As an aspiring homeowner, the one dilemma that everyone faces is which to go for, a condo or a house? There is no way you can seek a right or wrong answer to this question; there is, however, a list of pros and cons that you should always consider before making your choice. When choosing the type of dwelling, you should always be very clear on your needs and requirements. Once you are crystal clear on your requirements as well as priorities, you will be able to find the perfect match. For example, if you have a family with kids and pets, you should look for a bigger place with preferably a back or front yard for your pets and kids to play. Such details can make your life a lot easier when you are looking for a house.
Between a condo and a house, you need to think about the price, maintenance, and privacy, and location. A house can’t give you all, nor will a condo. Here is a detailed account of why you choose a condo and why you choose a house; these details will help you conclude your search and come to a decision.
Condo:
If you believe in community and like to be around people, a condo might just be the best thing for you, but there are other features too that you should consider before saying yes to the Condo over a house.
Price and Value:
Compared to a single home in the same area, a condo will be more affordable, so when it comes to the cost, if you are tight on a budget, a condo is the ideal answer. If we take the record of 2019, according to NAR (National Association of Realtors), the price of a house was around $274,600. In contrast, a condo was around $249,500; on average, that is a difference of $25,000, which is pretty massive. So, if you are on a tight budget, a condo should suffice. With less cost price, you can also expect a lower down payment.
Location and Area:
Another bonus point of a condo is the area; as they are smaller than a family home, they are most of the time situated near the hub of entertainment. If you are the kind of person who enjoys the lights of the city, restaurants, bars, shops as well as malls, a condo is the most suitable option for you.
Amenities and Facilities:
Here comes the best part, with a condo, you get a load of extra amenities that may make life easier for you. Although they are smaller than a family home, they are almost always upgraded to the latest trends. You will be amazed to find a gym, spa, a pool, and 24/7 staff to help you out in an emergency. Living in a condo is great because you can enjoy these luxuries right in your backyard without even living your house premises.
Maintenance and Repairs:
With a condo, you do not have to worry yourself with mundane maintenance issues. You have bought a part of a community, and the community heads take care of the repairs and all maintenance issues that you might have to face in the future. For example, the garden, trash, and other exterior areas are well taken care of by the staff of the Condo. This is an ideal place for professionals as they never have enough time to tackle such tasks. However, this luxury comes at a price of $200 – $300 in terms of maintenance fees you have to pay to the HOA.
Community and Security:
A condo gives you the feel of living in a huge family-like environment. Most of your neighbors will be like-minded people. You can chat, spend time as well as enjoy common space in a condo with your neighbors. Apart from that, a condo is also the part of a gated community, so you don’t have to worry about security.
Family House:
Condos do have a lot of plus points, but they aren’t for everyone; here are some of the features that you might like in a family home.
Self-Sufficiency And Independence:
Compared to a condo, you can decorate and redecorate as you please; you do not have to take permission from anyone. However, in a condo, you will need to get permission from the HOA as all condos are designed around the same layout. So, you can’t even get your Condo repainted to suit your taste. In a house, you can change the interior, add or remove a future you don’t like, or even change the rooms as per your liking. You will be independent if you choose to buy a house.
High Privacy:
In a family house, you do not share walls with your neighbors, whereas in a condo, you do get to share walls, and at the time, you can hear everything that goes on in your neighbor’s house, which isn’t something everyone is comfortable with. A family house will give you and your family all the privacy you need.
Offers Opportunities:
Nothing in like stays the same, the only constant in the universe is change, and when you want to change and grow, you need space, and you can only get room to expand in a family home. Condos have limited space, so in time when you want to grow, have a family, or take up a hobby that needs room, you will find it hard. In comparison, a house comes with ample space to expand and grow.
Sell and Move-on:
Family houses are easy to sell, whereas condos are easy to rent. Houses appreciate more than condos, so if there is a need to sell, you will be able to do that quickly if you have a house, whereas, with a condo, you will need to go through a very long process. Apart from that, you can also revamp and upgrade your house to fit the needs of the potential buyer, whereas, in a condo, you have no such freedom.
All in all, both the condo and a house come with their own sets of benefits; it’s your requirements that should shape up your decision at the end of the day.
If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
