Buying condo or house? This is a common question when a person is in process of buying a living place especially for new buyers. There are options and the buyer must choose only one thus a good decision need to be made.
The lifestyle of living condominium is very attractive to many buyers. The main difference between condominium and house is the type of ownership that you will get. Buying a condominium will give you the interior space of dwelling unit. It’s different with house where you own the land, walls, grounds, fences and facilities. A condominium usually attached to other similar units by a common wall, while a house can be attached or detached.
Let’s see some advantages and disadvantages of both condo and house.
Advantages & Disadvantages of Condo
- Secured parking/entrance
- Instant community
- Lower entry cost
- Lower insurance costs
- Shared maintenance costs (cheaper)
- No exterior maintenance
- Close neighbors
- Unexpected assessments
- Restrictions on usage, pets, modifications
- Can’t control the spending of fee
- Have to share parking
- Usually built on busier streets and environment
- Lower resale value
Advantages & Disadvantages of House
- Rights for Land ownership
- Standalone structure
- Greater privacy
- Freedom to modify
- No pet or other thing restrictions
- Higher resale value
- Has private parking
- Usually placed on quieter street
- Responsible for maintenance, services and various things
- Higher entry cost
- Higher insurance cost
Condominiums are normally less expensive than single-family houses in the same area based on their level and rates. Condominiums are a nice choice for busy busy or single people where they don’t have to pay a high price for a good place to stay. There are also association fees and restrictions for both condo and house. There are just different ways of facing the responsibilities of and maintaining the ownership.
No matter what kind of residence you are buying, whether it is a condo or a house, you should inspect the property by a licensed contractor or professional home inspector. And don’t forget to make a survey and know about the property’s environment and the neighborhood.