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Deciding Between a Condo and a House

Home buying can be the largest investment you will make in your life. And this is the reason why you need to decide well whether to buy a condo or a house.

So, which is better, a condo or a house? It will all depend on certain things like your lifestyle, your age, and the purchase price that you can afford.

Below is a guide that will help you before you buy either a condo or a house.

You will have many benefits as well as disadvantages if you choose to own a condo.

A condo is an affordable alternative to someone who has a fixed, retiree income or for someone who is just starting out on his career. Condos for sale can be bought at a low purchase price. This means that you will have a cheaper down payment and monthly mortgage payments.

If you are a condo member, then you can use their onsite gym and banquet facilities. You can exercise and entertain guests in these areas. Socializing and creating friendships is possible in these common areas and you will also develop a sense of community.

The community’s Home Owners Association (HOA) provides onsite maintenance such as cleaning out gutters or lawn care. If you don’t want to handle these tasks, then condo living may be a better option for you.

Household pets may or may not be allowed in a condo. There are restrictions to pets living on the property because of the proximity of units to each other.

New roofs and onsite pool maintenance are paid by HOA fees. Even with HOA fees, it does not build equity into your property value.

There are HOA rules that restrict you from doing what you want when you are at home. Some HOA rules limit the number of guests you can receive in your home or the number of vehicles you can park outside your unit.

If you own a house, then here are some benefits of disadvantages.

A house gives you more privacy because it is not connected to another house.

Houses have more space than condo units. A house is ideal for a young growing family.

House prices will appreciate higher than condo prices. Reselling houses are faster than reselling condos.

It is more expensive to buy a house than a condo. Down payments could be greater and mortgage rates will also be higher.

Maintenance tasks such as landscaping or repairs become your responsibility. You need funds and skills to take on these chores.

If you have the strength and time to maintain home repairs and landscaping, then owning a house may be best for you. And if you are retired and your children have moved out, then condo living may work for you.

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