Pros and Cons of Buying a House Versus Condo

When Buying a Home Will it be a House or a Condo? The Pros and Cons

Pros and Cons of Buying a House Versus CondoYou 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:

Pros:

  • 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.

Cons:

  • 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.

Condo:

Pros:

  • 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.

Cons:

  • 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

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *