When you’re in the market to buy a high-end property, you can consider plenty of options and will need to make some decisions. These include the location of the dwelling, its size, price, and amenities—and also whether a condo or home might be best for your needs. The reality is that both kinds of dwellings come with numerous benefits along with some issues to think about. Ultimately what’s best will depend upon which one dovetails smoothly with your lifestyle. 

If you’d like to browse available listings before delving into details about each choice, here are current Amelia Island condos for sale and single family homes. 

Benefits of a Luxury Home

When you really value having your own space, nothing beats a single family home. This can be ideal when you have a family as well as when you simply prioritize privacy—perhaps as a young couple starting out together or during your retirement years. In contrast, with attached condos, you’ll share anywhere from one to four walls with a neighbor—and, even when someone buys a detached condo, the units are typically only a few feet apart from one another.

Closely related to the privacy issue: you’ll have more freedom to decorate a home as you choose although, if you’re part of a homeowner’s association, you’ll need to follow their rules and restrictions. The reason that you’ll have more control is that you’ll own the property where you house stands as well as the lawn around the home.

Homes are typically larger than condo units so, if you need or appreciate having more space, this may be a better way to go. With small children, for example, you might benefit from your own yard for them to play on. Plus, if you have large or multiple pets, with a home, you won’t have to worry about condo community rules about animals or how dogs’ barking and need to regularly go outdoors can impact other condo owners in your community.

Issues to Consider With a Home

Although benefits are significant when you buy a home, there are things to consider before you choose this option over a condo. First, you will be solely responsible for the maintenance of the home—the interior and the exterior—and the lawn, which can take a significant amount of time. (If the idea of saying goodbye to yardwork is appealing to you, then a condo may be a better choice.)

Also consider costs. As a general statement, houses can come with higher price points than condos (although that’s not universally true), and they can have higher property taxes and home insurance costs. Depending upon where the home is located, there may also be homeowner’s association fees.

Finally, although homes do come with more privacy than condos, this can be at the expense of a sense of community. With condos, there are common areas where people can easily gather whereas, with a home, it can take more effort to plan get-togethers with neighbors—especially when you’re a newcomer who is still getting to know everyone. So, as you make your decision, consider the degree to which you appreciate opportunities for easy socializing.

Benefits of a Luxury Condo

The benefits and considerations connected with buying a high-end condo are pretty much the reverse of those associated with buying a single-family home. 

In general, a condo may come at a lower sales price than a comparable home. Plus, with a condo, you benefit from shared costs. Although you’d be responsible for the repairs and maintenance needed within the walls of your specific unit, the community’s association typically takes care of repairs and maintenance needed in the common areas. This means that you can benefit from an attractive lawn and landscaping, for example, without having to do any of the work. You can spend that saved time in ways of your choice. 

When looking at condos, gain clarity about any responsibilities you may have for the exterior of your condo; the answer might be none or you could have some.

In a luxury condo, you get to share in the amenities provided whether that’s a gym and pool, security services, and/or community activities. If you like to socialize, you’ll have a group right there with you, ready to enjoy events, classes, and more.

With a luxury condo, you’ll very likely benefit from excellent security, including secure entry points and quality surveillance systems, alarms, and on-site personnel. Whether you’re frequently at home or travel often, this can give you an added sense of peace of mind as your family and belongings are well protected.

Issues to Consider With a Condo

In general, condo units are smaller than single family homes. Plus, there’s naturally less privacy when people might live below you, above you, and on the other side of shared walls. Even with a detached condo, units are closely placed in proximity with one another.

As far as costs, you’ll have condo association dues that cover the expense of building maintenance and repairs, association management, and the amenities provided to you. Although this frees up your time, you’ll want to think about these costs and the value of the services provided to you in exchange for them.

Restrictions and rules exist when you’re part of a condo association, ranging from fairly lenient ones to strict requirements. So, when looking to buy a condo, be sure to have a full understanding of what you’ll pay in dues; what you’ll receive in exchange; the rules and restrictions; how they’ll affect you; and whether these are acceptable to you and fit within your lifestyle. 

What else can vary: how much you’re expected to participate in the management of the condo association. If you appreciate having a voice in decisions that impact your condo community, you might enjoy fully participating in the processes. If that isn’t something you look forward to, gain clarity about the degree of engagement required.

If you’re looking for Amelia Island condos for sale with the thought of renting the property to vacationers or to sublet the property, make sure that this is allowed in the condo community you’re considering.

Property Appreciation and Resale Value

Single family homes tend to appreciate more than a condo although, as with everything discussed in this post, it’s important to look at the specific properties that caught your interest. 

Plus, condos can be harder to sell—particularly when other units in the same complex are also for sale. 

When you’re looking at a specific condo to see if you’d like to make a purchase, it makes sense to review the history of unit sales over the past few years. That can give you a snapshot of what you might experience when reselling it down the road; that said, real estate markets shift so, although past experiences can help to envision the future, you can’t make apples to apples comparisons in this scenario.

Financing a Luxury Condo Versus a Traditional Home

The processes, in many ways, are similar. In each case, after you’ve made an offer that’s been accepted by the seller, you’ll apply for a loan at a bank, credit union, or online lender (assuming that this isn’t a cash deal). You can apply for the same types of loan programs with each: conventional financing, FHA loans, and VA loans. 

Some differences, though, also exist. For example, it isn’t unusual for condo loans to come with slightly higher interest rates. That’s because lenders set their rates based upon the risks associated with the loan and, because restrictions imposed by condo associations are out of the borrower’s control—and, therefore, out of the lender’s—that’s automatically a risk factor.

Plus, your lender will require extra documentation on condo loans to gain more information about the condo complex. They may, for example, request a statement from the condo association that details the number of owner-occupied units versus ones occupied by tenants. They may also want to know how many units any one entity owns and the percentage of people who are behind on paying their condo association dues. 

Additionally, they may ask to get a copy of the master insurance policy on the condo project and receive assurance that the condo association is not currently involved in litigation. Fortunately, when you’re buying one of the condos for sale on Amelia Island, our knowledgeable and experienced real estate agents can help to guide you through the process. 

Visiting Properties of Choice

Perhaps, after seeing these benefits and issues with luxury condos and traditional homes, you’re clear about which route to pursue. Or maybe you’re still open to both pathways. In either case, the experts at Amelia Island Real Estate Services will listen carefully to your wants and needs, answering your questions and showing you properties that match your needs and mesh with your desires for a high-end property. 

We invite you to connect with one of our real estate agents to look at Amelia Island condos for sale and single family homes of choice.