When buying a home, deciding between a house or condo can be a very big decision. For a lot of first-time homebuyers, single-family homes are above what they can afford. Although condos do come with lower price tags, there are other factors to consider. If you are looking to become a homeowner, here are some points to consider if you are stuck between a house or a condo:
Pros of a Condo vs. a Single-Family home
#1- More options: In a lot of areas, condos can be a significant proportion of for-sale listings. Not only that, but a lot of the time condos have a lower price than single-family homes. This gives buyers a lot of options when looking for the right fit for them.
#2- Less effort to maintain: With condos, you are not responsible for any exterior maintenance. When you purchase a single-family home, you have to consider the fact that you’ll have to take care of things like mowing or gutter cleaning.
#3- Amazing amenities: A lot of condos come with access to amenities you might not otherwise want to maintain in a single-family home like a gym or pool.
Cons of a Condo vs. a Single-Family home
#1- There are more rules: When you live in a condo, HOA rules might limit what you can and cannot do. For example, some condos are not pet friendly.
#2- Less privacy: Living in a condo means having to share walls and common areas with multiple neighbors. A single-family home may give you a more private life.
#3- HOA Fees: Depending on the area, a condo might come with a higher HOA fee than a single family home. However, it is important to consider how these compare with owning a single-family home in your area before making a decision based on this.
Read more: https://www.thestreet.com/personal-finance/which-is-better-first-time-buyers-house-or-condo-nw