Property Battles: Should I Buy a Condo or a House?
The National Association of Realtors recently reported that the median price for single-family homes in January 2019 was $247,500. The median purchase price for a condo was over $200,000. With real estate being the biggest investment you’ll probably ever make, it’s wise to consider the pros and cons of a condo vs house.
If a home purchase is on your horizon, use this helpful comparison guide. You’ll discover the facts you need when deciding on what home you should buy.
Condo vs House: Which is Best?
So which one is the better buy? The answer to that question is “it depends.” Your age, lifestyle and amount you can afford will all influence your decision. Here are some things to think about when you’re asking yourself “condo vs house: what should I buy?”
Condo Pros and Cons
As with all things, there are some benefits and disadvantages to condo ownership. Here are some things to consider if you’re thinking this is the route you’ll take:
If you’re just starting out in your career or on a fixed, retirement income, condos are an affordable route. Condos have a cheaper purchase price. This means your down payment and monthly mortgage payments will also be lower.
Onsite maintenance at condo communities such as mowing the lawn or cleaning out gutters is provided by the community’s Home Owners Association (HOA.) Homeowners are responsible for doing these tasks by themselves.
Many condo units have restrictions on whether household pets are allowed. Some Home Owner Associations may have rules against pets living on the premises because of each unit’s close proximity to one another. Homeowners don’t share walls with anyone and aren’t subject to these kinds of rules.
If you want to find out more about condo ownership, check out this website. The pros at Orangeline Condos can share their high level of expertise in the Arlington Virginia housing market.
Single Family Home Pros and Cons
You might have heard your parents talk about owning a home as “the American Dream.” Here is a look at the pros and cons of that “Dream.”
There is no arguing that a house can afford you more privacy than condo living. Houses are detached and not physically joined to other residences, unlike condos. Condos share walls and roof lines, which could make for noisy cramped quarters with your neighbors.
Houses are larger in space than condos. The median size of a new house is over 2,000 square feet where condos are usually closer to 1,400 square feet. If you are just starting a family you’ll need the extra space that a house has to offer.
Resale and Cost Appreciation
Single-family home prices will appreciate more than condo prices. Houses also resell at quicker rates then condos. This is usually because some HOA rules are so restrictive that buyers will walk away from the bargaining table for that very reason.
Still undecided whether a condo vs house is right for you? Buying your home is a huge financial obligation. Since every home buyers situation is unique, you should make your decision with your future plans in mind.
Consider whether the conveniences of condo living are worth what you’ll pay in association fees and diminished privacy. You should also decide if you have the time and funds necessary to maintain your dwelling all by yourself.
Check out our website for more advice on investing in a condo vs. house. Do your homework on this important decision. You’ll be glad you did.