Choosing to purchase a home is a major decision but deciding on what type of home to buy can be daunting. The most common homes that people end up choosing to purchase are either a condo or a house. Both options have benefits and drawbacks, which means determining which is right for you is an important aspect of the homebuying process.
There are a couple of primary differences between a condo and a house that are important to cover. First and foremost, when you purchase a house you purchase the structure of the home itself along with the land that it sits on. However, when a person purchases a condominium, they are only buying the structure of the condo, not the land that the condo sits on.
Condos can either be in smaller communities or in large high-rise buildings, similar to apartments. With that said, if there are issues within the condo you purchase, a condo association exists that can handle those issues on your behalf, whereas homeowners need to reach out to professionals themselves to solve problems that arise.
There are a number of primary benefits that a condo offers over a house, with some of the most prominent including:
On top of all of the above benefits, there are a number of drawbacks that someone needs to keep in mind before purchasing a condo:
There are a number of beautiful locations for condos around the world. For example, beachfront condos for sale in Daytona Beach Shores will be far cheaper than home purchases and can offer stunning views. If you’ve decided that purchasing a condo is right for you, keep the following five points in mind as you start browsing condos:
Similar to purchasing a house, location can make or break a condo. Consider whether there are ample amenities in the surrounding area of the condo, such as restaurants or shops. Think about the safety in the area you’re at to ensure you are living in a built-up area. Additionally, for those with kids, consider the school districts in the area to see what the educational system in the surrounding area looks like.
One major benefit to living in a condominium complex is the shared amenities that you have access to. After all, if your complex has a gym, as an example, it could save you hundreds or thousands of dollars yearly on a gym membership. Think about these amenities as you consider your purchase.
Career growth opportunities are an important aspect of choosing a location to live. Think about the proximity of the condo to office buildings that have job opportunities to be sure you aren’t isolating yourself from future opportunities.
The neighborhood is a major factor to be considered when purchasing a condo. Always take the time to tour a condominium complex to see what the neighbor’s units look like in order to gain a feel for the neighborhood as a whole.
Similar to the above point, take the time to tour a unit rather than buy the condo sight-unseen. While photos can give a good indication of what a unit looks like, they don’t tell the entire story. It’s always best to visit the unit itself to see what the interior looks like.
With a median purchase price of $315,000 for a condo, learning how to budget for this major purchase always needs to be a priority. To that end, use some of the following tips to create and stick to your budget:
Along with all of the above, there are a number of factors that a person needs to consider before making a purchase. Keep some of the following items in mind prior to reaching out to the listing agent for the condo:
The perfect home will look different from person to person. While a house may be the right choice for one person, a condo can be the best option for another. Evaluate your needs from a home, the number of people who will be living in that home, and the location of that potential home in order to see if it meets your needs.
No comments on this item Please log in to comment by clicking here