Most of the time, buyers are often confused whether it’s best for them to buy a condo unit or a traditional house. Housing type is certainly one of the most important decisions you have to make. Not only will you be investing a lot of money into it, also, you will be living in it so a thorough research is definitely a must here. Of course, there are a lot of advantages and disadvantages to both types of housing. One of which is, homeowners purchase the house and the land where it’s sitting on, whereas condo ownership only includes the living space inside the condo unit and some of the common areas of the condominium building.
We want to help you decide which one is best for you. That is why we are here, to talk about the pros and cons of both housing types.
I think everyone will agree when I say that when it comes to buying a housing type and having total control over the property, housing unit takes the cake. If you buy a house, you do not need the consent of anyone if you want to remodel or make changes on your property. Another great advantage that housing type is that it allows you to have more indoor and outdoor space which is more apropos if you are planning weekend barbeque in the backyard or simply to entertain your guests in a more lavish way.
Not everything about homeownership is a walk in the park, it has some drawbacks as well. If you are planning to be a homeowner soon, you are responsible for all the maintenance in and out of the property, and this includes your backyard front yard and the trees as well. In addition to that, you may need to purchase extra equipment and tools that will help you maintain your house.
More recently, buyers choose condo over houses. The reason behind this is because condos are usually located in urban areas where shopping centers, offices and many other places of interests are just within the vicinity. Another advantage of a condo unit owner is that of their convenience and low-maintenance lifestyle. The association fees basically covers the maintenance of the exterior part of the building and you only have to mind the maintenance inside your unit.
One of the biggest drawbacks of this housing type is the association fees that are collected on top of your monthly mortgage payment. These are used for building maintenance and facilities. In addition to that, all
Homeowners have to share in the decision-making process regarding the building. Unlike when you have a home on your own, all the decision making is up to you.