Congratulations on your decision to purchase a home! Moving from renting to owning a home is a big step that comes with a lot of responsibility and investment. In addition to knowing how much home you can afford, the question is, “Should I buy a house or a condo?”
Condos offer a significantly different lifestyle than homes, thanks to their shared community and location, while homes typically offer more privacy and creative freedom. Here is what you need to know about houses versus condos:
Research Your Options Before PurchasingBefore you purchase a house or a condo, research all of your options and do some soul searching. Will you enjoy living in a shared building community? Do you prefer your privacy and the privacy of your own space? How much space do you need? Do you want to deal with an HOA and associated fees?
If you have a large family, a condo may not be for you. A home with a yard often suits large families better. If you are a single professional who prefers to be in an urban area close to work, purchasing a condo might be the right move.
If you are looking for a sense of community, a condo may work for you. Many condos have pools and other recreational spaces shared by the community, as well as social gatherings. Buyers who want to be close to their neighbors and enjoy clubs, fitness centers, pools, and other amenities may find a condo is the best fit for their lifestyle.
Not a fan of yard work and maintenance? A condo’s HOA will cover some property maintenance such as mowing. Condos that have amenities like pools will also keep them in working order. Homeowners often have to do such work themselves, which can become expensive over time.
While condos are a good option for buyers who wish to ease into homeownership, houses appreciate in price faster. Homeowners have more ways to influence that value through renovations and improvements, which must be approved by the HOA in a condo.
If you are the type of person who is looking forward to having a large flower and vegetable garden or displaying their scrap metal statue, a condo may not be for you. Condos often have strict rules about what can and cannot be done to a property, while a house has no such restrictions if it is not in an HOA.
Regardless of your choice, find a loan officer and realtor that specializes in your desired real estate. Realtors who specialize in condos will be able to guide you through the ins and outs of the current market, finding the right condo, and purchasing.
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