Condo or House: Which is Right for You?

The past several years have certainly been turbulent times for the real estate industry. Home prices are the lowest they’ve been in decades making home ownership very enticing. When it comes time for a family or individual to consider purchasing their first home, there are many options to consider. The choice of whether to buy a house or a condo is a complicated decision that a new homebuyer will have to contend with. Both houses and condos have their respective advantages and disadvantages and it is ultimately up to the individual to decide which choice woudl suit them best. Let’s discuss the main positives and negatives of each option.

Condo Advantages
One advantage of owning a condo is the price difference with a house. Condos are generally much more affordable than a single-family home, and this can be very enticing to first-time buyers. Condominiums also relieve owners of much of the stress of yard work and maintenance, as this is usually handled by the condo’s homeowners association (HOA).

Condo Disadvantages
Owning a condo is certainly not without its disadvantages. One such disadvantage is that condo owners typically have less control over the look of their home and yard than house owners. Condos also typically have smaller yards than most single-family houses and are therefore probably not a good choice for families with several kids or families that wish to have a garden. Other disadvantages of condo ownership include pet restrictions and possible age restrictions.

House Advantages
Owning your own house is another attractive option for those looking to purchase. Houses typically have larger yards than condominiums, which can make them ideal for families. House owners also have full control over the look of their home and property and are free to plant trees, paint doors, install sheds, and more without fear of repercussions by any sort of homeowners association.

House Disadvantages
Owning a house is probably going to be a longer term investment than condo ownership since, in most cases, houses are more expensive. Another thing that some potential house buyers fail to consider is how much home and yard maintenance actually costs. Many house owners are caught off guard in the spring when realize how much it will cost to keep their yard looking nice. Broken furnaces, water heaters, air conditioners, etc. can also be very pricey and stressful to fix.

Conclusion
It is impossible to say whether condo or house ownership is better. It depends entirely on the situation of the individual or family looking to purchase. Before purchasing one or the other, consider where you will be in 10 years. If you are married and think you will have a couple kids in 10 years, house ownership is probably the way to go for the long term. If you are single with no intentions of getting married, condo ownership may be your best bet.

This article was written by Derek Dasher from YourLocalSecurity.com. Derek is a frequent contributor at In Good Measure.

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About SanDiegoatHomeTeam
Christian van't Vlie and Ivana Milosevic. Helping sellers and buyers successfully reach their real estate goals while keeping them informed every step of the way, disclosing all known facts and real estate practice procedures so that all involved parties can make well-informed decision. We care and we are at your service.

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