Buying a Home vs Condo

So you’ve decided it’s time to become a homeowner, now what? Well first of all you will need to decide what type of home you want to have, and there in lies the dilemma about buying a home vs. a condo. So let’s look at both and what it is they have to offer, as each has positives and negatives.

Choosing between buying a Home vs Condo

comes down to what your choices are and what you want to get out of home ownership. Some people hate to be tied down to gardens, cutting grass, and other tasks associated with owning a house. While others, look forward to having their own yard a garden, flower beds, and the things a house offers, including that white picket fence.

It also depends at where you are in your life. Are you young with busy careers? Do you have a young family? Are you retired and want minimal tie downs? Your current lifestyle will reflect what it is you want in a home. If you don’t want to be tied down to your home then a condo can be a good choice. However, if you have a young family or are a regular home body than a house can be a good choice.

A condo will generally offer a great deal more free time than a house will because you have no yard work, now exterior repairs or upkeep, no sidewalks to keep free of debris, no fences, etc. A condo relieves you of all those responsibilities, and frees up a great deal of time, and often money. Then again if you love to putter and like the idea of having your own exterior space that’s bigger than a balcony a condo cannot give you that where a house can. In a condo all of these things are taken care of by staff and your monthly condo fees go towards upkeep and maintenance so you have no additional costs you have to worry about saving for.

One final consideration is price. If you are going to buy a house you are almost always going to be looking at a much larger purchase price than if you are going to buy a condo. House prices are greatly affected by the amount of land associated with the purchase. In addition, remember with a condo you will always have that additional condo fee, which can go up significantly over time. That means your mortgage payment plus your condo fees could actually total the same as the mortgage payment on a house.

There you have it – the pros and cons of both home and condo – now you must decide!

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