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Welcome to another edition of Fridays with Fred, my name is Fred Sed. Today, I'm going
to talk about the difference between buying a single family residence and a condo. You
do have two main options when buying a piece of property in Orange County. That's buying
a detached home called a single family residence or a condo. Some of the main differences are
the following. When you buy a single family residence versus a condo, a single family
residence you're purchasing the dwelling, which is the house and the land underneath
it. When you buy a condo, you're buying a dwelling and the land underneath you own a
part of it because you share a part of it with some of the neighboring condo homeowners.
That's the main distinguishing difference. Also the second thing is when you buy a single
family home vs. a condo, a single family you are responsible for roof, exterior, and the
land around it. When you buy a condo though, the cool thing is the HOA, homeowners association
is responsible many times for the roof, the exterior, garage doors, and surroundings.
You have more responsibility and more cost with a single family home versus a condo merely
for the fact of the maintenance of the exterior. The third reason that distinguishes a single
family and a condo is really the monthly maintenance and the association. Both a single family
home and a condo have homeowners associations. But in my experience, more than likely, a
condo community has higher HOA dues than a single family residence. There are more costs
associated with a condo in regards to the exterior maintenance, common area, maintenance
of the community the roof, etc. Typically, a single family home is also more expensive
than a condo, so it has its pros and cons. But any questions about this topic, let me
know. Contact us 7 days a week at (949)272-0125 and for all Orange County properties, search
www.BestOCproperties.com and tune in next week for another amazing edition of Fridays
with Fred. Why?Because that's what Fred said.