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House or Condo. Which is Best For You?

The housing market has changed dramatically over the past few years. Because of this, you will probably find there are many options available in the area you are looking to live. To give yourself the best set-up going forward, it’s important to weigh the choices carefully, including whether to purchase a house or a condominium.

House Advantages

Houses usually have more space, making it easier to accommodate more people if the size of your family expands.

With generally speaking more houses on the market than condos, you can often get a better price on a house, as long as you aren’t tied to living in a particularly popular area.

If you enjoy having a large lawn all to yourself, a house can give you lots of green space, fresh air and privacy.

When you own the entire structure – as with a house – you have the freedom to make any changes you want.

House Disadvantages

Completing repairs and maintenance for a home – even a newer one – can be very expensive and time-consuming.

Do you find it reassuring to have neighbors just a door or two away in case of an emergency? If so, a house may not offer this kind of support.

Since they tend to have more square footage, your utility bills could be significantly higher in a house.

If you are moving to a new area, a house may not provide as many opportunities for meeting new people as a condo would.

Condo Advantages

While condo shopping, you may find that you are able to find units centrally located in a town or city that costs much less than a house in the same area.

If you’d rather leave the yard work and major upkeep projects to someone else, a condo could relieve you of that burden.

Condos often provide very easy access to amenities like a pool, workout area, etc.

You may feel safer in a condo with 24-hour security.

Condo Disadvantages

Because you are living in a structure with other people nearby, you may have to deal with neighbors who have different lifestyles than you.
In most condos, you will share decisions on the future of the building with the other tenants.

Condo fees can be very expensive and may include charges for services you don’t necessarily use or want. If others in the building aren’t able to keep up on their fee payments, you may have to make up the difference.

In addition to condo fees, you may need to pay for a parking space.
There is no pat answer for whether a condo or a house is better. It all comes down to your situation and preferences. It can help to make a list of the above factors and rank them for importance in your decision-making. This will make it easier to decide what kind of home will be a sweet home for you.

Source: https://snocope.balancepro.org/resources/newsletters/quick-tips-January-2013
 

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