There are a lot of options to consider when buying your own home. If you’re just striking out on your own for the first time, or if you’ve been living in an apartment for years, you might not have had experience buying property before. You’ve already decided not to rent, you want a place you can call your own. But what is best for you, a single family home, or a condominium? Condos have a number of advantages over traditional homes, but there are drawbacks, too. Here’s a rundown to help you choose what’s right for you.
Advantages of Buying a Condo
Affordable
Traditionally, condos cost less than single family homes, which can be a lot easier on people living alone or still early on in their career.
Location
Houses are mostly located in the suburbs, which are often a drive from anywhere. Buying a condo gives you the option of living within walking distance of where you want to be. Obviously, this will be contingent on where you’re moving to: condos in Austin, TX will be surrounded by a lot more places to go than a condo on the beach somewhere.
Security
Condos provide an extra layer of security, as they are often gated, have security guards, or other collective means of security for the whole building.
Maintenance
Like with apartments, having a condo means not having to worry about paying to fix the fridge if it suddenly breaks, which can be a major stress alleviator.
Amenities
When you pay for a condo you pay for everything in the complex, including access to the gym, the pool, whatever else they might have attached.
Disadvantages of Buying a Condo
Not Your Land
If you’ve always dreamed of having your own front lawn, condos might not be for you.
Fees
It does cost a certain amount yearly to belong to a condominium community.
Lack of Privacy
The same communal issues with living in an apartment building extend to condos. You won’t be able to get away from your neighbors; they live on the other side of your wall.
Rules
Living in a condo means that you have to abide by the rules of the association, whereas living in your own home only requires you obey the laws of man.
Resale Value
Condos do not appreciate as well as homes, so you might be losing out financially if you have to sell soon.
There are certainly advantages and disadvantages to each option. Really, it depends on what type of person you are. If you are a bit on the lazy side and like a bit of community, go with a condo. If you just are starting a family and value your independence, buy a house. Whatever is best for you. For more information, visit Austin Proper Residences.
