Choosing a condo or house can be difficult, especially since there are distinct benefits to both. There are also disadvantages to each. You’ll need to explore them to determine which is right for you.
A condo gives you the city life near all the excitement. You will be likely to find shopping, great restaurants, and lots of activity nearby. You will also only be responsible for what is located indoors, meaning the lawn, landscaping, and roof will be someone else’s responsibility. All of this, however, will come at somewhat of a cost. As with anything else, there are also disadvantages to owning a condo.
When you own a condo, you will share walls with other owners. Depending on how many stories the building has, you may have someone living above and/or below you. Even if you choose an end unit, you’ll still share one wall with your neighbor. This means you may be subjected to noise, thus compromising your privacy ever so slightly.
Condo owners are also required to pay association fees. This money is what is used to take care of the lawn, landscaping, and exterior of the building. These fees may be raised at any time to cover the cost of a new roof or other necessities.
Condos are often a bit more expensive. When you buy a condo in the city, you will be more likely to pay more for less square footage. You will always typically pay closer to the asking price with a condo as opposed to a house where the price may be more negotiable.
There are, of course, advantages to buying a house instead. You can choose to live in a neighborhood or out in the country. Lack of privacy doesn’t have to be an issue because you won’t be sharing walls or floors with anyone else.
Unless you live in a neighborhood that requires you to pay home association fees, you won’t incur association costs like you will when you live in a condo. This can cut down on some of the costs of being a home owner.
When you own a house, you will be able to acquire more square footage for a lower price than you would if you choose a condo instead. This gives you more options and allows you more contemplation.
There are, of course, some disadvantages to owning a home. Because it’s a home and not bound by a condo association, you will be responsible for all upkeep both inside and out. You will take care of the lawn, landscaping, and exterior of the building. Your insurance will cover certain costs in some situations, but you will still wind up paying for maintenance and upgrades throughout.