A Home or Condominium
Buying a home is one of the biggest and most important decisions you’ll ever make. Whether you are a first time buyer, or a veteran homeowner looking to trade up or make a new start, you will be inevitably be faced with a number of questions. One of the most fundamental questions all homeowners face is whether to buy a condo or single family house. Your answers will lead you to the home that is right for you.
Single family homes and condominiums can have many advantages and drawbacks. The very first difference is what a home buyer’s mortgage will cover. When a single home owner is approved for a mortgage, they are approved for a maximum monthly payment which typically includes homeowner’s insurance, but does not include the cost of utilities ...view middle of the document...
Some condos have resort-like amenities, such as pools and fitness centers.
Just like condos single family home have many advantages to. A big advantage to buying a single family house is that you have total control over the property to remodel or make changes without the consent of others. One big advantage is single family home value traditionally appreciated at a better rate than condos. Another advantage of a house is extra indoor and outdoor space which is more conducive to accommodating families, children, and pets. According to the National Association of Realtors houses have more privacy, because neighbors do not live in as close proximity as in condos.
There many advantages to purchasing a condo or single family home, but there are also drawbacks. One major drawback to condo life is association fees, which are collected outside of the monthly mortgage payment and used toward building maintenance and amenities, these fees can increase when extra money is needed for additional maintenance. Another drawback is all homeowners share in the decision making process in regards to the building, and according to the National Association of Realtors homeowners do not like rules and restrictions associated with condos. Home ownership has some drawbacks opposite with owning a condo. The home owner completely responsible for all maintenance inside and outside the property, and utility bills are generally higher, because houses have more space than condos.
In conclusion which is better a house or condo? It depends on your needs, both have advantages and disadvantages. In the end it really comes down to personal preference, and it is hard to say that one type is better than the other. Each choice involves tradeoffs of one type or another and the choice is yours.