WorldExecutivesDigest.com | Buying a Condo vs a House: Which Option Is Best for You? | Buying a condo vs a house: which option is better? The bad news is, we can’t actually answer that because it’s up to you. But the good news is, we’re about to give you the information that’ll allow you to make that decision for yourself.
There are pros and cons to each of these options. So the question of which one is “best” depends on what kind of living situation you’re looking for.
Below, we list the advantages of both choices to settle this matter once and for all. To find out whether you should buy a condo or a house, keep reading.
Pros of Buying a Condo
The fact that you only own part of the property when you “buy” a condo is a turn-off to many buyers. But don’t knock them just yet. Here are some very considerable advantages condos have over houses.
- Condos Are Usually Cheaper
Condos are typically cheaper than houses. This is somewhat due to those turn-offs we just mentioned.
- Beautiful Locations
Those who build condos do so on the most desirable real estate locations. Often you can’t even get a house in such a prime location because the condo builders got to it first.
And even if you can find a house nearby, it will be a lot more expensive. For example, if you want a beachfront property that doesn’t cost half a million dollars, a condo on the beach is probably your only option.
- Nice Community
A condo is kind of a joint-ownership deal. In owning a condo, you become part of a nice community that has as much invested in the “neighborhood” as you do.
- Community Amenities
As mentioned, there are a lot of areas of your condominium property that are shared with other condo unit owners. These usually include awesome things like pools, gyms, and sport areas like tennis/basketball courts.
- Lower Maintenance
Want to never mow the lawn again? Then get a condo.
Only the interior of your condo unit is maintained by you. The exterior is maintained by the building manager and staff.
Pros of Buying a House
As great as a condo sounds, there are advantages to owning a house, too. Here are some reasons why a house might be the better option.
- It’s All Yours
When you own a home, you own the land it’s on, too. You’re free to grow a garden, make home improvements, and so on, as long as you aren’t breaking HOA rules.
- Independence and Privacy
Maybe you don’t want to share common areas with others. If you prefer to keep to yourself, a house is a better option for you.
- Houses Are Easier to Sell
Lastly, if you buy a condo, and then the housing market declines, you might be stuck with it. Houses are easier to sell than condos, even in a bad housing market.
Buying a Condo vs a House: Remember This Guide
If you’re trying to decide between buying a condo vs a house, remember this guide. Keep this page bookmarked so you don’t forget these tips.
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