Should You Buy a House or a Condo? Tips and Tricks from Property Management Experts
First-time property buyers shopping for a new home might be oftentimes overwhelmed by the many factors pertinent to decision-making, which can cause them to consider the acquisition of a condo. While purchasing a house implies purchasing the property along with the land underneath it, condo ownership refers to the living space inside of the condo unit only, and a portion of the common area of the condo building.
“Persistence and determination alone are omnipotent.” – Calvin Coolidge
If you are planning on buying your first property, but cannot decide whether it should be a single-family home or a condo, the following guide will help you determine which one is a more suitable dwelling for your needs.
Buying a Home
Buying a home can have many advantages as compared to buying a condo, and probably the most important one is land ownership, as you will implicitly purchase the land on which the property is built. Houses provide both indoor and outdoor space for families, which is ideal if you have – or plan to have – children. Furthermore, owning a house entitles you to change your backyard’s landscaping, make renovations, and make use of your outdoor space as desired – for example, to build a playground for your little ones.
Houses also provide more storage space in closets, and you can even have your very own attic or basement, which offers extra storage space. In the end, buying a house will offer you complete privacy, as you will not have to share walls with neighbors, as they will not live in as close proximity as in condos.
Moreover, houses offer all sorts of facilities that might not be included with condos. For example, you can easily find 4 bedroom houses to rent in Damn Neck, which may also have fireplaces, two or three bathrooms, a patio, plus one or two kitchens to accommodate larger-size families.
House ownership can also have a couple of drawbacks you should consider before purchasing one. When you buy a home, you are completely responsible for both inside and outside maintenance, which might include care and upkeep of your backyard and trees, if any. Moreover, buying extra equipment and tools for maintenance might be required, which can also add up to the cost of owning a home.
Despite increasing the curb appeal and resale value of your property, making improvements involves investing both money and time, which might be sometimes inconvenient for families that cannot afford this luxury. At the same time, owing a house means paying higher utility bills, as homes are typically much larger than condos.
The cons of houses for rent in Suffolk are pretty much the same, with the only difference that you are not the property owner – an aspect that will likely cause a lot of troubles in the first place.
Buying a Condo
If you are also considering buying a condo, you should know that many families choose this option due to the many advantages it has. In the first place, most condo buildings are located within walking distance to places of interest such as shops, restaurants, bus stations, and many more. Even more, some duplex rentals in Hampton Roads offer resort-like facilities that include pools, fitness centers, and even air conditioning, which might be cost-prohibitive in a home.
Despite the increased price of such condos, they are certainly more inexpensive than if you were to install these amenities on your property. Condos are also much more convenient due to the low-maintenance lifestyle they encourage, as association fees cover not only the exterior, but also many of the expensive components of the building’s structure. Many condos are just as spacious as homes are, which makes them perfect for families with children.
Most apartments & condos for sale in Ghent are cheap enough for typical households to afford, which makes them more convenient than homes.
Of course, condos have their negatives as well, and the biggest drawbacks is paying association fees, which are collected outside of your monthly mortgage payment, and used for regular structure maintenance and amenities. These fees might be quite expensive, and there is a good chance that they will increase if extra money for maintenance is required. Another downside is that all of the homeowners living in a condo building share in the decision-making process that relates to the building, which can be very inconvenient in some circumstances.
According to the National Association of Realtors, many homeowners are displeased and do not agree with the restrictions and limitations of multi-family homes rentals in Hampton Roads, which can make dwelling a lot more inconvenient.
Deciding whether you should buy a home or a condo can be especially difficult, as there are many important factors to consider before making a choice. Make sure to research all available possibilities, and compare the offerings of each to see which one is a more suitable dwelling for your needs. If you are more home-oriented, consider working with a trustworthy real estate agent, as he has all of the resources needed to identify that property that might be ideal for you.