If you’re like most people who live in Franklin, you know that it’s a beautiful community with a wide variety of homes for sale.
What kind of home is right for you, though? Would you be better off in a condominium or a single-family residence?
Here’s what you need to know in order to make the right decision.
Differences in Ownership: Condos vs. Single-Family Homes
Aside from the obvious differences between condos and detached, single-family residences, the parts of your home that you actually own will vary.
Owning a Condominium in Franklin
A condominium allows you to own the interior of your home and a share of the entire complex. That includes the driveways, the outdoor landscaping and the amenities, as well. You’ll have to pay monthly dues to the homeowners’ association, or HOA, which goes toward area maintenance (including maintenance of the outside of your building and common areas, such as hallways, elevators and stairwells inside your building), as well as expenses the condominium complex incurs.
You’ll have to abide by bylaws or covenants, conditions and restrictions if you’re living in a condominium. The rules may limit the number and size of pets, what kind of furniture you’ll put on your patio and a variety of other things.
Owning a Single-Family Residence in Franklin
In a single-family home, you own the entire structure and the property around it. You’re responsible for all upkeep and maintenance, and in some cases, you still have to belong to a homeowners’ association. The HOA won’t be responsible for outdoor maintenance, except in common areas, and you’ll still be subject to the bylaws or CC&Rs. Not all neighborhoods in this area have homeowners’ associations; we’ll be glad to point out where HOA dues are listed on Franklin real estate listings.
The Halfway Point: Townhomes in Franklin
Townhomes or “attached homes” are halfway between a condominium and a detached home. You own the interior and exterior, and you may own the yard. However, you’ll probably still be part of a homeowners’ association that holds you to certain standards. The HOA will likely pay to maintain common areas, streets and neighborhood amenities, as well.
Thinking of Moving to Franklin?
If you’re considering a move to Franklin, let’s talk. Call us at 615-473-5973 or send us a note. We’ll be happy to help you find the perfect condo, townhome or detached home in this beautiful community.
