What To Buy: A house vs a condo

What To Buy: A house vs a condo

Buying a home is a complicated process, and it begins with you knowing what you want.

The problem is that with all the options in the market, it’s a challenge to make a quick decision about what you’re getting.

We can help. In terms of value, amenities, location, and ownership, we’re going to determine which home is better for you.
Amenities

Amenities are a big part of selling homes. From swimming pools to play places, amenities get buyers excited and homes sold. While traditional houses enjoy having amenities within their gated subdivisions, condos have them on the floors of the buildings or within close vicinity. This convenience is one reason why condos attract more buyers who are primarily interested in amenities. Another reason is that most condos are equipped with these niceties: a gym, a pool, a play area, or even a mall. By contrast, not all houses would have these nearby. If you want a house with added luxuries, you may have to look at high-end gated communities and this will cost you considerably more.

Space

In terms of space, usually a free-standing house will give you more. And more space means more people to accommodate without crowding your place. While condo spaces willl range from studios to three-bedroom units, houses, for the same price or more, have wider and also additional rooms. That means with your bedrooms, you can have a separate maid’s room, another toilet and bath, a wider kitchen and living room, your own laundry area, and even a yard. These extra living spaces are standard inclusions for quality homes in the country. So if it’s space you’re after, you may want to look at buying a house.

If you’re someone who has a few cars, having a condo may not be suitable. Parking spaces are paid for separately in condos, unlike in houses. Renovating may also be a dilemma when you’re in a condo. It’s much easier to expand your space, vertically or horizontally, with a house.

Location

Condos are often located in city centers so living in one means having quick access to everything. You’re likely to have malls, restaurants, churches, and schools close by. This convenience is ideal for most people, be they a single professional or part of a small family. Work is close to home, and so are the basic economic stations. Transportation hubs and major thoroughfares are also within reach, which means commuting is easy.

House and lots in accessible areas share nearly the same perks. With a house, however, you may enjoy more privacy than accessibility. You’re most likely to be surrounded by peaceful neighbors instead of busy noisy centers.

If flooding is a concern, looking for a home in a guaranteed flood-free area might be more challenging than choosing a condo unit. And if it’s views you’re after you can’t beat a mid- or a high-rise.

Costs

It’s difficult to compare like for like costs between a house and a condo. They may cost nearly the same, depending on location. If you’re looking at a prime location, both can range up to two digits in the million scale. Outside business districts in the metro, both can still be similar, but considering the space you’re getting, a house may be a better choice in this instance. By contrast, when you’re looking for amenities, a condo will often be the preference.

Aside from the price of the property itself, the costs of a condo unit include association fees, parking fees, and others that may vary per condo. That’s on top of your insurance, taxes, and title registration. The association fee is often a problem: it’s regular and it’s high. With houses, you don’t pay for your garage or a high maintenance fee. You do pay for utilities, however, and solely shoulder the maintenance of your property.

You have to know how much your new home will cost overall. It’s not just the price of the property you have to contemplate. You also have to consider taxes and mortgages, as well as resale and maintenance values.

Ownership

Living in a condo means owning a unit and sharing the whole property with your neighbors. This doesn’t mean you have fewer responsibilities however. You are a part of the community, so you share the association fees and the decision-making ability with the rest of the condo owners. When you want to repair or renovate a part of the property, you have to consult all owners about your decision. By comparison, owning a house means you can renovate your home whenever and however you like and also control how much you spend on maintenance.

Choosing between a condo or a house may be difficult. Ultimately, it depends on your lifestyle, your budget and your desires. Be patient and picky; you’re buying a home. You will find it, and it’s going to be worth all the trouble.

So which is the best for you, condo or a house?

source : realestate.ph
 
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