by Nick Flerlage, RE/MAX Alliance Group

According to a February 22nd press release from the Realtor® Association of Sarasota and Manatee, our area is off to a good start for the year with respect to house and condominium sales.  Since September our inventories have been increasing offering more opportunities to buy. 

 In Sarasota County the inventory of single family homes (SFH) has risen nearly 21% since January 2016, while the stock of condos has gone up by 27%.  Meanwhile, the median price for Sarasota SFH has increased to $250,000 and that of condos to $239,900.  And with fewer and fewer homes in the under-$200,000 market, median prices will continue to rise.

 Buyers have more choices before them, and their investment seems likely to grow whether they choose SFH or condo.  But once again we return to the age-old question buyers face: "Do we go for a single family home or a condominium?"  This is not unlike comparing apples to oranges.  The critical factor in the decision making process is actually the homeowners themselves, their preferences and lifestyle.  Buyers with the most difficulty deciding are normally SFH owners, so we'll look at it from their perspective. 

 Take, for example, the issues of privacy and autonomy.  Folks who've spent their lives in single family homes will have to make a huge adjustment when going into a condo.  The grandkids and dog can't be running helter-skelter around the yard anymore, and there may not even be a yard.  You have to be quieter and more considerate as there is less distance between neighbors.  And you have less freedom to make changes to your home.  For someone used to calling the shots, this is challenging.

 And speaking of the dog: can you have one?  Many condominium associations do not permit certain pets or certain sizes.  If you're not willing to part with old Fido,  you may have to forego some choices.  And how's the parking?  Can you and your spouse each have a car?  Space for guests?  If not, is there nearby?  What about laundry facilities?  Can you have your own machines?  Is there a laundry room?  Is it well maintained with modern machines?

 How about storage space?  Inside the condo, outside on the balcony, a whole separate building?  Downsizing from a house with an attic or shed or spare room for Grandma's steamer trunk and your photo albums can be emotionally stressful, forcing you to abandon possessions whose true value is only then realized.

 On the other hand, there are many advantages to condo living.  For example, if you want to take a trip, just lock the door and go.  That kind of freedom doesn't come with a house.  And then there's the ease of maintenance.  Everything outside is done for you, and some of the inside stuff too.  A condo can be easier to get into than a house, as well, and cost less to insure.  Utility costs will also be less.  And then there's the social aspect: if you like to socialize, there will be more opportunities in condominiums.

 Chances are you will have at some point in your life lived in a SFH and be aware of the pros and cons not discussed above.  All else equal, a SFH will usually appreciate faster than a condo.  And when it comes time to sell, it's easier to differentiate a house from the competition.  Plus, if you want to rent out the house, you won't find the same restrictions you will in a condominium complex, like short, fixed rental periods.  And unlike with condo living, SFH owners can pick their own service professionals, negotiate rates and form long-term relationships.

 Tuck this article away for when the time comes to choose your next abode.  It is not a simple matter nor an easy decision.  Use these questions and points to reflect on your lifestyle, on what's important to you, on what you hope to be doing in your new home.  Picture yourself living in each and do this imagination exercise often.  Choose the abode that suits you best, because it is, after all, an extension of who you are.