Condo vs House choice for homebuyers, Purchasing condominium tips, Buying property
Condo vs House: Homebuyers Dilemma Resolved
21 August 2024
Owning property is one of the best ways to build wealth and ensure security, both now and in the future. However, not just any property will do: you need to choose the one that meets your lifestyle, budgetary restrictions, and overall goals. This is especially true because real estate is very expensive in any market; the average home price is $412,300 across the United States, while the average condominium unit price is a bit cheaper at $357,600. Many areas are significantly more expensive, especially high-value markets.
In this article, we’ll outline the benefits and drawbacks of each property type so that you can make an informed decision based on what you and your family are searching for in the perfect property.
Condominiums: Convenient, Low Maintenance, But Less Independence
One of the greatest draws to buying a condo unit is that there’s far less upkeep, given that you’re not responsible for the maintenance of the common areas. Elderly individuals or those with very high-stress jobs will appreciate not having to worry about snow removal, lawn maintenance, or even fixing that burnt-out lightbulb in the hallway.
Additionally, the best condominiums are attached to some incredible amenities that can truly make the cost worthwhile. For example, those pursuing Mandarin Residences Miami condos for sale will be astounded at the luxurious perks of living here; there’s an 80,000-square-foot amenities platform that includes things such as a multi-tiered, landscape pool, restaurants, a spa, recreational facilities, and lush meditation gardens.
Rather than having to juggle multiple subscriptions to things like municipal pools and gyms, most of these are included in the amenities fees, depending on the particular condominium. Community amenities not only enable you to have easy access to services, but they also help you build a strong social network, which can be especially important for seniors and young families. Also, a condo’s location is usually much more attractive if you’re thinking about avoiding the long commute from the suburbs.
There are a few downsides of condominiums to be aware of, though. For one, the square footage may be smaller than what you could get for a home, though there are certainly many condominiums that are even more well-proportioned than a single-family house.
You will also have to deal with some of the nuisances of community living, such as noise concerns. Most condominiums also have an HOA or condo association, which will restrict what you can and cannot do with the property. For example, if you’re thinking of buying a condo as a second home and you’re planning on renting it out, not all condominiums allow for short-term rentals. In addition, condo HOA fees have risen immensely in South Florida.
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House: More Independence, But More Cost & Responsibility
Owning one’s own house is typically seen as one of the hallmarks of independence. Even with the current challenges of high interest rates and low stock, millennials and Gen Z are still eager to purchase property and consider it one of the most important investments they can ever make.
The benefits of owning a house are plentiful, which is part of the reason why single-family houses are the most abundant forms of real estate. Being able to make your house truly your own is very attractive, especially to those who were previously restricted by tenant agreements and were not allowed to express their individuality through design.
Additionally, houses allow for greater privacy, especially if they are detached units that do not share walls with another abode. This can be important for many, particularly those with young children who are concerned about getting noise complaints if they live in an apartment.
Regardless, houses do have some downsides, which include higher property taxes and more work. Unlike with a unit in a condominium complex, homeowners are responsible for all of the property maintenance and necessary upkeep, whether that’s keeping trees trimmed or fixing a leaky roof.
These costs can add up fast, and for many, it only takes one unexpected house emergency to wipe out their entire savings. While homeowners insurance can definitely help with issues like a fire, these policies are notoriously picky about what they will cover.
This is especially true for water damage due to floods, the most common form of natural disaster and frequently excluded from covered incidents.
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How to Make Your Selection Between Condo Versus House
With such an expensive commitment, it pays to take your time. Think carefully about your needs and lifestyle, taking a clear-eyed perspective about what you really want. It’s one thing to insist that you will be up at the crack of dawn every morning to use the condo’s fitness center, but if you’re not already an avowed health enthusiast, this may be too idealistic. At the same time, if you’re certain that you will become a master gardener with your 1-acre plot of land, but you’ve never planted a tomato in your life, this, too, might be a waste of money.
You will also need to consider the return on investment and how much you have in savings to cover any unexpected costs. Will you be able to afford it if your pipes burst unexpectedly? How about if your condo insurance refuses to cover a necessary repair? It is not just the down payment, closing costs, mortgage, and insurance to consider but also the ongoing maintenance.
When researching, look at the average costs of condos versus houses in your area, including the upkeep. Consider what areas you would like to live in and talk to people in the area about their recommendations. By looking realistically at your lifestyle and budget, you can make the correct choice for your needs.
Comments on this guide to Condo vs House choice for homebuyers article are welcome.
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Design: ARGE Berger+Parkkinen architects with Christoph Lechner & Partner, Vienna
photograph : Daniel Hawelka
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