Guide to Buying a Condo or a House
Buying a home will most likely 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.
You should invest in a condo if you have a fixed, retiree income or if you are just starting out on your career. You can buy a condo for sale for a lower 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.
The Home Owners Assocaition of the community takes care of 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.
There are limits to whether you can have pets in a condo or not. Many HOA’s have restrictions on pets living on the property because of the proximity of units to one another.
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. There are HOA rules that limit the number of guests you may have or how many vehicles you can park outside your unit.
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.
Houses have more space 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. When it comes to reselling, houses resell faster than condos.
Buying a house is much more expensive than buying a condo. Down payments could be greater and mortgage rates will also 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.
If you have the strength and time to maintain home repairs and landscaping, then owning a house may be best for you. Condo living may work for you if you are retired and your children have moved out.