Home buying can be the largest investment you will make in your life. This is why you need to make a decision on whether you will buy a condo or a house.
So, which is better, a condo or a house? It will all depend on certain things like your lifestyle, your age, and the purchase price that you can afford.
So, before you buy a condo or a house, consider the following.
There are many benefits and disadvantages to owning a condo.
If you have a fixed, retiree income, or if you are just starting out on your career, then a condo is an affordable alternative for you. There is a lower purchase price for condos compared to houses. Your down payment and your monthly mortgage payment will be a lot cheaper.
If you are a condo member, then you can use their onsite gym and banquet facilities. This gives you space for exercising and entertaining guests. Socializing and creating friendships is possible in these common areas and you will also develop a sense of community.
The community’s Home Owners Association (HOA) provides onsite maintenance such as cleaning out gutters or lawn care. If you don’t want to handle these tasks, then condo living may be a better option for you.
When it comes to household pets, some condo communities have limits on whether residents can have household pets or not. There are restrictions to pets living on the property because of the proximity of units to each other.
HOA fees pay for items such as new roofs or onsite pool maintenance. But it doe not build equity into your property value.
There are restrictions to what you want to do inside your condo. There are HOA rules that limit the number of guests you may have or how many 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.
Houses have more space than condo units. If you have a young growing family, then a house is ideal for you.
The price of single-family homes will appreciate higher than condo sales prices. Reselling houses are faster than reselling condos.
Buying a house is much more expensive than buying a condo. There is greater down payment for a house and the mortgage rates will be higher.
It will be your responsibility to maintain your landscape and make home repairs. These chores can be taken with funds and skills.
Owning a house is best for people who have the strength and time to maintain home repair and landscaping. You can live in a condo when you have retired and your children are no longer living with you.
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