Condo vs. Home: Your Guide to Buying the Perfect Living Space

Condo vs. Home: Your Guide to Buying the Perfect Living Space

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Buying a real estate property is a dream come true for many people. But it’s not usually a great experience. Whether buying a condo or going for a home is usually the first question that strikes our minds when purchasing our first property.

Condos are cost-effective, but homes give you your own piece of land. Also, while condos are easy to manage, houses are much easier to get a great resale value. Hence, weighing the pros and cons of both types of properties is crucial before deciding. But before getting into the comparison, let’s look at the difference between the two.

Condos: Condos are single units within a more extensive architecture. You only own the unit you live in and not the entire land on which the building or the larger architecture stands.

Homes: Buying a home means getting ownership of the entire land along with the structure. They come in various sizes and shapes, such as single-story or multi-story houses.

So that’s the difference between a home and a condo when summed in a couple of sentences. But what’s best for you. Whether to go for a condo or a house depends on some crucial factors. Here are they:

What’s Fitting in Your Budget?

One of the primary factors that influence almost every buying decision is the costs. Condos are usually less expensive than homes. However, the location plays a vital role here. For instance, a condo in popular neighborhoods in popular cities and states can cost you as high as a home in some other downtown locations. For example, the growing demand for condos in Los Angeles is skyrocketing the prices.

The median cost of condos in Brentwood, LA, ranges around $1 million. On the other hand, the average for homes in Idaho is about $500K. But there’s no denying that you get a better lifestyle when you invest more. So, the Brentwood, LA condos will offer you much better luxurious amenities than a house in Idaho.

Although the property area plays a vital role, condos are usually way less expensive than homes. Hence, condos are the better option if you enjoy an owner-like lifestyle but have a low budget. But in the opposite case, you can go for a single-family home.

Which Complements Your Lifestyle?

Condos are the best options for millennials who are willing to open up in communities. However, if you are a family person seeking privacy, a home will be the better choice. Condos have shared amenities and common areas, which can facilitate community building. It can prove to be a blessing for you if you like your neighbors and blend well with them, as it becomes easier to make new friends.

But if your adjacent unit owners are subletting the condos, you will have to deal with changing neighbors. Moreover, with shared walls, you might also be able to hear the voices of your neighbors and vice-versa. Another lifestyle factor to consider while making the decision is that of maintenance.

Do you have time and are willing to take up maintenance tasks? If you answered yes, you can go for a single-family home. But if your answer was a no, a condo can be beneficial. When you live in a condo, you only have to worry about the maintenance within the four walls of your unit. The Homeowners’ Association (HOA) is responsible for taking care of the exterior maintenance of condos.

Are You Willing to Follow Condo Rules?

Living in a condo means you will have to follow the rules and regulations set by HOA. Although the rules created by most HOA’s are decided after a joint meeting with the residents of the condo units, there are chances that you might not like some rules.

If you buy a house, you will have all the control you want. You won’t have to abide by rules such as pets are not allowed, or you can access the common areas only until a specific time. Hence, if you don’t want to follow the rules, buy a home, or find a condo that doesn’t have regulations, you can’t or don’t want to follow.

Conclusion

As you would have noticed, both condos and homes have a different set of pros and cons. For instance, homes are more adept at accommodating changing lifestyles, whereas condos help make social connections. Homes are easier to sell, and condos are cost-effective. With all these different benefits and disadvantages, it is essential to do your homework efficiently. Evaluate all the factors before deciding to get the perfect space for you.

 

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