If you are thinking of buying a house, particularly downtown, you might be asking yourself, is it worth buying a condo? Let’s find out more about condos here!
As we know a condominium is essentially a hybrid between a house and an apartment. It is the property that a buyer can purchase as well as own outright. Typically condos come with a many great perks. However, not all of these perks are for everyone. If you should purchase a condo, rent or buy a house, the decision comes down to your preferences and lifestyle.
What Makes Condo A Worthwhile Investment?
Here are some of the most common perks of choosing a condo over a house or a rental property.
Undoubtedly, the condo is a less expensive choice than purchasing a house. As per the National Association of Realtors – NAR – the existing median house price was reported $241, 600 as of January 2018 and the existing median condo price was reported $231, 500 also as of January 2018. Even though there is just a difference of $10,000 but in a lot of markets, this gap is actually much wider.
Moreover, when we say that a condo is a less expensive option, it also means that its lower price comes with lower monthly payment and lower down payment.
No Maintenance or Heavy Repairs
This is another primary advantage of buying a condo. If you’ve bought a house or rented a property, you know all the maintenance work that needs to be done right after moving in. You get busy with mowing lawns, trimming hedges, painting the house, pruning trees, cleaning gutters, shoveling snow or raking leaves. On the other hand, condo owners are usually busy taking weekend trips, hanging out at the pool or simply relaxing at home.
This is because the exterior of a condo is maintained by the HOA – Homeowner’s Association and the homeowner only maintains the interior. Since anything outside the main door isn’t the owner’s headache, they not only get free time but also save money to spend on other pursuits.
Condos are smaller as well as more densely packed. In fact, they are usually located quite close to different amenities. This is especially true of urban areas as they offer more cultural activities, entertainment, shopping and job opportunities. The owners of condos enjoy shorter commutes in comparison to homeowners living in suburban areas and distant suburbs.
While all of these are some of the many perks of buying a condo, the following are some of the reasons why you may not prefer a condo over a house.
Technically speaking, real estate ownership entails land and by definition, condos come without it. So if you wish to have a piece of land, you must own a house. It is true that you will need to maintain the property but you can make changes as per your preferences such as creating a garden or building a private pool.
Condos have the inherent disadvantages of uniformity. As you don’t own the home’s exterior, you can do absolutely nothing with it. So the truth is neither of the choices is actually better than the other. All you need to consider before buying a condo is your preferences and where you stand in life.