How To Choose Between Buying a House and a Condo?
Some buyers know for certain that they want to buy a home or that they want to buy a condo. For these buyers, there is no doubt about which is the better fit. However, in today’s housing market, you are often feeling the pressure to just buy something.
Most of the time, we are told that the only thing that matters is that you get on the property ladder. Nevertheless, it can lead you to rush through the process of taking the time to carefully decide what you need, where you should buy, and the type of home that’s right for you.
You may be wondering what is the difference between buying a home and a condo. In this article, we will look at some of the major differences so you can choose which option would be right for you.
Condo Advantages
A resurgence in urban living has led to more buyers choosing condos over houses over the past few years. Generally, condos are located in urban areas near shops, restaurants, and other places of interest. Additionally, some have resort-like amenities, like pools and fitness centers, that would be expensive to build in a house. The convenience and low maintenance of living in a condo make it an attractive investment for people living busier lives. Several of the costly components of the structure are covered by the association fees, so the residence only requires maintenance for the interior.
Condo Cons
Association fees, which are collected separately from the monthly mortgage payment and used for building maintenance and amenities, are a major downside to condo life. Fees can be costly, and they can increase when extra money is needed for maintenance. Another con is that all owners share in the decision-making process regarding the condo building. Even though many owners enjoy the sense of community and safety that comes with condos, some buyers dislike the rules and restrictions associated with them.
House Advantages
The advantage of owning a home is that you can remodel or make changes to it without others’ permission. It also allows for extra indoor and outdoor space, which is more conducive to accommodating families, children, and pets. Additionally, houses have more storage space in closets, attics, and basements. Houses also tend to offer more privacy since neighbors are not as close by as they are in condo buildings.
House Cons
There are indeed some drawbacks to homeownership. The homeowner is responsible for all maintenance inside and outside the property, including the care and upkeep of the yard and trees. Buying a house also requires you to buy maintenance equipment and tools. Any improvements you make will likely increase the home’s resale value, but they require time and money. In addition, the size of homes means that utility bills tend to be higher than those of condos.
Hire An Experienced Realtor
If you’re ready to buy a home of your own, whether it’s a condo or a house, don’t go it alone! Contact Lauren Michaels Real Estate Partners to speak to a real estate agent who is an expert in your local market and will find you the perfect home at the perfect price.