In the world of home ownership, especially among younger home buyers, there’s a frequent question that arises; should I buy a condo or a house? Both are steps up from renting an apartment, but each have their distinct differences as well as advantages and disadvantages.
Each of these types of properties has its own pros and cons. And although it may be difficult to make an immediate decision, after going through the pros and cons of each. It’s only when you can make an informed decision. Buying property is a significant final decision and it’s why you need to take your time and evaluate your current options as well as future plans.
Should I buy a condo or a house?
To begin, let’s look at buying a condo:
Known as a condominium in full, condos are a housing unit that is part of a multi-unit building. Buying a condo gives you ownership to that particular piece of unit as well as other amenities that come with the property including halls, elevators, pools, and stairs. However, the latter type of ownership is joint with other dwellers. As a result, you will be required to keep up maintenance and other things around the property.
Pros of buying a condo
Condos are Less Expensive
If you look at listings of houses for sale in Arizona, you will realize that houses cost way more than condos. Although the gap, might not be that big, if you are dealing with a tighter budget, then a condo unit may be the best option for you.
No or Minimal Maintenance and Repair
The key benefits of buying a condo is that there is minimal or no repair and maintenance required. Not unless it’s within your unit, matters such as shoveling snow, cleaning the backyard, taking care of the garden and much more are handled by the homeowner’s association.
This leaves condo owners with not only free time but also money that would have otherwise been used in doing the above.
Since condos are smaller units packed together, most of them are found in ideal locations. This can be near shopping centers, main roads, train stations or even a few miles from main towns. Compared to houses that are located further away, condo owners have access to so many things thanks to their ideal location.
Availability of Amenities
Condominiums feature lots of amenities compared to San Francisco houses. You are more likely to find tennis courts, jogging trails, swimming pools, and basketball pitches within the premises. And if that isn’t the case, due to the ideal locations, these amenities will be just a few minutes away from you.
Foster Better Relationship with Neighbours
Due to the presence of large compounds in houses for sale in Los Angeles, it can be hard for homeowners to create social connections with neighbors. But with condos, the units are smaller and the neighbors are even closer. As a result, interactions are fostered smoothly.
Cons of buying a condo
There is minimal privacy because you not only live closer to one another but share lots of resources such as stairs.
The outdoor space is very limited and if it is available, then you have to co-use it.
Your ability to renovate the premises is limited.
In some cases, you may be forced to pay for amenities that you rarely use.
Buying a house
Houses are also a popular option for buyers. But, before you sell your house to buy another one or move out of your apartment, here are the pros and cons of owning a house.
Pros of buying a house
Own and Control What Happens in Your Piece of Land
The primary benefit of buying a house is that it gives you sole access to your piece of land. Unlike condo owners that can’t make renovations on their property, owning a house allows you to do whatever you wish on your piece of land.
Ability to Express Oneself
Buying a condo doesn’t grant you ownership of the exteriors. But with a house, the entire place belongs to you. As a result, you can express yourself however you deem fit. You have the freedom to paint colors that please your aesthetic needs, build a playhouse for your kids in the backyard and much more.
Easier to re-Sell
Houses as a general rule are much easier to sell. If you live in your home and find yourself in a position where you need to move, it is far easier to resell a single family home than it is a condo. In most cases, you’ll have a much easier time selling a house than a condo. This is due to other advantages listed here. This isn’t to say that condos are impossible to sell but that in general, houses sell quicker.
Ability to grow
If you have kids who upon growing up can no longer share the same room, it’s easier to knock down a few walls and build another bedroom. Or if you find yourself in scenario where you can work form home, you can turn one of the bedrooms into an office. Homes can be incredibly versatile in a way condos aren’t. Houses give you the ability to grow and rearrange your house as you see fit.
Requires Less Maintenance
Contrary to everyone’s opinion, houses require less maintenance compared to condos. You can easily manage both the interior and exterior of your home without breaking your bank. No matter if you’re dealing with a roof leak or a plumbing issue, you can hire a professional t that will give a permanent solution. Not to mention, as the homeowner, you control what is and not to be maintained. Unlike living in a condo where you will have to pay maintenance fees for services that you rarely use.
Cons of buying a house
You are liable for all repairs and maintenance both indoors and outdoors.
The cost of utility bills is always higher.
You will need to buy extra equipment for maintenance.
To increase the resale value for your home, you must invest both time and money.
So which is the Better Option?
From the above, the ideal type of property you should buy depends upon what benefits you aim to get and the drawbacks that you can live with. Consider the lifestyle you want to live, your current financial condition, amenities and the ideal location you wish to leave in.
The Bottom Line
As you can see above, buying either a house or a condo does have pros and cons. The best option for you depends on which works best for you and your condition. Before you make such a purchase, always consult with your family members so that you can choose something everyone is comfortable with.