Lots of homebuyers choose single-family homes over condominiums because when you live in a condo, you have to pay a monthly fee to cover your share of the project’s upkeep. Often, it’s a pretty hefty number. Some buyers don’t like that.

One could argue $600 per month, which in this area is pretty common, covers the equivalent of about $100,000 in mortgage payments. So choosing a house will enable you to obtain a larger mortgage for the same monthly cost. So you might be talking $800,000 house vs. $700,000 condo.

But wait! A huge chunk of the fee covers something called “reserves”.

A well-managed association will sock away money to cover at least the expenses they can anticipate. Within this fund, there are categories for replacing the roof, maintaining the systems (plumbing, wiring, air conditioning and heating) and repainting, re-pointing bricks, and other handling other maintenance issues.

Like most homeowners, I do not squirrel away money into a reserve fund, even though I live in a house that was built when Woodrow Wilson was president, and I can count on breakdowns.

Like plumbing!

If I thought like a well-run condo, my burst pipe and the ensuing repairs would have been covered by a reserve fund set aside for the purpose. While I did have a reserve fund, it was earmarked for a face-lift and a treadmill swimming pool in the back yard. Oh well.

I’m not saying you should buy either a house or a condo. But my own experience has taught me that part of being a responsible homeowner is approaching it like a condo board would. I’ve got to look at each element of the house and its systems and appliances. I’ve got to estimate how long each will last. I have to anticipate the big and small improvements I want to make, and I’ve got to pay myself a homeowners fee to cover these expenses when the time comes to make them.

Or I could sell the darned place and buy a condo!