In This Post:
– Difference between condo vs. house
– Pros and cons of buying condo vs. house
Buying a new home is a once in a lifetime affair for most people. That is why it is so important to ask yourself a few questions before you spend all your life’s savings. Do you prefer living alone in a single unit bungalow, where most of the repair and maintenance tasks are done by you or would you enjoy shared amenities while living in a condominium? If you are still stumped, read our blog and find out the different pros and cons of buying a condo vs house.
Condo Vs. House: What Is the Difference Between the Two?
A condominium is a lot different than a house. A condominium is like an apartment complex where the homeowner buys the interior living areas and some part of the common areas. These are private residences within multi-unit buildings, so some of the common areas and facilities are shared such as indoor swimming pools, laundry rooms and garages. In a house the entire area including the land is owned by the buyer and none of the facilities and responsibilities are shared. Since now we have understood the differences between a condo and a house, we shall now discuss the various pros and cons of buying a condo vs. house.
Pros and Cons of Buying a Condo vs. House
Aspiring homeowners might consider buying condominiums over houses when it comes to modern living, less maintenance and more affordable options. However, houses fare well in the long run as they can be sold at the right time to get maximum returns. Before you decide which is the better of the two types of house ownership, check out these benefits and drawbacks of buying a condo vs. house to help you determine which type of housing is more suitable for your preferences and finances.
Pros of Buying a House Vs. Condo
Here are some benefits of buying a house over a condominium.
More independence – Purchasing a ready-made house would be the right choice for you if you value independence, privacy and freedom above anything else. Having a house of your own gives you the liberty to design and decorate the house on your own. You can decorate and redesign your house just the way you like it without asking anyone.
No prior approvals needed – You don’t need to go through different approval processes before taking any potential upgrade or home improvement project, which is likely the case in a condo where you need to inform the authorities for even a small upgrade.
Private yard – There is more privacy in a house than in a condominium. You can talk freely in your living room without worrying about neighbours on the other side of the wall eavesdropping on you.
Cons of Buying a House Vs. Condo
Some of the drawbacks of buying a house are:
More Responsibilities – There are plenty of responsibilities and maintenance issues when living in a house and all of that falls on you as a homeowner. You need to invest in some equipment and tools to carry on any repair tasks on your own. This includes managing the yard, tending to the garden and in the general upkeep.
Higher Utility Bills – As far as houses are concerned, utility bills are a bit higher than condos because the space is large and expenses are not shared.
Pros of Buying Condo Vs. House
If you are looking to invest in a condominium, here are some of the benefits:
Low-Maintenance – People usually prefer buying a condominium as it requires less maintenance and most of the responsibilities are shared. Carpentry, electrical, plumbing, gardening and fumigation services are all shared.
More Convenient – There is more convenience as most of the expenses and additional responsibilities are mutually shared between all residents of the apartment complex. So, you as a homeowner do not have to worry about the expenses involved in home maintenance tasks that usually come with owning a property. For any maintenance issues, you only need to pick up the phone and report it.
Shared Amenities – One of the best advantages of buying a condominium is that parking space, fitness facilities, indoor swimming pool and common living spaces are shared by all residents.
Better Security – Because of the recent shift towards vertical expansion, the culture of living in condos is on the rise. Moreover, condominiums are more secure as compared to single-unit bungalows.
Cons of Buying Condo Vs. House
There are a few disadvantages of investing in a condominium that you should consider before spending your life’s savings.
Maintenance Costs – The building authorities usually charge a fee annually that involves all the maintenance and repair costs of the building and other shared amenities. It is important to discuss which of the costs are covered before buying a condo.
Not Private – Living in condominiums can affect your privacy and you might have to put up with noisy neighbours or worry about somebody listening to your conversations.
No Room for Improvement – You can’t renovate a condo without going through an extensive approval process.
We hope these pros and cons of buying a condo vs. house would help you make an informed decision. In the meantime, you should also read other informative blogs on the subject:
- House vs. apartment – which is better?
- Moving from a house to an apartment made easy
- Which floor to buy an apartment on and why?
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