You might be in the market to purchase a new place to live. When looking at the choices available in your area, you might be wondering about the difference between owning a home and owning a condo. There are pros and cons to each type of dwelling, which can help you make a better decision.
Basic Considerations
Whether you are looking to purchase a house or a condominium, there will still be basic considerations which will be important to your final decision. The first consideration will be the location of the dwelling. While most homes are located in residential neighborhoods, some houses can be located closer to downtown areas than others. Condominiums on the other hand, are often located in secluded sections on the outskirts of town or in downtown areas.
Another important consideration will be the layout of the structure and the rooms it comes with. If you are like most people, you will be interested in the number of bedrooms and bathrooms available. In order to conserve space within the structure, the bedrooms in a condominium could be located on several different levels. This might not be an appealing layout for a family.
Looking at the Market Value
When you purchase a place to live, you are actually making an investment in a piece of property. This investment includes the value of the property in the future, if you should ever decide to sell it. In order to maintain the value of a property, people will periodically have improvements made to the exterior or interior. When purchasing a condo, your options for improvement are limited. You will have no options for improving the exterior of the building and the options you have for the interior could be limited by whatever is included in the purchase agreement.
The improvements a condo owner can do will include painting the walls of rooms, having new cabinets installed in bathrooms or kitchens and replacing old or worn out flooring. Choosing to make home improvements in a condominium also affects the other residents in the unit. Because these residents are living in close proximity, you may encounter people who are upset about the noise, smell or debris associated with your improvement project. Homeowners on the other hand, have more freedom in what they can change or upgrade to improve the market value of their home.
Financing and Fees
When you choose to purchase a house, you need to obtain financing for the bulk of the price. As a general rule, a house costs more to purchase than a condominium. The obvious advantage to choosing a condo over a house is the reduced amount of money you need to pay in order to own it. There are many condo complexes which have a committee that oversees the activities of the residents. The committee could require additional fees for services provided in routine maintenance. This fee could cover lawn care and snow removal and could also include garbage pick-up and building insurance.
If you decide to purchase a house, you will be responsible for all of the upkeep on the property. The price of the house will not include any extra services, which you might need to pay for in addition to what you pay for your monthly mortgage. It is a good idea to find out if the city provides trash or snow removal services for free. You might need to pay for certain services if you live outside the city limits. Owning a house offers more freedom for improvement and provides more privacy, but it also also requires a lot more money for upkeep.
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