Fort Lauderdale Homes vs. Fort Lauderdale Condos

Posted by Eric Miller on Saturday, August 6th, 2011 at 10:11am.

When you start your search for Fort Lauderdale Real Estate one of the first questions you may think about is whether you would prefer a Fort Lauderdale Condominium or a Fort Lauderdale Single Family Home?

Often when people start to talk about this question we, as Ft Lauderdale Realtors, hear the answer, “We would prefer a Fort Lauderdale Condo but we are going to look at Fort Lauderdale Homes for Sale first because we don’t want to pay monthly maintenance fees”.  With this comment in mind, it is a good time to go over a condominium budget and redirect the search for a Ft Lauderdale property to the Ft Lauderdale Real Estate that is right for you and your family.

Approximately 25% of the monthly fees of a Ft Lauderdale condominium pay for the building insurances. These insurances cover you up to your interior walls; and even though no additional insurance is required by many Ft Lauderdale Condos we do suggest that you carry homeowners insurance. Insurance of a median priced Ft Lauderdale Home insurance will run you approximately $2400 per year or $200 per month, buy a more expensive home, and insurance will go up accordingly.

Purchase a small Fort Lauderdale Home and you will most likely have some additional services to help maintain the property. The lawn service will run you approximately $100 per month, the pool service and chemicals will add another $100 and all of a sudden we are looking at a $400 monthly expense, with the insurance. We then need to add water and trash bill, which is usually covered in most Ft Lauderdale condominiums.

In a well managed Fort Lauderdale Condominium the building will be putting away a reserve for a rainy day, Rainy days certainly bring to mind a new roof. When it comes time for a new roof hopefully your Ft Lauderdale Condo has already put the money into reserves, and you will never see the bill. In a single family home that same roof can cost $20,000, divided over the years the roof has been in service and you can be looking at another $100 per month.

Generalizations for sure but you are starting to see the point.

You can see where this conversation is going. Simply, the trade off between the cost of owning a Fort Lauderdale Condominium and a Fort Lauderdale Home is not as much a financial conversation as you may think. The cost of maintaining a home will be very similar to the monthly costs in a Ft Lauderdale condominium. Back to the original question, of which is right for you and your family, a Fort Lauderdale Condo or a Ft Lauderdale Single Family home?  Review your family’s needs and wish list, and focus your search accordingly. Work with a team of Ft Lauderdale Realtors to find the best Fort Lauderdale Property for your personal wish list.

Eric Miller is an award winning Florida Realtor, salesperson and broker. His website, FortLauderdaleGroup.com provides an up-to-date guide to Fort Lauderdale Condos for sale, and the most complete buyer, seller and investor information for the Fort Lauderdale Real Estate Market.

5 Responses to "Fort Lauderdale Homes vs. Fort Lauderdale Condos"

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