Housing type is one of the most important decisions you can make when purchasing a home, aside from location. Buyers have to option of a traditional house or a condominium. Both types of housing, of course, have their advantages and disadvantages. For example, homeowners purchase the house and the land it sits on. Condo ownership, whereas, includes only the living space inside the condo unit and a portion of the common areas of the condo building. Your lifestyle and the cost can help determine whether a single-family house or a condo is a more suitable dwelling for your needs. Here are the pros and cons of each.
More buyers are deciding to buy condos rather than houses in recent years because of the resurgence in urban living.
Condos are usually:
Some also have resort-like amenities that would be cost-prohibitive in a house, such as:
Condos are an attractive choice with people living busier lives because of their convenience and low-maintenance lifestyle. Association fees will cover the exterior and many of the expensive components of the structure. Because of this, maintenance is limited to the interior of the condo.
Association fees are one major drawback to condo life, which isn’t included in the monthly mortgage payment. They are used toward building maintenance and amenities. The fees tend to be expensive and can increase when extra money for maintenance is needed.
Another con is that all homeowners share in the decision-making process with regard to the condo building. Some buyers don’t like the rules and restrictions associated with condos, although many owners seek the sense of community and safety found in condos.
The main advantage of buying a house is that you have total control over the property. You don’t need the consent of others when it comes to remodeling or making changes.
Another advantage is that it allows for extra space, both indoors and outdoors. This makes it more conducive to accommodating families, children, and pets. Houses also have room for more storage space in closets, attics, or basements. They have more privacy because neighbors don’t live as close by as they do in condo buildings.
Home ownership has some drawbacks, too. A homeowner is responsible for all of the needed maintenance, both inside and outside the property. This includes the care and upkeep of the yard and trees. You should consider buying extra equipment and tools for this when you purchase a house.
Any improvements you make will require an investment of time and money, although it will likely increase the home’s resale value. Another con is that utility bills are generally higher because houses have so much more space than condos.
As you can see, there is no right answer when it comes to condos or traditional homes. There are many pros and cons, and it depends upon your lifestyle and needs. If you are considering the purchase of a home or condo, give us a call. We have years of experience helping home buyers find the perfect home and would love to do the same for you.