First-time homebuyers have a great deal to think about. From price ranges to neighborhoods, they can easily become overwhelmed by the entire process. Whether you are buying on your own or have a family, the housing options are endless.
Many first-time homebuyers tend to look at condominium units. These buildings offer many benefits, as houses do. However, both types of housing have drawbacks. What are these benefits and negative factors, and how are homebuyers affected?
Condominium pros and cons
At first glance, condos make sense for first-time buyers. These buildings are generally located in busier neighborhoods. According to Max Real Estate Exposure, this is because condo buildings take up less space, as the buildings are built upwards, instead of multiple units occupying acres of space. Homes built within a city's limits may carry a high price tag, and as a result, condo units may be the only realistic option for homebuyers.
Condos have other pros as well. For instance, you may find the limited and sometimes, smaller, space actually suits your personal habits better. You won't have that much space to clean or keep track of. Likewise, any outside maintenance is handled by the building's owner. Condo owners will typically pay a small fee for the upkeep of minimal lawns and plant life. This is a benefit for young and retired homebuyers, who may not have the time to spend maintaining a lawn. Other perks often include in-building fitness centers, small grocery stores, computer lounges and sometimes, sunroofs.
However, homebuyers should be aware of the same downsides to owning a condo. Every building will differ, but some will likely have some policy in place regarding pets and even age restrictions. Even though you don't have to to keep up with maintenance, you will likely need to seek approval for any changes you wish to make inside your unit. Another negative is that you'll likely move out within six years, as most other condo owners do, according to Interest.com. Finally, a condo may not provide homebuyers with the privacy they wish to have.
What about a house?
Homes offer much more space than a condo. Depending on the location of the house, there may also be spacious yards, porches, decks and more. While this means homeowners will have to regularly keep up with maintenance, it also gives families more privacy than living in a condo.
Homes offer two benefits that condos really can't: financial health and control. When buying a house, it is essentially yours as you make mortgage payments. You can paint the walls whatever color you wish, or even build an addition as your family grows in size. However, any extensive remodeling will . Owning a house will mean you have to pay more in property taxes and other areas, but you will also gain equity from home ownership, as you do from owning a condo.
On the other hand, homeownership comes with a greater set of responsibilities, including constant upkeep, obtaining all forms of insurance and other areas. You will likely need to schedule home inspection services to make sure everything works properly. These inspections likely occur more often than with a condo.
Depending where your house has been built, the location may also be a con. If you have to travel to work everyday, do you live close to the job and away from the city, or live in the city and make that daily trip? The cost is also another factor, as Max Real Estate Exposure says single-family houses are generally more expensive. City homes in popular neighborhoods will carry a bigger price tag than homes further away. It's all about finding the right level of balance when buying a house.
Potential homebuyers should weigh the pros and cons when looking to buy a house or condominium. Each has unique traits and will offer various levels of enjoyment depending on personal lifestyle choices. Houses offer more financial stability and privacy, but cost more. Condos tend to be located in busy neighborhoods and require little maintenance, but offer little privacy or space.