Advantages of Buying a Condo
Less maintenance responsibilities
For those who just do not have the time to tend to all the demands of maintaining a traditional house, a condo might be a great solution. Condos minimize the burdens that come with maintaining the upkeep of your property. Your Home Owners Association should take care of all your major home maintenance and repair needs such as plumbing leaks, repairs for your heating and air conditioning equipment. Your weekends will be free from the burdens of mowing your lawn or carrying out other yard-work. The responsibility of keeping your complex clean will be placed on the shoulders of your Home Owners Association without you having to lifting a finger.
Oftentimes, owners of condominiums have easy access to amenities that would otherwise be unaffordable to them. It is not uncommon to find that a fully equipped gym, pool, and jacuzzi has been built within the complexs proximity, so residents wont need to drive anywhere. Many condominium developments are located in the center of the bustling city, so having these types of amenities available to you at your doorstep can be a real advantage. The convenient location of a gym and pool can make it a lot easier to get yourself to carry out your daily workout routine boosting your overall wellbeing. Its also a great way to get to know your neighbors! (Many of the more upscale condo developments offer absolutely breathtaking features and community centers that create the ambiance of a five star resort)
Closer to Work
Typically, affordable single family homes are situated in residential/suburban areas, while condos are as close as you can get to commercial or business districts. Choosing to buy a condo may cut your commute in half. Light-rail transits and subway stations usually have condo developments nearby offering commuters in the area easy access to public transportation. If you would like to avoid sitting in traffic for hours, living in a condo may be a more favorable option for you
City-life at an affordable price
Condos are usually a more affordable option for those would like to own a home in the city. If you are attracted to an urban lifestyle, you may want to consider buying a condo that is in close-proximity to the citys nightlife and fine dining opportunities. If you are someone who needs the excitement of going out and having a good time on the weekends, condominiums are often only a fraction of the cost of an urban house. Depending on your personal preferences and needs, it may be that the condo market is where you can get the most out of your investment at a lower opportunity cost in comparison to looking in the single family home market.
Furthermore, condominiums typically have lower cost of entry. Although this concept is generally applied to start-up firms in the business world, it can also be used to help make sense of the first-time homebuyers position in the real estate market as well. If you are renter who would like to be a first-time home buyer, you may find that condominiums have lower cost of entry. It is by no means an easy task to save up enough money for the required downpayment and closing costs of a home, still most people would rather invest in their own home instead of paying their landlords thousands of dollars in rent every year. Condos are generally more affordable options in comparison to detached single-family homes. The larger your downpayment is, the smaller your mortgage will be. Thus, condos can make the dream of being a home owner a more feasible reality.
Advantages of Buying a House
There is no way around the fact that you are sharing a building with your neighbors when you live a condominium, so keep in mind that you will be sharing a wall with someone else. With a detached house, you have your own space. You will have more privacy. Furthermore, detached single family homes are usually situated in residential neighborhoods rather than commercial districts. Thus, houses tend to be located further away from the hustle and bustle of the city. Depending on what kind of lifestyle you prefer, a house may be a better option. You may find that having a home in a more secluded residential neighborhood is more suitable for you than living right atop the citys popular commercial developments and restaurants. If noise pollution is a considerable concern for you, then you may want look into buying a single family house rather than condominium.
Consistant price appreciation rates
Other than the popular new condominium developments that have been springing up in many urban locations, detached houses have historically shown better price appreciation rates than condominiums. The value of a condominium is more susceptible to go up and down according to the areas real estate market conditions. Detached houses have shown to keep a hold of their value. Basically, in the long run, buying a house now may allow you to get more out of your investment if/when it comes time to resell your home.
There are fewer restrictions (if any) that come with owning and managing a house. Owners of a house have much more leeway in regards to what they want to do with their homes. They can plant whatever flower, bush, or tree they want in their backyards. Houses have backyards! If you buy a condo, you will be bound by the rules and regulations of your Home Owners Associations bylaws. The bylaws of each HOA may be different, but generally they all have the same purpose: maintaining the upkeep and aesthetics of the area in which you are living as well as helping residents in the community coincide with one another. Nonetheless, an owner of a condo unit will still find themselves with less freedom than an owner of a house. For instance, if you own large (indispensable) pets, you may find that a condominium may no longer be an option for you because many HOA bylaws set limits on the quantity as well as the size of the pets you own. Furthermore, you may not be allowed to use the pool or tennis court after 10:00 PM (so on and so forth).
Other advantages: less traffic, less air pollution, less noise pollution, better parking
Disadvantages of buying a house
Single family houses may be out of your budget because they are typically more expensive than their neighboring condominiums or townhouses.
With freedom comes responsibility.
Owning a house means that you will have to take on the responsibilities of all your propertys maintenance and repair needs. Homeowners insurance is required by mortgage lenders if you are buying a house and may also be more expensive as well.Back to Top Ready to Search the MLS? Search for Homes Now!