Buying a property is a significant decision to make. These days, there are several options available, but the most common ones are buying a house or a condominium unit. Several factors can affect the home-buyers decision. It includes the location, the kind of housing, the neighborhood, and the type of lifestyle that they have.
Purchasing a house means you buy not only the house but the land where it is built. Some may also search for land for sale in progressive areas to build a home of their design. The area is a prime spot and flagship community that has everything a single parent or family may need.
Condo dwelling, on the other hand, offers limited living space and access to some common areas. It can be quite advantageous for those who lead a modern lifestyle.
Let’s take a look at some of the advantages and disadvantages of living in a house or a condo to determine which one is the right choice for you.
Buying a Condo Unit
One of the easiest advantages of having a condo property is the environment and proximity of your dwelling to a highly-urbanized location. It is a short distance to amenities, entertainment, and business districts. It is convenient for people working in these places to invest in a condo unit.
More so, condo owners can enjoy the amenities offered by the developers. There are common open areas, swimming pools, and gyms. There is also less maintenance cost because all condo owners share the association dues. Unlike when you own a single house, you will cover all costs of repair and maintenance.
While it sounds impressive to live in condo units, some disadvantages come with it. For instance, a highly-urbanized location can be more polluted and noisy. Also, maintenance expenses and dues are collected monthly, and it can be a considerable addition to the monthly mortgage payments. Condo living is also limited to your unit, and there is less possibility of extension or change as it can affect the structure of the building.
Buying a House
One of the most significant advantages of owning a house is the full control of the property for any remodeling or renovation projects. There is also extra space indoors or outdoors, making it easy for the family to accommodate guests and socialize. There are no rules on having pets and children can run around and play without the worry of disturbing next door occupants.
Houses offer more space, such as basements and attics. But most importantly, having a home provides more privacy because you live farther from your neighbors than condo living.
For disadvantages, buying a house is expensive. The property itself will ensure high monthly mortgage payments. But homeowners should also prepare for the cost of maintenance, repair, and renovation. Additionally, houses and lots are generally located in the suburbs; thus, you may need to travel to your workplace daily. Houses in urban locations can cost more than half of those in the suburbs.
Buying a house or a condo should not be a hasty decision. If you are to invest in a property, you have to consider the advantage and disadvantages seriously. Consider these things so you could choose which one suits you: a house or a condominium?