Which is Best For You – A Condo or 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.
Will a condo be better or a will a house be better? Your lifestyle, your age, and the purchase prices that you can afford can all influence your decision.
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.
You should invest in a condo if you have a fixed, retiree income or if you are just starting out on your 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. 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). 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. 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.
HOA rules can prevent 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.
Compared to condo units, houses have more spaces. If you have a young family a house is ideal as your family starts to grow.
House prices will appreciate higher than condo prices. Reselling houses are faster than reselling condos.
Buying a house is much more expensive than buying a condo. The down payment for a house is greater and there will be higher mortgage rates.
It will be your responsibility to maintain your landscape and make home repairs. You need funds and skills 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.