Should you buy a house or a condo? I have sold many of both, and I can tell you that there are advantages and disadvantages to both—of course. Here are some things to consider if you are trying to make up your mind:
Advantages to buying a condo
- 1. Less expensive
Depending on the location, condos tend to be less expensive than single-family houses. That is a bonus if you are seeking affordable housing.
- 2. Closer to the action
If you want to live in an area that is closer to work, shops, and culture, a condo may be the right choice for you. These areas tend to be expensive, and a condo is a more affordable choice than a home.
- 3. No yard work
If you buy a condo, you will not have to worry about mowing the lawn, trimming your bushes, or shoveling your driveway in the winter. Wow! Would you like to be relieved of those responsibilities?
- 4. Building maintenance
With a condo, your association is responsible for maintaining the building, so you don’t have to worry about costly repairs, either. These should be covered in your association fees, though you may be responsible to pay extra for major repairs as outlined by your association bylaws. Check into that, but for the most part, you will probably come out ahead of the financial game in regard to maintenance.
Disadvantages to buying a condo
- 1. Space
Most condos are substantially smaller than single-family homes. If you have a big family, a condo may be too small for your needs.
- 2. Privacy
You will be sharing walls with your neighbors. This can be unpleasant, especially if your neighbors are noisy or like to cook strong-smelling meals.
- 3. Association fees
You will have to pay fees to your homeowner’s association. This is the group that is responsible for taking care of the landscaping and plowing the driveway, so while you won’t have to do these things yourself, you will still need to pay for them. Most associations also have rules that you will have to abide by.
Advantages to buying a house
- 1. Space
Single-family homes are generally bigger than condos, so while you might pay more in dollars you are actually getting more space for your money. You will also have your own yard, which is nice for families with children or pets, or for people who like to garden or enjoy outdoor activities.
- 2. Privacy
With a house the entire building is yours. You don’t have to listen to your neighbor’s music through the wall, or smell their cooking. You will also have your own private outdoor space to enjoy gardening, barbecuing, or other outdoor activities.
- 3. No association
Actually, some neighborhoods do have homeowner’s associations, so check with your realtor about any homes that you are interested in purchasing. If your house is not in such a neighborhood, you will not have to pay any association fees, and you will have more freedom to decorate your home and yard as you see fit.
- 4. Family-friendly neighborhoods
Houses tend to be in neighborhoods with sidewalks, bigger parks, and areas for children to play.
Disadvantages to buying a house
- 1. Location
Single-family homes tend to be located farther from downtown areas. While this gives you more space, it also could mean longer commutes and less access to public transportation, shops, and restaurants.
- 2. Cost
Again, single-family homes tend to be more expensive than condos, though if you do the math, you are generally getting more space for your money with a house.
- 3. Maintenance
With a house you are entirely responsible for all maintenance, including lawn care, snow removal, and structural repairs to the building.
These are the factors to weigh when you are deciding between a house and a condo. It all comes down to your family’s needs and what is important to you.
This article was provided by Allison Klein of http://allisonkleinhomes.com/. You can learn more about Allison by visiting her website where you can search all Fort Collins CO real estate here http://allisonkleinhomes.com/greater-fort-collins-area/fort-collins/ and Loveland CO real estate here http://allisonkleinhomes.com/greater-fort-collins-area/loveland/.
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