When buying a new home, the decision on whether to buy a single family home or a condo can be a close call. You need to look at the pros and cons and each option before making up your mind. This article sheds light on five key aspects that will help you weigh the two options.
Primarily, this should be the first thing to have in mind when deciding on whether to buy a condo or a house. Once you have a potential location in mind, the next thing is finding out the type of establishments in that area. As a fact, you would expect to find many condos as opposed to single-family homes in a town set up and many single-family homes compared to a condominium in areas away from town.
It is also of the essence to ascertain the kind of privacy you would wish to have when in your home. A single-family home tends to offer more privacy compared to a condo. Thus, if privacy is a top priority need, then settling for a single-family home would be an ideal option. On the other hand, if privacy is the least of your concerns, then a condo can serve you best.
When making this important decision, it is also important to consider the amount of money you are ready to cough out. In most cases, condos will sell a lower price compared to a single-family house of the same size. However, it is imperative to examine the value and the money you will be required to pay.
In a single- family home, you will have more freedom on how to use your property compared to a condo. For instance, in a single-family home setting, you will have the liberty to select the colors, exterior décor among other things. On the other hand, in a condominium, you may have to live under the strict rules set by the homeowners association. Thus, having this in mind, when deciding on whether to buy a condominium or single- family home is of the essence.
The other thing to bear in mind when weighing the option on whether to buy a condominium or a single-family home is to ascertain the bearer of maintenance costs. In most condo setups maintenance costs are shared among the unit owners. Unlike a condo, costs in single-family homes are born by the owner.