Whether you decide on a condo or house, buying your first home may be one of the most important financial decisions you’ll ever make. If you’re new to this process, it’s important to note that some standard shopping rules don’t apply. For example, you’re not going to find gold in the clearance section or name your price by attaching a promo code!
This market has its own set of rules and ways to play the game. To stay ahead, you’ll need to educate yourself on the ins and outs of home buying. First on the list? Understanding which type of home you should purchase! By the end of this blog, you’ll know the essential distinctions between buying a condo vs. a house.
Today’s Real Estate Market
Let’s start with the good news: there are plenty of benefits of homeownership no matter what kind of property you invest in — especially considering the low-interest rates of today’s market! Before making any final purchasing decisions, though, make sure you’re well-informed about the long-term gains or losses you may see when purchasing a home.
After taking the proper first steps of buying a property, such as finding a real estate agent and getting prequalified, you’ll need to decide what kind of home you want to buy. Sorting out the differences between house vs. condo purchasing can be difficult, but we’re here to help!
The Pros and Cons of Buying a Condo
Pro: Luxurious Amenities
In recent years, more homeowners have become interested in condominiums due to their unique benefits and perks. These buildings operate similarly to apartment communities and often offer amenities that most houses don’t, including luxury facilities like gyms, clubhouses, pools, and beyond.
Con: Too Many Rules
Living by the guidelines of an association may be too restricting for some. Depending on your Homeowners Association, you may find strict quiet hours, be limited in the number of pets you can own, and even be restricted to a certain number of visitors at a time. If you like your independence, buying a house may be a much more autonomous option.
Pro: Low Maintenance
Additionally, condos tend to be lower maintenance in comparison to houses. Owners typically pay an association fee, which helps cover the cost of landscaping, facilities, common area repairs, and general upkeep. If the maintenance side of homeowning doesn’t appeal to you, buying a condo may be your best bet.
Con: High HOA Fees
The ease of condo living does come with a price. Depending on a building’s amenities, Home Owner’s Association fees can be relatively high, with the possibility of increasing.
Pro: Location, Location, Location
Condos can also provide a superior location for a lower cost. Condominiums are usually found in urban environments, close to shopping areas, public transportation stops, community parks, and other areas frequented by the hip new homeowner! If the location is incredibly important to you, compare the cost of homes in your desired neighborhood compared to condos. You’ll likely find that houses can be double or more than the price of a condo.
The Pros and Cons of Buying a House
Pro: Wider Selection of Real Estate
If you’re interested in a more traditional experience of owning a house, you may find a wider selection of homes to choose from compared to condominiums. New attributes crop up in this decision-making process: architectural design, lot size, age, and more. These factors bring in plenty of pros and cons in their own right.
Con: High HOA Fees Too
Just like buying a condo, you may find yourself required to pay a Homeowners Association fee monthly, quarterly, or annually to keep up with neighborhood maintenance costs. HOA fees are not exclusive to condo living — neighborhoods can require these fees too!
Pro: Opportunity to Renovate
Also, if you’re willing to put in some work, buying a fixer-upper may be the most economical choice in the long run. By choosing to go with a house, you can make it your own — more so than you can with a condo.
Con: Surprise Repair Costs
Surprise costs that come along with owning a house — hello, foundation issues! — can be scary high. As the owner of a house, all maintenance expenses will be coming out of your pocket; remember, that also includes the cost of standard home tools and equipment.
Pro: Land Ownership
When purchasing a house, you’re also buying the land on which it resides. By acquiring both, you could be making an excellent investment depending on where you live. What’s better than sitting on prime real estate in a home that you love?
CORT Has Your New Home Furniture Covered
After you’ve settled on which path to take, it’s time to start thinking about what comes next: furnishing your new home! Deciding on permanent home furnishings can be overwhelming, especially after going through the arduous process of purchasing a home.
With CORT’s Move-In Ready packages, you can press pause on this time-consuming and expensive task. These packages provide short-term quality comfort and style while you carefully decide on the pieces for your long-term home!