When you no longer want to be a renter, you'll need to decide what kind of home you want to buy. While buying a home is a big process, it can change your life in so many ways. If you've always wanted to own your own piece of property and have your own space, you may be considering what kind of home to buy. Some people choose to purchase a condo while others find that single-family home works best for their needs. This guide will help you best understand what to expect with each option so that you can make an informed choice.

Condo Living

A condominium is similar to an apartment in that you get a specific space to live within a building. Unlike apartment living, you'll actually own your section of the building. This can give you the opportunity to make your space truly your own and you can also work to build up equity as you pay your monthly mortgage payments. Here are some of the benefits of condo living:

  • They are less work to maintain because most condos include some maintenance provided by HOA, such as landscaping and snow removal.
  • It can be easier to afford or purchase a condo if you're just beginning to explore homeownership.
  • You can often find condos in cities, so it's a good option for anyone who wants to live near extra amenities, restaurants, and shops. 

Single-Family Home Living

A single-family home, on the other hand, is its own standalone property. These homes come in all sizes and offer a more private and personal space to live. You can find single family homes in the country, in towns, and in cities. You may have neighbors nearby, but they won't be attached to your property. Here are some of the benefits of owning a single-family home:

  • Enjoy living in your own private space without distraction from neighbors above, below, or directly beside you.
  • Singe-family homes are available in a wider variety of sizes, meaning you can find one that is the perfect size for you.
  • You have more spaces for storage, and you can buy a home that offers room to grow.

As you begin to look at your options, consider your needs and goals. Doing this can help you decide if it makes sense to buy a condo or a single-family home. Contact a realtor for more information on the single-family homes and other housing options.