Buying a Condo vs Buying a Single Family Residence

Dear Joan,

We are considering buying a second home in your beautiful Valley and are weighing the pros and cons of buying a single family/duplex or a condominium.  We live in a different state but think that our family will be able to come several times each winter and summer.  Eventually, we would like to retire here, but that is at least 10 years away.  A friend of mine says that as an absentee owner, I should never buy a single family property.  I would like your opinion.
Thank you, S.

Dear S.,

I would say that your friend is wrong to say “never”, but in general, there are some good reasons to consider a condominium
if you are an absentee owner.  I will point out the pros and cons of a single-family home vs a condominium below, and then two final, personal, determining factors.

If you choose a condominium, in general, here are the things to consider:

1. Fees:  You will be paying substantial monthly fees, but, in most cases, those fees will take care of all outside maintenance, insurance, snow removal and landscaping.
2. Property Management:  Someone is constantly looking after the property which provides some security and the ability to come use the property immediately when you arrive.  You only have to take care of the interior of your home
3. Amenities:  Some condominiums provide added amenities such as a pool, hot tub, a lobby, work out facility, ski lockers etc.
4. Less Privacy:  with more community amenities and access, there is less privacy with most condominiums.
5. Lower Price:  Often, in other markets, condominiums are priced much lower than single family homes.  In our resort neighborhood, this cost consideration does not often apply, as you can spend as much on a luxury condominium as a luxury home.

If you decide you want a single family/duplex home, the pluses and minuses will be:

1. No fees:  you will not have the monthly fees, but you will need to arrange for your own exterior maintenance for landscaping in the summer and snow removal for the winter as well as hazard insurance. 
2. Less rules:  since there is no property management agency, there are usually less rules, depending upon the neighborhood. 
3. Less amenities:  usually you will need to provide your own amenities or join a local club. 
4. More Privacy:  with less communal amenities and private parking and individual access, you and your family may experience more privacy. 

Here are the final two determining factors most buyers don’t consider when making the decision between a condominium and a single family home.

The first is: How much time do you have in your life?  If you are extremely busy at home, it may be best to look at a condominium to eliminate tasks at your resort home.

The second is: What is your personality type?  If you are annoyed by taking care of small details, you need to consider that a single family/duplex home would either be very irritating to you or it would necessitate you finding an excellent property management company in the Valley (and they are available).    Your trusted Realtor can help you find out all the information you need to make the right decision for you and your family.  Good luck and enjoy!
 Joan Harned is an owner/broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team of qualified experts.  Harned has been selling real estate in Eagle County for 27 years, is a past Chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes.  Contact Joan with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or www.teamblackbear.com
Originally posted 2/15/14 in the Vail Daily newspaper