If you’re thinking of purchasing your first home you’ve probably asked yourself this question. There are many different factors that goes into a buyers decision. However, from my experience, the answer to this question comes down to 3 factors:
Location: Condominiums are usually located in metro cities and urban areas. Because of the concentrated amount of individuals living in a condominium building, retail stores and shops are normally within walking distance or a quick drive away from your home. Houses are usually located in suburban areas. Typically these homes are away from city centers and although there may be retail stores and shops nearby, they aren’t within walking distance.
Privacy/Space: Houses offer the owner privacy and space. Houses typically have a back and frontyard. With this space comes the freedom to do what you please, as long as it does not disrupt your neighbors. Balconies and patios are what condominiums offer. However, unlike a house, you do not have the ability to use your balcony or patio as you please. A HOA (home owners association) regulates how and when you can use your outdoor space. If you break any of their CC&R’s (covenants, conditions, restrictions) you are liable to pay a fee to the HOA.
Maintenance: This is usually the deciding factor for many of my buyers. With a house comes maintenance. As the owner you are completely responsible for anything and everything that goes wrong with your home and property. In a condominium you are only responsible for everything within the walls of your home. The HOA maintains all of the common areas and everything outside of the walls of your unit. To ensure that funds are available for maintaining the common areas, the HOA charges a monthly fee ranging from $300-$700. This fee includes water, garbage, landscaping, and scheduled cleanup of the property grounds in addition to the maintenance of amenities (gym, pool, sauna, security, etc). When you own a house there aren’t any HOA fees to pay into. However, as a responsible homeowner you should put away money each month in the case of emergencies (roof leaks/replacement, plumbing issues, termite damage, etc). In addition to putting away some savings for emergencies you are still responsible for paying for your water and trash bills.
Consider these factors when making your decision and I am positive that you will make the right choice. Now, all you need is the right Realtor to make it happen.
