Purchasing a Home or Condo: Which One Is Right for You?
Buying a home is an exciting as well as stressful process. There are so many things to consider such as your budget, location, your realtor and more. When choosing a new home, you also need to consider home options and types. You may be torn between wanting to look into either houses or condominium developments. Both options present homeowners with many benefits as well as some downfalls depending on your perspective and needs. Consider this information when deciding whether a house or a condo is right for you.
Owning a house is a unique investment experience. Living in a house provides you with more flexibility with style choices so that you can really make the space all your own. For example you can add additions to the house later on down the road, make specific modifications or interior changes and more. In addition, a house often provides more privacy since you don’t have to worry about neighbors on either side or above and below you. Most homes offer the potential for a large yard in the front and back, providing extra outdoor spaces for your family to utilize.
There are some down sides and added responsibilities to owning a house however. As the owner of a house you will be responsible for all maintenance expenses necessary. This means any repairs that need to be made to the home will be your obligation on the inside and outside. You will have to maintain the roof, siding, sidewalks, pavement and more. In addition you will have to take care of your property by mowing the lawn, shoveling or plowing snow, raking leaves and other outdoor maintenance tasks. Many homeowners are happy to take care of these items, however some individuals do not have the time, money or energy to dedicate to this sort of upkeep.
Because of this, many people choose to live in a condo development instead of a house. When you buy a condo, you own it just as you would a house. Often condos can be extremely large like a home with some other features including access to pools, club houses, tennis courts and more. As a condo owner, you will be able to take advantage of condo maintenance. This means shoveling, plowing, gardening and lawn care will be taken care of for the entire development by a hired lawn care company.
While you will have lots of maintenance professionals available to you at a condo, these services do come at a price. Condos require association fees every year to cover these expenses and more. Know that you also may have to pay for assessment fees every so many years. Sometimes these costs add up to be just as much as you would pay to maintain a home, so in some cases it may be a wash. If you are considering a condo, make sure that the condo fees are affordable for your budget and ask when they last went up and when the development was last assessed for a better idea of your investment, maintenance and repair costs.
Houses and condos are both wonderful home options. Deciding between the two should be based on your needs and preferences in a home. Discuss your options with a realtor or with Excel real estate services ahead of time. Condos can provide the convenience of reliable and stress-free maintenance, however this comes at a price. Homes provide you with more freedom and flexibility, but you are responsible for taking care of all home maintenance. Consider your budget, preferences, schedule and more to help you figure out which home option, condo or house, is the best choice for you.