So many choices (and questions) come with purchasing any type of property, especially for first-time buyers. At the top of that list is what type of property to purchase — condos or single-family homes.
Each choice offers a set of benefits, drawbacks, and investment opportunities. Once you’ve made the decision to buy, whether you choose a condo or house depends on your individual needs. First, learn about what each type of real estate has to offer.
Common advantages of condo living include having no yard to maintain, living among a community, and amenities such as pools or fitness centers. But, purchasing a condo often comes with some extra costs and sometimes some strict rules that may give you flashbacks to living in a rented apartment.
Most condo associations have required dues, which covers maintenance, landscaping, and other repairs. However, some condo developments place limitations on what you can do with your condo. Also, you can’t choose your neighbors, who live in very close proximity.
While a condo association’s rules and requirements may seem harsh for some, the rules are actually good for buyers. In addition to the condo owner, it’s also in the best interest of the property group to ensure that the condos are in tip-top shape at all times. This keeps property values high.
Another advantage is cost. Though it depends on the individual market, cost of living, and size of the house, buyers typically spend less on condos than on single-family homes.
Homes have two distinct advantages over condos: privacy and size.
Houses are self-contained and usually have some distance from neighbors, and, therefore, more privacy. Though condos can be large in size, homes often offer more personalized space. Also, mortgages to purchase a house are much more straightforward than when purchasing a condo.
Single-family homes often provide room to grow and opportunities for renovations or updates. Homeowners have the ultimate freedom to conduct home-improvement projects and create landscaping however they choose, without having to consult with an association.
Whichever type of property you decide to purchase, make sure it matches your lifestyle and meets your needs, at least for the next couple of years.
Are you in the market for a condo or new house? Let us help. Call us today at 305-329-7744.