Should You Buy A House or Condo?

The condominium market is a great way to buy your first home, even if you can't find an affordable single-family. You'll get the independence of living in one while still having lower prices than renting and maintenance that needs attention from time to time!

If owning property gives you any feelings towards investing or building equity then don’t hesitate to buy into this type of ownership because there are always prebuilt condos with all kinds of amenities like pools for families not enough space at their current residence so they need another place nearby which should provide them plenty more room to boot; just think about how much easier life will become when fixing up both places?

More Choices

The condos market is a lucrative one for those who know how to navigate the waters. More choices, lower prices, and less competition mean that you're likely going to be able to find an affordable property in any location of your choosing with ease.

The housing market is becoming more competitive by the day, with prices for single-family homes reaching all-time highs. But there are still some neighborhoods worth considering if you're on a budget or looking to live close to work - condos can be cheaper!

A recent study showed that in December 2020 median condo pricing was just $272/month while detached houses cost about 3 times as much at 314 USD per month (or roughly 2X annual income).

Less Effort to Maintain

A condo is a great option for people who are looking to save money on their monthly HOA fee. Not only does this type of property not require you to pay exterior maintenance like mowing, snow removal, or gutter cleaning but also mechanical systems such as air conditioning and plumbing can be handled by the homeowner association (or directly if there's an in-unit complex).

Maintaining condos usually falls within your association fees so that’s one less expense!

Fancier Upgrades

Amenities that you wouldn't be able to afford or maintain on your own, like an on-site gym and pool can be included in monthly HOA fees. Stern recommends focusing more heavily on how much these complexes will cost because they are so valuable!

Potentially Cheaper Insurance

Condo insurance is potentially cheaper than homeowners' policies since you are mainly insuring your possessions. It's important to check over the HOA’s policy in order to take care of any gaps that may exist between yours and theirs so they don't have more risk associated with covering their properties while still being safe themselves!

Rules + Guidelines

The HOA may limit what you can do both inside and outside your home, like whether or not pets are allowed. They also have strict rules on who has access to which parts of the complex - if someone else lives in an upstairs unit for example they won't be able to let their dog walk right down into yours!

Privacy

 Condos, on average have less than detached houses because they share walls and common areas with other condo owners - not only are you close by but if an adjoining unit is being used as a short-term rental then that can make it hard to rely upon steady neighbors too!

HOA Fees

 HOA fees are important to consider because they can increase your monthly costs above what you would pay for owning a single-family home in the area. If utilities like water and services like trash pickup come with an HOA, then these will be bills that must be paid whether it's through renting or buying!

Resale Issues

The resale value of condos is a concern for homeowners who plan on selling in the future. Since these properties tend to be more difficult and time-consuming, buyers may have trouble financing their purchase if there are multiple listings available at once from management companies with bad track records or condo associations where residents can't get along well enough among themselves.

If you have more questions or can't decide between a house or a condo give us a call for more information! (512) 829-8000