Answered by Staff WriterFebruary 17, 2023
If you are buying a home for yourself, you may need to think about choosing between a house or a condo? If this is your first home, perhaps a condominium would be most appropriate. However, a house's size and seclusion can be great as well, so weighing the benefits and drawbacks of both these options will help you choose between a condo and a new house.
A condominium or Condo comes at a lower price as compared to a single-family house. It can be better than a rental house because of the relatively greater freedom it offers compares to a rental space. However, you’ll likely be on your own when it comes to maintenance and repairs. With the ownership of a Condo, you can develop your equity and use that Condo’s equity as a down payment to purchase your next house. The equity of a condo is built in the same way as of any other house. Every mortgage payment you make will help in building the equity of a condo. However, even with all the benefits that a Condo can offer, not everyone can adapt to the lifestyle it provides.
Key features of a Condo
A condo is a part of a big residential area and the people who stay there need to share available amenities and common spaces/areas with their neighbors.
- If you own a condo, you may have to share your parking area, gym, swimming pool, and roof deck with your neighbors.
- Everyone in the condo complex can reap the benefits of the various amenities it offers without having to maintain them.
- Living in a Condo means you must pay dues to a board that has been voted in by various condo owners. The board takes the initiative to hire professionals like pool cleaners, landscapers, or technicians to fix the elevator. The fees can be annoying, and you won’t get any return on that payment if you rarely use those amenities to which the board money is going towards.
Fees of Condos
- Condominium fees can range from $100 to $700 per month, and this range can increase depending on the amenities it covers.
- If a condo features high-end amenities like a swimming pool or gym, the fees can increase to as high as a few thousand monthly.
- The fees you pay for your condo will include maintenance charges of various amenities or anything else beyond your personal space.
Key features of a house
- A single-family home or house is a free-standing building built on a foundation.
- Unlike a condo, there isn’t any shared space or walls in a house and you will have multiple lands to enjoy.
- The two major benefits of purchasing a stand-alone house are the privacy you will enjoy and the independence to decorate and maintain the house as you like.
- A single-family home is one of the most spacious housing options on the market, however, it comes at an exceedingly high price.
Fees of a house
You may need to pay an approximate price of $58000 for a stand-alone house which is higher than the fees you might pay for a Condo. Apart from the up-front fee that you will need to pay, there will be other fees included along the way. Also, if you possess a house, you will be responsible for taking care of its lawn and other repairs and maintenance required in your stand-alone house.
Is Condo a sound investment?
Since the interest rate for Condo is considerably low, buying a condo or some other investment property is usually worth an investment. However, you should weigh your options and connect with the local experts of the area where you plan to purchase a condo. A real estate agent, industrial professional, financial advisor, and real estate attorney are all examples of local experts who.
Single-family homes have demonstrated considerable growth during the Covid-19 pandemic, but a condo can create an outstanding turnover project if you are looking forward to quickly making a profit. Also, when it comes to an increase in the cost of a single-family home, buying a house would produce more profit in the long run compared to buying a condo. But all this is dependent on the state of the marketplace, so take these tips as very loose guidelines.
Hopefully you should know a little bit more about deciding between a house and a condo. Now, it’s your turn to go through the listings properly and take your call on the option that will provide you with the most benefits as per your requirements.
After you have chosen an option, go ahead and decide if you are going to make a DIY move or hire professional movers. Don’t choose the first mover you come across; instead, take quotes from various moving companies and go with the one that meets your requirements.