Once you have decided you are ready to buy a home and have saved up your down payment, you have to decide what type of home is right for you. While some people know right off the bat whether they want to look for a condo or a house, others may need to weigh the pros and cons of each. If you fall into the latter group, here are some advantages and disadvantages of each, to help you make an informed decision before home-hunting.
There has been an influx of condo purchases over the recent years, mainly because condos tend to be built closer to urban areas. More centralized in busy cities, condos have the advantage of being close to grocery stores, retail shops, restaurants and other places of entertainment and interest. Some condos come fully stocked with amenities that rival a resort, such as pools, hot tubs and fitness centers –things you usually don’t get with a house unless you dish out quite a bit of extra money. For people with places to go and things to do, condos are a desirable choice because they offer everything they need plus a convenient location.
One of the biggest disadvantages to buying a condo are the association fees that come with it. You will be required to pay these fees in addition to your monthly mortgage payment to help toward amenity upkeep and building maintenance. The fees can be costly, and can go up at any time if more funds for maintenance are needed. Another disadvantage is that a condo is subject to decisions made by a Board of Directors. Inevitably, some condo unit owners will have to abide by policies they do not agree with.
A huge advantage for buying a house for your home is that you typically have more control over the property. If you want to make any changes or remodel, you do not usually need to go through an association to do so. Also, with a house, you usually get extra outdoor space with a yard, which is great if you have young children or pets. A house can also allow more storage space with additional closets, an attic or a basement. They also offer a bit more privacy since you don’t share a wall with your neighbor as you do in a condo.
While owning a home gives you more freedom, it does come with some drawbacks. As the homeowner, you are typically responsible for all the maintenance and repairing, including the yard work, tree maintenance and any and all repairs that need taken care of. Another con is that utility bills tend to be higher with a house, since houses usually have more space than a condo.
When starting your search for the perfect home, you will need to decide if you are in the market for a condo or a house. Both have their set of advantages, but also have their own disadvantages. Look at the pros and cons of each, and make an educated decision on which type of home is right for you.
Guest Blog Written By Brad Denton
1930 N. Arboleda, Suite 201
Mesa, Arizona 85213
40 N. Central Avenue, Suite 1400
Phoenix, AZ 85004
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