Which is right for you?
Should you buy a house or a condo? That’s a great question, and the answer is…well, it depends. Condos are great for adults looking for their first purchase or empty nesters looking to downsize. Homes are ideal because they give you room to grow and have higher resale values. What it really boils down to is what your short- and long-term lifestyle needs are.
Benefits of a condo
- More inexpensive. Condos generally cost less and put homeownership within reach for many people. A lower purchase price means a lower monthly payment, making this a great option for young professionals just starting out or retirees living on a fixed income.
- Community amenities. Depending on the condo community, amenities such as swimming pools, tennis courts and gyms (just to name a few) are right outside your doorstep. These enhanced amenities can add a lifestyle value for active individuals.
- Maintenance. Homeowners associations (HOAs) charge a monthly fee to maintain the landscaping of the property, including garbage and external maintenance of the buildings. This is a great choice if you prefer to spend your free time doing something else.
Benefits of a home
- Room to grow. If you’re ready to start a family or anticipate regular visits from family members, a home will offer the extra space you’re looking for.
- Resale. Traditionally, homes have a better resale value. Factors such as larger square footage and privacy contribute to a higher overall resale value.
- Control. With a single-home purchase, you can make your home truly yours. Condo HOAs can impose restrictive rules on where you can park your car, how many pets you can have (or none at all) and more.
This is only a quick comparison snapshot of buying a home or a condo. For a more in-depth comparison, contact one of our experienced mortgage loan originators by email, or call us at 1 (855) 841-9203 today.