Shopping for a new home is rarely an easy task given the many considerations that come with choosing the right one for you. There are many options out there on the market, so how do you decide what’s best for you and any family members you are living with?
Condominiums may be adequate and have become very popular in recent years, but houses often support larger families or groups of individuals. Take the following into consideration when you are on the market for your next home, and weigh the pros and cons before making a final decision.
Condos: The Pros
With urban living becoming increasingly popular in today’s real estate market, more people are choosing to purchase condos rather than homes. Some of the advantages that come with this include walkability (being close to downtown and shopping areas), and decreased maintenance with the appropriate homeowners association covering many of the exterior repairs and structural upkeep.
Condos: The Cons
With the association covering this exterior maintenance comes higher fees that are not included in your monthly mortgage. Even worse is the possibility that these can be more expensive one month than the last if extra maintenance is required.
Similarly, every homeowner within that building has a shared say in what should be done to the exterior of it. While you may have the freedom to design your personal condo however you want, the exterior is a different story.
Houses: The Pros
Unlike condos, purchasing a house gives you opportunity to remodel or change whatever you may please without consent from another party (so long as they are within your HOA’s guidelines).
Perhaps the most obvious benefit of owning your own house is the accommodation for a larger family. With more indoor and outdoor space, there is much more room for children and/or pets to move about freely as opposed to a condo.
Depending on your location, added privacy is yet another perk of owning a house, as neighbors aren’t on the other side of your walls like they would be within a condominium.
Houses: The Cons
With the freedom to design your house however you’d like comes the responsibility of all maintenance, both inside and outside your property. This can be costly and time consuming for someone who may not well versed in home maintenance. But, it is often an investment worth making, as it can increase your home’s resale value upon moving.
Seeing as a house is larger than condo, this translates to more expensive bills and utility costs as well. What may be a $120 electric bill in a condo could very easily be $250 or more in a larger house.
Take some of the above mentionings into consideration when you are on the market next. While both condos and houses come with their own advantages and disadvantages, knowing which is the best choice for yourself will ultimately result in happiness.