Condo or House: What to Choose for a First Property? By Slavens & Associates
Going on a home purchase is a huge undertaking. A first time home buyer can quickly get overwhelmed by the process as he faces hundreds of choices and questions. One of the first and biggest concerns you will stumble upon is the decision whether to go for a condo or a house. Which exactly is more appropriate for a first property?
In this presentation, we will give you both pros and cons for each option so that you can decide for yourself.
Owning a house means owning a bigger space. The land is your own and you will have access to extra space both indoors and outdoors which make it much more suitable for families with children or pets. With a house, you have full control of the property, which means more freedom. You can make any changes as you please without having to rely on your neighbors consent, unless (obviously) it affects their property too.
House Advantages You can enjoy more privacy with a house as well, which you may not necessarily have with a condo. There is no need to worry about bothering your neighbors because you do not live right above or right under them. And, in the same vein, you will not have to suffer their listening to music at high volume or frequent yelling at each other. In a house, you have access to more storage space. You can even remodel it to maximize the space available. And such efforts can add up to the resale value of the property.
Condo living is equivalent to living in convenience. That is because most condos are built near restaurants, shops and other places. If you own a condo unit, you have instant access to resortlike amenities including a swimming pool and gym or fitness center within the building. For someone who leads a busy lifestyle, a condo may be a more appropriate choice. It can save you time and money for transportation as most of the things you need are pretty much accessible.
A condo is also low maintenance as compared to a house where you have to handle everything yourself. All you need to worry about is the interior dwelling. The rest is taken care of by the association. In addition, security is provided for in a condo. So, there is – in theory – less risk of a burglary. It’s also more convivial and a good choice for people who like to have a close contact with their neighbors.
Buying a house could mean bigger spending as compared to buying a condo unit. Although this also depends on the location and quality of the property, in general the price range of condos is much lower which makes some people think they make for a better choice as a first purchase. And they might have a point thereâ€Ś
On top of the higher purchase price, you would also need to invest more on maintenance that would cover the entire property from the inside out. The improvements you make may contribute to the value of the property, but it does require time as well as cash.
Moreover, the bills of house owners are generally higher simply because the property covers a bigger space which you have to heat up.
One of the biggest drawbacks of condo living is the association fees. While this means you do not have to take care of the entire property yourself, it also means you have to pay for the upkeep of the building and the amenities within it. In a condo, you do not have full control. In fact, there are rules and restrictions you have to abide to. Moreover, you do not have as much privacy as you would if you owned a house. Also, there is a limit on the space available to you.
In the end, the choice between a house and a condo boils down to personal preference. There is no clear winner or loser here. In other words, you have to choose what fits your requirements best. We hope that the pros and cons we have just outlined here above will help you in that regard.
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