It’s been a long-standing question among property owners: should you own a condo or a house? Here are a few points to keep in mind when determining what is best for you and your family.
Condos typically cost less
Typically, multi-family homes cost substantially less money than single-family homes to purchase. In Tampa, for example, home pricing data shows the average home costs $205,000 and a condo costs only $134,900. What’s more is you may also find that monthly expenses for owning a condo versus owning a home may fluctuate as well, depending on where you live and what HOA actually provides.
Condos provide less upkeep and offer more amenities
Taking in the obvious circumstances - no lawn to mow, no curb appeal to maintain, no structural upkeep, etc - you are doing a lot less in maintenance for a condo. Plus, most condos offer a slew of amenities that you might find in an apartment complex, such as a pool, gym, playground, and tennis courts to enjoy.
You may be enjoying a prime location without the hefty bill
If you own a home within walking distance of a downtown area, then you are probably either paying top dollar for it. Depending on your location, you are more than likely able to enjoy a downtown location without the astronomical home cost. Living downtown comes with its perks, such as not dealing with traffic and being able to walk to the night life.
Condos come with rules and restrictions
Living in a condo isn’t all it’s cracked up to be, despite the lower cost and lack of maintenance. Most buildings that house multiple families have noise ordinances, pet breed restrictions and even the overall look of your patio or type of vehicle you have. That may not be an issue for some, but others that already have pets and furniture may find that to be a deal-breaker.
When you move into a condo, you are not only sacrificing storage space, you will also miss out on a yard to offer outside parties as well as enjoying the privacy of a yard. Again, this may not be a key factor in finding a home, but for some, not being able to entertain in the comfort and privacy of their own yard, or having enough storage space could be a big deterrence.
You have more control
While some neighborhoods do adhere to HOA rules and regulations, they aren’t as strict as most condominiums, nor do they regulate what you may do inside your home. When you purchase a home, you have liberty to do whatever you’d like to make it your true family home. For those starting a family, this could be of the utmost importance.
No matter where you are in life - wanting a condo or a house - Mortgage Advisor is ready and waiting to help you through the purchase process. Check your eligibility today!