As a new homebuyer, the process of listing out the pros and cons of purchasing a single-family home versus a condominium can be stressful at times. Condos don’t require much upkeep, are sometimes more aesthetically pleasing, and may be more affordable. However, houses may prove to be a better investment when it comes to selling down the road. With so much information out there, your lifestyle experts at Nan and Company Properties have simplified the decision making process by highlighting the benefits of buying either a condominium or a single-family home.
Why A Condominium Is Better Than A House
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More Affordable
A condominium (condo) is a private residential unit within a multiunit building or community. If owning your home is a huge priority to you but putting down a huge down payment is not fiscally possible currently, then investing in a condomimium could be a more realistic option. The down payment won’t be as intimidating, and you could even avoid having to pay other hidden fees that sometimes come with buying a single-family home. However, like with the Homeowners Association (HOA), condo owners pay regular monthly or quarterly fees to their condominium association as well.
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No Exterior Maintenance Is Needed
House owners are often engulfed with all the responsibilities that come with owning a single-family home. Mowing lawns, trimming hedges, cleaning gutters, and pruning trees are all tasks condo owners never have to worry about. The exterior of a condo is both owned and maintained by the condominium owner’s association. The tenant only worries about the needs inside of their individualized condo. That frees up time (and money) for pursuing other interests such as lounging by the pool!
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Location/Walkability
Condos are smaller and more densely packed than still standing homes. They’re often located closer to amenities or even offer certain facilities within the actual building. Such options are available in areas like downtown where large numbers of cultural activities, shopping, entertainment and job opportunities exist. Condo owners are also known to have shorter commutes to grocery stores, schools or parks than traditional house owners, who more typically live in distant suburbs and exurban areas.
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Cool Facilities/Amenities
Larger condominium buildings are often privileged to access shared amenities, which sometimes include swimming pools, gymnasiums, pet parks, and jogging trails. Most people who live in houses on the other hand, commute to public facilities in order to get these amenities. The condo owner, however, has access to them without ever having to leave the property. Condominium complexes are often gated or staffed with guards and have sophisticated security systems that survey the property. Many condo complexes also have doormen and desk people, along with custodial staff that are not available to single-home tenants.
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Social Opportunities
Neighborhoods of detached single-family homes can create distance between next door neighbors. Condos are much different in this regard. There’s a level of intimacy that doesn’t exist in large single home subdivisions that exist in condominiums. It’s difficult to avoid running into your neighbor(s) since everyone in the building lives in such close quarters. Interactions with neighbors is even more imminent when everyone gathers to share community amenities. Tenants find themselves interacting with each at the community lounge areas or pools.
Why A House Is Better Than A Condominium
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Opportunity to Own Land
Owning land equates to having more space than you otherwise would have with a condo. You could customize your home anyway you please, maximize your space by adding another story or even downsizing. You can even add or take down structures as deemed necessary.
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More Freedom to Do What You Want
Paint your walls red. Construct a private pool in your backyard, create a garden, host backyard parties, or even play touch football with friends. These are all the benefits of owning a single-family home. This option is even better for families with young children who benefit from having a spacious backyard.
3. Better Opportunity to Grow
As your family grows, your home can grow also. One of the most beneficial perks of owning a single-family home is your ability to make changes to your physical home as needed. You can knock down walls and create additions. Assemble a deck, build a guest house, etc. You can’t do any of that with a condo and certainly not with an apartment.
4. More Flexibility
If you’re a small business in need of an office, you can run a business outside of your home with the right permits. This is an option not offered to owners of condominiums or apartments. Condos also have specific limits on who and how many people can live in a unit. You wouldn’t be able to easily accommodate displaced family members without getting permission to do so.
5. Better Profit
A house is generally easier to sell than a condo. The market for people looking for condos is not as robust as the market for single-family houses. The uniformity found in Condos also acts as a disadvantage since most families take pride in their ability to customize their home. A condo owner also can’t sell their unit for a price greater than the cost of the next unit except if some upgrades have been made.
Whew! You’ve made it to the end of the blog. This was a lot of information to take in, but we couldn’t leave anything out!