Which is Best For You – A Condo or A House?
Perhaps the largest investment you will make in your life is buying a home. And this is the reason why you need to decide well whether to buy a condo or a house.
Will a condo be better or a will a house be better? The answer will depend on things like your lifestyle, your age, and the purchase price that you can afford.
Here is a guide that will help you before you buy either a condo or a house.
Owning a condo has its own benefits and disadvantages.
A condo is an affordable alternative to someone who has a fixed, retiree income or for someone who is just starting out on his career. There is a lower purchase price for condos compared to houses. You will then have a cheaper down payment and cheaper monthly mortgage payments.
If you live in a condo, then you will have onsite gyms and banquet facilities for their members. You can exercise and entertain guests in these areas. Socializing and creating friendships is possible in these common areas and you will also develop a sense of community.
The Home Owners Assocaition of the community takes care of onsite maintenance such as cleaning out gutters or lawn care. You can live in a condo if you don’t want to handle these tasks.
There are limits to whether you can have pets in a condo or not. Because units are so close to each other, many HOA’s have restrictions of pets living on the property.
New roofs and onsite pool maintenance are paid by HOA fees. HOA fees don’t build equity into your property value.
There are restrictions to what you want to do inside your condo. Some HOA rules limit the number of guests you can receive in your home or the number of vehicles you can park outside your unit.
Below are the benefits and disadvantages of owning a home.
Since a house is not physically connected to other homes, you have more privacy in it.
Compared to condo units, houses have more spaces. A house is ideal for a young growing family.
Therre will be higher appreciation in value for houses than for condo units. Reselling houses are faster than reselling condos.
Single-family homes are more expensive than a condo. There is greater down payment for a house and the mortgage rates will be higher.
When it comes to maintaining your landscaping and making repairs, it will be your sole responsibility. If you have funds and skills, then it is easy to take on these chores.
If you can maintain your lawn and make repairs to your home, then a house is best for you. You can live in a condo when you have retired and your children are no longer living with you.
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