You look at the palm of your hand and you can almost see it, the glistening, sense-of-security-giving key to your new home. You’ve planned out your budget, you’re on track for mortgage loan approval, you’ve thought of neighborhoods, you’ve called the agent, you are pretty much set. But then you figure, wow, what kind of home do I really want?
You could be set on dimensions and location, but deciding what kind of property you want to be responsible for is a whole different ball game. For example, there are condos and there are houses. In hopes of not pining over a decision for the next six months, let’s focus on the basic differences between the two.
The biggest difference between condos and houses is that when you own a house you also own the plot of land that it is on. When you own a condo, you own the airspace occupied by said home, and perhaps part of a common area. A house will require lawn and structural maintenance that are solely the owner’s responsibility, while a condo will require maintenance to the outer structure that is split between the tenants.
Deciding which is better for you depends on many variables, starting with how much having a lawn matters, and whether or not you will be willing to invest on its upkeep.
Is renting out your property in your future plans? Then consider that condos will see tenants come and go more quickly. However, when it comes to selling, you might be get a better return on your investment when selling a house.
Do you prefer the privacy of your own property lot or the community of a condo? Communities are not a given in condominiums, but you sure will be seeing your neighbors whenever you use any of the common areas.
In the end, no one kind of property trumps the other. Instead, careful consideration of what your priorities and preferences are when it comes to your future home will guide you to making the right choice.