Purchasing a first or second home, whether you buy a condo or buy a house, is a major financial decision that, when chosen correctly, helps you sleep at night. It’s about two things: making an investment that will grow your money and loving the space where you come home to relax.
There are so many aspects of purchasing a condo or house that it can make your head spin. If you can answer a few key questions and decide what’s most important to you, it will make it easier to make the right decision that works for your unique lifestyle and will bring you closer to fulfilling the American Dream.
Advantages of Buying Houses
When you buy a house, you get certain benefits that don’t come along with a condo. A house gives you more autonomy as there are fewer rules and regulations about what you can and can’t do.
A detached house offers more privacy. You don’t have to share common areas.
Finally, a house doesn’t have an HOA fee. HOA fees often increase. You need to watch how the fees are being spent by the association, meaning you should attend association meetings so you stay informed about what is going on and you can give feedback to the board.
That said, you also want to consider what it includes in your HOA fee. If the fee covers utilities like water and gas and trash pickup, you’ll pay this on a single-family home, anyway. You’d have to do some further research in the area to compare which is the better deal.
Advantages of Buying Condos
If you want to buy real estate but you don’t want all the responsibilities that come from owning a house, then you may choose to buy a condo instead.
First, you’ll pay dues to a condominium association to take care of a lot of maintenance for the property. This means you won’t need to mow the lawn or shovel snow.
Next, if you want to purchase a home in a densely populated area, looking at condos will give you more options as they can be a big slice of the for-sale listings available.
Also, condos have fancier amenities that are more affordable than having them with a house. This can include a heated garage, pool, hot tub, gym, basketball court, and more.
Last, there is a sense of community that comes from being a part of a condo association. You live closer to other people, and you’ll socialize more with your neighbors.
Appreciation When You Buy a Condo
Typically speaking, houses have appreciated at a faster rate than a condominium. However, according to Zillow, the average condo climbed in market value by almost 42% from May 2010 to May 2020.
Oceanfront counties across the United States saw an increase in condo prices, up at least 20%. (They measure condo pricing year over year.)
Not only do you get a magnificent view, but oceanfront condos are also a brilliant investment. A popular place, condos in La Jolla are a hot buy right now.
Real Estate Investment and More
We hope you have learned a lot of great information on whether you should buy a condo or buy a house. A real estate investment is a big decision.
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