If you have asked yourself, “should I buy a condo or a house?”, you should consider pros and cons of owning each type of home. There are many benefits to buying a condo. Condominium ownership offers attractive features that may be out of reach for an individual purchasing a standalone home.
Why buy a condo
Many developments include access to gyms, playgrounds, pools, community clubhouses and tennis courts. Depending on the area, some have golf courses on the estate and others are beach front property or in a ski hot spot. Such prime locations are more easily affordable with a group of condo owners. You can attain the lifestyle you love in a luxury location for less than half the cost of a single family home.
Benefits of condo living
Another advantage is the sense of community that comes with condominium living. Socially engaged developments may provide community excursions and social events for condo owners. The environment is different in developments with a high number of renters with a regular turnover. There is less of a bond between neighbors. Condominiums with mainly owner-occupied units are more likely to have closer relations because neighbors have a longer time to mingle.
Buying a condo vs. renting
If you are debating buying a condo vs. renting, consider these two financial perks: condominiums build equity and come with tax deductions. The mortgage you will pay
each month to own a condo would be about the same a monthly rent payment. Be financially advantageous and work toward owning your property, not paying someone else’s mortgage.
Is buying a condo a good investment?
Condominiums typically appreciate in value more slowly than standalone homes. Owners who buy for investment purposes tend to use condominiums as arental property. Summer rentals of beachfront condominiums can bring in a large amount of money during vacation months. This also works for condos located near such places asski resorts in the winter. The seller should have all the information regarding annual rental income including how many days the condo was rented and how much revenue was generated.
Should I buy a condo or a house?
One of the most sought after benefits of buying a condo is that you won’t be responsible for building and outside maintenance. This is a big seller for busy people who want to focus their time on other things. Others have downsized after spending years caring for lawns, shoveling snow if applicable, and other home maintenance. They want a break. Monthly condo fees cover all the necessary expenses related to central services, grounds, buildings, and community facilities maintenance and repair.
Your decision to buy a condo instead of a house may be determined by the specific real estate market. In affluent areas where homes are expensive and large, condos in the same area will be smaller but more affordable. However, this isn’t the case in every market. Buyers always need to consider the total cost, including extra charges and fees that included in the monthly dues.