House vs Condo, What to Choose?
[dropcap]T[/dropcap]he decision to buy a house vs. buying a condo is a personal choice. However, there are some pros and cons to each side of it that may help you to make up your final decision. Buying property is a very important decision. You don’t want to rush into it and you don’t want to have any regrets later on.
Location
A condo is typically going to put you in the core of everything. If you enjoy restaurants, theatre, nightclubs, movie theatres, etc. it is nice to have it all so accessible. The locations where condos are built are designed to make sure that people living there have quick access to what they need as well as many sources of entertainment.
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[/imageframe]A house can still offer you close proximity, but not always. If you are looking for something more remote that offers you a quite location, then a house is the best choice. This could mean more of a commute for work and when you want to enjoy activities. Take into consideration those trade offs. If time is a commodity you don’t have much extra of, don’t get into a situation where you are spending lots of time driving back and forth to your home.
Personal Space
When it comes to a condo, you will be living in very close proximity to other people. You will also be living in an area where there could be lots of noise. If you like it to be quiet or you want lots of personal space, then a house may be a better choice for you. It is a good idea to really consider the volume of people around a condo before you buy one. If you can’t handle that part of the equation then you may be in for some difficulty getting used to it. A house can offer a nice lawn, but with that extra space also comes the upkeep for it.
Rules and Regulations
With a condo, you will find more rules and regulations than when you have a house. For example, you may find that you have to keep your lawn way and that there could be limits on pets with a condo. You may even have assigned parking spots and that could make it hard when you have company. Renovations can be tough too due to the noise it will create for the neighbors.
With a house, you have more freedom to do what you would like to. There aren’t going to be rules in place about so many things. You can have pets and parking shouldn’t be a concern like it may be at a condo. You will still have to follow the law for building permits but it is easier than when you are in a condo. With a condo, there may be decisions that are made as a group and the majority of the vote will be how the decision is made. Not everyone is comfortable leaving such decisions to that format.
Resell Value
Both a condo and a home will have a good resell value. The overall value depends on plenty of factors though including location, economy, size, and the amenities that the property offers. With a condo, you may have limits when it comes to leasing out the property. You may not be ready to sell it but you may not be in a position to continue living in it. With a house, you can rent it out to anyone you like if you aren’t going to reside in it and you don’t want to sell it.
Conclusion
For many consumers, the decision to buy a house vs. a condo depends on the location and the price. They want to invest in something that they can afford and that offers them access to work, schools, and other locations without hassles. If you aren’t sure which one you should invest in, look at both and that can help you to make your final decision.