A majority of people assume that the difference a house and a condo is that one has a yard whereas the other does not. Well, the truth of the matter is that there is it goes beyond that, and it is paramount to identify all the factors before deciding to buy either one. Research has shown that people do also confuse the difference between an apartment style and a townhouse style. However, the truth of the matter is that both of these styles fall under the condo category.
Should I Buy A Condo Or A House?
Well, the fact is that this is a question that only you can answer. However, even though this is the case, many people do not take the time to think about their answer. Did you know that the answer really comes down to your style, needs as well as cost? For example, if you have a big family, and in need of a yard, then a condo is not for you. Again, if you enjoy your privacy, space and have absolute control over all the decisions that affect your home, a condo is not for you.
On the other hand, if you are a busy person and you are looking to simplify your living arrangements, then a combo is a right choice for you. In a nutshell, combos are best for those looking to not only simplify their living arrangements but also to a person who is buying their house for the first time and they are not ready to settle in a large room. It is important to know both of them are wise investments.
The Merits And Demerits Of Owing A House
When it comes to purchasing a home, you have to consider the merits and demerits it has to offer. This technique will give you an idea to buy the best in the market.
One big advantage of owning a house is that you have total control over the property to make changes or remodel without the consent of others. It does also give extra space indoor and outdoor. This space is the best for your family especially kids and pets. According to the National Association of Realtors, houses feature more closet space and the basement or attic. They offer more privacy.
Houses do also offer some limitations or disadvantages opposite from those with condo ownership. One of the limitations is that the owner has complete responsibility for all maintenance inside and outside the property. A person must have extra tools and equipment for maintenance.
The Merits And Demerits Of Owning A Condo
The truth of the matter is that condos are great investments. This is because they offer a lot of benefits with little limitations.
Condos are much closer to shops, supermarkets, restaurants and other forms of services. Other comes with added benefits such as fitness centers, swimming pools, and other recreation centers. They are not only convenient but also offer a low-maintenance lifestyle. This is because any exterior maintenance and expenses are shared. Condos offer a sense of community and safety.
One of the biggest limitations that are associated with condos is the cost/fees that are collected monthly from the mortgage payment. The amount is used towards building amenities and maintenance. Another limitation is that everyone share in the decision-making process in relation to the building. At the same time, condo terms differ depending on the location you are and the building itself. For example, some buildings do not allow pets, the elderly, noise and much more.
In summary, houses offer:
• Private yard
• No condo fees
• You are responsible for all insurance costs
• You have total control over your property
• Maintenance is required, and it is your responsibility
Whereas condos offer:
• You have the freedom to do anything inside the apartment (as per the law and condo agreement), but outside you will need permission.
• The condo association will take care of everything outside like snow removal, landscaping, building painting, cleaning and much more
• The condo has maintenance fees associated with everything outside.
• Security and a sense of community