You are buying a home in but haven’t decided whether it will be a condo or a house. That will be a simple decision when you look at some of the pluses and minuses of each .
Single Family Home:
- Outside space: a garden, a private pool, a place to barbecue, etc.
- No reliance on a homeowners association telling you what you can and cannot do,
- No homeowners dues added to your monthly payments.
- No common walls, so much more privacy.
- Much more freedom than a condo.
- A house is a better overall investment.
- Initial investment may be more.
- Security can be an issue in a house.
- Maintenance will be your total responsibility and should be budgeted for.
- Utilities may cost more in a house.
- If you travel a lot, locking and leaving a house is not as easy as a condo.
- Initial investment may be less.
- If you want to be in the heart of a city, then a condo will probably be a more affordable proposition.
- You may have more amenities than a house, such as a pool and gym.
- Upkeep of a condo is going to be less than a house, and all common area issues will be handled out of the monthly homeowners dues.
- A condo will provide more security.
- You can lock up and leave your condo when you travel much easier than a house.
- Monthly homeowners dues will add to your monthly outlay.
- You are never sure when an assessment is coming. Make sure you are on the board so your vote will count.
- You will probably have to get permission from the board if you want to make changes in your unit.
- Noise could be an issue with common walls.
- If you are a pet lover there could be restrictions.
- Condos are not as good an investment as a house.
- It can be more difficult to get a loan on a condo than a house.
Budget and lifestyle are going to determine whether a condo or a house is for you.
If you are looking to buy a home in the Los Angeles and would like to look at homes or condos on the market contact Jane Peters a Los Angeles Realtor
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