Deciding Between a Condo and a House
Home buying can be the largest investment you will make in your life. Whether to buy a condo or a house is something that you need to think hard about.
Should your buy a condo or a house? 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.
You will have many benefits as well as disadvantages if you choose to own a condo.
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. Condos for sale can be bought at a low purchase price. You will then have a cheaper down payment and cheaper monthly mortgage payments.
Onsite gym and banquet facilities can be used by association members. This gives you space for exercising and entertaining guests. These common areas will give you opportunities to socialize and create friendships and develop a sense of community.
Onsite maintenance like cleaning out gutters or law care will be provided by the community’s Home Owners Association (HOA). You can live in a condo if you don’t want to handle these tasks.
Household pets may or may not be allowed in a condo. Because units are so close to each other, many HOA’s have restrictions of pets living on the property.
HOA fees pay for items such as new roofs or onsite pool maintenance. HOA fees don’t build equity into your property value.
There are HOA rules that restrict you from doing what you want when you are at home. The number of guests you can invite in your home or the number of vehicles you can park outside your unit are limited by HOA rules.
Here are the benefits and disadvantages to owning a home.
You have more privacy in a single-family home because they are not physically connected with another home.
The spaces in houses are wider than condo units. If you have a young growing family, then a house is ideal for you.
House prices will appreciate higher than condo prices. 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.
Maintenance tasks such as landscaping or repairs become your responsibility. If you have funds and skills, then it is easy to take on these chores.
Owning a house is best for people who have the strength and time to maintain home repair and landscaping. Condo living may work for you if you are retired and your children have moved out.
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