Becoming a homeowner, you are bombarded with a lot of decisions to make. Every you take a move, you are offered with different options. One of the very first questions to ask yourself is what kind of property you are going to purchase. Is it going to be a house or condo?
To be honest, there is no one perfect answer to this question. Both a house and a condo have their pros and cons. Your personal preferences and needs will dictate which of the two is the right kind of dwelling for you.
Which one’s percent for you, a house or condo?
When choosing between a house or condo, there are essential factors that you have to consider. These factors will help you determine if the home you initially planned on buying is truly beneficial for you.
The most important factor to consider is the cost of the property.
If you have a huge bank account, then this won’t be a great big of a deal. But if you are working on a budget, begin by knowing how much a property cost and what factors affect its price.
Generally speaking, any property that stands in a prime location will be a lot more costly compared to one that is situated outside of the metro. a house in the city will be more expensive than similar one that is in the countryside. Likewise, a condo unit in a busy metropolis will be more pricey than a similar unit in the suburbs.
If you are considering to buy a real estate located in the heart of the city, a condo is almost always a lot cheaper than a freestanding house in the same area. One way to check on this is to get yourself in touch with a real estate agent. They know the prices of the properties in your area.
In addition, it is not only the home price you need to take into account when speaking of “cost.” Maintenance and repairs can also be a huge cut to your finances if you do not study it very well.
When you get a condominium, you may not need to deal with repairs and maintenance yourself. However, there can be monthly association fees and other charges you need to pay even if your unit does not need any repair work.
A house, on the other hand, gives you the convenience to work on repairs at a time you so choose. If at the moment you need to save for it, there is no one (or no bills) pressuring you.
The Location and Convenience
This is a pretty basic thing to consider. In finding the right home, you also need to study how the property’s location will affect your day-to-day living.
Is the dwelling near your office? Do you have to drive your kids to school? Are there any hospitals or fire or police stations nearby? The proximity of the home to these places matter.
Do you hate urban traffic? Are you annoyed by the honking of vehicles night and day? Do you feel uncomfortable living in a rural neighborhood knowing that there is a huge void out there?
Your lifestyle also affects your decisions. In conclusion, decide on what convenient for you and your family.
Living in a condominium, you can enjoy all the common amenities the building has to offer. Some condos may have a pool, gym and even a grocery right in the same building. You may dial the 24 hours maintenance service, in case the heater gets busted in the middle of the night. A house, however, does not have these luxuries.
On the other hand, a freestanding home that has a lawn is great if you are a couple with children. This expanse will allow your kids to enjoy being outside. Also, if you feel the need to add additional features in your home, such as an outdoor fireplace or an extra room, you may do so as you wish. You are not restricted by agreements or limitations that condominiums have.
These are some of the things you have to think about when deciding to get a house or condo. After you have weighed things out yourself, it is now time to talk to the pros. Speak with a lender to help you determine how much home you can afford.
Next step, looking for home financing.