When choosing a property to purchase, there is a few challenges that may arise. One of those challenges can be the type of property to buy. Depending on what you are looking for, you may want to choose from a traditional house, townhouse, or a condominium. Aside from location, housing type is one of the most important decisions you must make. Homeowners purchase the house and the land it sits on, whereas condo ownership includes only the living space inside the condo unit and a portion of the common areas of the condo building. There are advantages and disadvantages to both types of housing, and lifestyle and cost can help determine whether a single-family house or a condo is a more suitable dwelling for you and your family needs. Here are a few advantages and disadvantages of both.
Advantages and Disadvantages of Buying a Condominium
The advantages of buying a condo is that there aren’t any repairs or maintenance on the exterior. While some homeowners are mowing their lawns, painting the house, trimming hedges, cleaning gutters, pruning trees, raking leaves, and shoveling snow, condo owners collectively depend on the HOA to fix the exterior. The exterior of a condo is both owned and maintained by the homeowner’s association (HOA). The owner is responsible only for the interior. But everything outside the front door is none of their concern. That frees up time (and money) for other pursuits. Also, condos are much more easier to maintain. Typically, a condo owner will have relatively plumbing, appliances, etc to worry about whereas, a home owner has both exterior and interior to maintain. Now the other side of having the HOA to maintain the property is that the HOA fees can get expensive. Since HOA fees are typically due to the owners every month, those fees can rise depending on the expense. For example, if the exterior of the building starts to get older or need a new roof, etc, more than likely the HOA fees will rise or have special assessments.
Another advantage of a condo is the location. Many condos are generally built in downtown areas, business districts, areas around universities, and otherwise thriving parts of the city. Because of the popularity of the location they are normally built in, condos tend to attract a lot of different types of residents. If you’re getting a condo so you can rent it out, you are more likely to rent it fast to busy professionals working in the city. You’re also more likely to always have it rented, as there is a demand for downtown living. On the other hand, condo living especially in downtown areas can be a lot more noisier than the suburban living. Also there is less space in a condo versus a single family home. In fact most owners with children may prefer living in a home rather than a condo because of the space.
Advantages and Disadvantages of Buying a Home
The advantages of buying a home is that you have total control over the property to remodel or make changes without the consent of others. Another house advantage is that it allows for extra indoor and outdoor space, which is more conducive to accommodating families, children and pets. Houses also feature more storage space in closets, attics or basements. Houses offer more privacy because neighbors don’t live as close by as they do in condo buildings. The disadvantage of this however is what is mentioned above regarding the maintenance issue. Home owners are totally responsible for the upkeep of their entire property. Unless you live in a community that provides a quarterly fee for homeowners. This fee is similar to HOA in condos but it keeps up the ground work and common areas.
Another advantage of an owning a home is that the value is known to rise much more faster than a condo giving all things are equal. Since most single family homes are condition for families, they tend to sell much faster than a condo. Homes are mainly located in the outer parts of the city and have more room and space which can be a huge factor for growing families. The value will more than likely rise since it sell faster. A condo on the other hand, is compared to other condos in the same building or close proximately. The value tend to go stagnant or may even decrease over time compared to a single family home.
In conclusion, when buying a property type, it is best that you evaluate the pros and cons of your living situation, family, work, and schools. There are both advantages and disadvantages of owning a home and or a condo. Choose the best decision based on you and your family. Ultimately, buying either a home or a condo that fits your needs is a good idea since you would be a home owner and not renting from someone else.