Condo vs House: What to Consider
By Mary-Ann Brown
Whenever the moment comes to make a significant investment, people tend to shy from a decision or postpone it until they are left to make a random pick, for better or worse. There is a much better way to spend your time and money. Choosing the right real estate investment option boils down to defining your personal preferences and lifestyle, but also determining your current financial situation and long-term plans. Finally, the question pops up: which option suits all your needs best? Condo vs house, the game is on.
Condo vs House: Advantages of each option
Weighing the pros and cons of buying a condo vs a house is not that difficult when you realize that the benefits of one option are the downsides of the other. However, there are several essential things to focus on, especially if you're dreaming about purchasing a property in a competitive market. Which aspects should you consider, above all else?
- The price and the costs
- Maintenance efforts
- Privacy issues
- Amenities and location perks
- Resale possibilities
- Insurance costs
- Flexibility and growth
- Rules and regulations
Take time to make your own checklist and compare your priorities to the following list. Look at it as a quiz: in the end, you should have a clear result. It is condo vs house - one of them is your best fit.
Why you should choose a condo
If you're a frequent traveler, prefer experiences over maintenance chores, don't plan to settle for family life soon, and don't mind the rules imposed by the local HOA (homeowner’s association) you're a future condo owner.
It is less expensive
Maintenance, what maintenance?
Being a part of a condo community means you're not responsible for anything outside the front door - it is HOA that takes care of everything for the condo residents. No mowing, painting, raking, shoveling, power washing, gutter cleaning, or trimming.
Choice amenities and location benefits
If you are a fan of having a pool with a bar, tennis court, a gym, a park with pet tracks and jogging trails, and a temperature-controlled garage at your doorstep, you can have it. Just make sure you find a condo neighborhood with the right selection of extras, and you won't have to commute to get to your favorite amenities. As condos are often closer to busy urban areas, it also means you'll live much closer to your work, culture, dining, shopping, and entertainment options.
Insurance expenses
When it comes to insurance of an apartment in a condominium building, you are essentially ensuring only your belongings, not the apartment's exterior. It implies that the condo owner's insurance expenses are much lower than those of a homeowner. However, you still need insurance, and it is recommended that you study the existing HOA coverage and insure against everything else it is missing to cover the gaps.
Why a single-family house is a good option
If you value your personal space, aesthetic expression, and control over decisions in your immediate surroundings, you are a house person. You better be ready to pay for the luxury - although it's not a luxury for you, but a way of life.
You can sing your heart out
Living in a single-family home gives you all the privacy and liberty you might need. A free-standing house, one that is not attached to any other neighboring home, is an ideal choice for people who mind their own business and wish to keep neighbors at a respectful distance. A growing number of relocations are inspired by the need for quieter surroundings. Escaping the daily hubbub becomes a priority to more and more people they work with.
A return on investment
When it comes to resale, single-family homes are a lot easier to sell, regardless of the local market. A well-maintained home with all the right fixtures is perhaps a more considerable investment at first, but offers a higher return on investment later. Houses offer two more perks that condos cannot. As a house owner, you also own the land home sits on. The potential for transformation appeals to most potential buyers. Moreover, owning a house allows you to customize it, which can be a deciding factor for the right buyer.
A house can grow with you
Perhaps the biggest advantage of a house is the ability to adapt to your ever-changing needs. It is alright if you don't have your life outlined. If you own a house, you can adjust it to accommodate a growing family and its needs over time. Whatever lifestyle changes and challenges you need to endure, it is much easier to do it from the comfort of your free-standing property. In condo vs house competition, the house wins in the flexibility and growth potential category. The sky's the limit - and your local building regulations.
Your house, your rules
Most HOAs managing condominiums get to choose the color of your front doors, interior walls, the shape of the mailbox, and even the color of your drapes. When you live in a single-family home, on your own piece of land, you get to choose how many guests you'll entertain and how many pets you will keep. The only person deciding on how long the in-laws are staying is - that's right - you. If all those small choices matter greatly to you, arrange for a stress-free relocation to a single-family house.
If neither sounds just right, make a test
Perhaps your current circumstances are not accommodating a purchase, even after careful consideration and budgeting. Or you might feel you need a bit more time to choose the winner in a condo vs house competition. This is the moment when you simply - rent. Several months of life in each should be sufficient to give you excellent insight into the life that particular option provides. Then, you can rest assured you will make the best possible choice when the time comes to decide.
About the Author
Mary-Ann Brown is a social media and marketing specialist currently associated with the Zippy Shell Louisiana moving company. She relies on their vast experience and expertise to provide valuable insight into the relocation process to as many she can reach.
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