Luxury Estate vs. High-End Condo: Which Is Right for You?

Whether you’re searching for a high-end property to serve as your main residence or a vacation home, you’re sure to encounter a variety of options. From sprawling rural estates to classy urban condos, there are near-limitless options. However, just because that 20-acre estate or ritzy uptown condominium looks great on paper doesn’t mean either one is the right fit for your lifestyle. As you narrow down your choices, it’s important to determine the type of property that best meets your needs. Consider the factors below to help you find your dream home:

Do You Prefer the City or the Country?

For some, having easy access to all of the best shopping, dining, and other urban amenities is crucial. The ability to drive to the office, the airport, or the steakhouse down the street in a few minutes can be an incredible benefit. However, in most cities, there aren’t a lot of centrally-located, high-end homes. Luxury condominiums provide the best upscale living option when convenience and proximity are key.

On the other hand, if you’d prefer some space away from the commotion of the city and don’t mind a longer commute, a larger suburban or rural estate might be ideal. These high-end homes tend to offer more space and privacy – and a closeness to nature you won’t find in the city.

Do You Have Kids or Pets?

Some luxury condos are perfect for families with young children. Others are geared towards empty nesters and retirees. The culture and amenities of your particular condo building will determine how family-friendly it actually is. Additionally, while pets aren’t always a dealbreaker for those who aspire to live the upscale condo life, they can complicate matters – and necessitate lots of outdoor walks. Meanwhile, those with a yard can let their animals run free.

Many families live happily in high-end condos, which enable them to use on-property swimming pools and other amenities. Even pets, especially smaller ones, can be right at home in a condominium setting. However, if you relish the thought of being able to send the kids or dogs outside to play, you might want to opt for a single-family home instead.

How Willing Are You to Deal with Upkeep?

Condos simplify a lot for the sake of the homeowner: Most regular maintenance is covered, including pretty much everything regarding the building’s exterior. Windows, roofs, siding, landscaping, maintenance of pools, spas, and gyms – it’s all the responsibility of the condo’s management team. Of course, those perks also tend to come with steep monthly fees.

On the other hand, if you own your lot, managing the maintenance schedule will be on you (or someone you hire for the task). You’ll also be responsible for the costs associated with roof and siding repairs, landscaping, and all that owning a luxury home or estate entails. In most cases, the upkeep of a luxury home will far exceed condo fees in the long run. The expense might be well worth it in terms of freedom and flexibility. But for those who’d rather not bother with the hassle of scheduling exterior maintenance and repairs, a condo is the way to go.

For many homebuyers, the right condo (or single-family house) can make them rethink their previously-held assumptions about those types of properties. It’s worth seeing what’s on the market that fits your budget before making a decision.

If you have a luxury condo or high-end home or estate you’d like to sell, contact Elite Auctions and learn more about our accelerated sales process. For buyers, visit our website to see our upcoming auctions and subscribe to our email list to get all the latest on properties you’re interested in.

You can also download the official Elite Auctions app for Apple and Android devices to see and bid on any property from anywhere in the world.

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