single family house. And that word is loaded.

Typically, condos are the preferred dwelling of couples without children and retirees who don't want obligations. But whether they like their choice, comes down to how they want to live as much as where they want to live.

If you love city life - the action, the people, entertainment and the amenities - you might well love a condo in the center of a city. For your money, you'll be able to choose great city views and probably find a hip granite countered wonder with romantic bamboo floors. You'll also enjoy a property that you don't have to spend much time on. You won't have to mow grass, repair your roof, chlorinate the swimming pool, or keep the landscape manicured. You'll save lots of time, but you probably won't save much money. Every building has condo association fees that take care of the costs of shared areas. So condo living is not often inexpensive.

With a condo, while you own everything within your walls, it is still shared living and one of the most important questions you can ask yourself is how much privacy and control of your property you need to be happy.

It is one thing to say you don't want to mow the lawn. It's another thing to realize you have no say over when the lawn is mowed, or how the landscaping looks.

Those moving from a single family home to a condo, might have to adjust to sharing a wall with other people. That doesn't mean there is a lack of privacy in a condo, but it is certainly a different kind of privacy than living in a home separated from the neighbors by a lawn.

If you like to garden, tend to the yard, and do small maintenance chores, you might prefer a house. If you are retiring, consider downsizing instead of condo life.

One question many potential condo buyers ask is whether condos are difficult to sell. The answer usually depends on the overall real estate market and condos follow the trends of the market.

But, generally, condos may be part of the new trend back toward urbanization, a trend expected to take hold so long as gas prices remain high and long commutes stay expensive. According to research by the Brookings Institution, the new condo buyers are looking for a 'walkable environment' and that market will grow with gas prices.

HOME DESIGN

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Ask the Expert: Buyer assurance

Q — I have a potential buyer for my house but the buyer wants some guarantees on the appliances. How can I give him peace of mind without exposing myself to all sorts of claims after the sale of the house?

A — You need home warranty insurance. Considering what a home warranty plan costs, and the many things it covers. It can be a very good investment for a seller.

For the buyer, it offers peace of mind for their purchase. After all, a buyer might be feeling the pinch right after he buys a house and is in no mood to replace the refrigerator or work on the air conditioning system. Buyers can often come back to the seller and ask that the seller make good on his promise that the air conditioning or refrigerator are in working order. A major appliance that suddenly quits after the sale isn't a very happy prospect for the well meaning seller or the cash strapped buyer.

That's why buyers can easily (and relatively cheaply) show their sincerity with the purchase of a home warranty. Plans cost between $250 and $400 for the first year, with an option to renew at a higher cost the second year. The policy will carry a deductible that the new homeowner must pay. Typically, that deductible is from $50 to $150 and will apply to a service call.

Home warranties usually cover built-in appliances such as stoves, dishwashers and garbage disposals, but may also cover a refrigerator or washer. It will cost more for the home warranty if you want to insure a pool, but will probably be worth it.

Because we have a lot of experience with warranty companies, we usually can give our clients good advice on what company to use and what to cover in the policy. In turn we get a lot of cooperation from our warranty companies.

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