Whether to buy a home or a condo, is a choice that many people always need to be guided upon. In spite of the different preferences that people have towards home and condo, they should be aware of the financial gains as well as the pros and cons of either purchasing a home or a condo. Buying and owning a condo is very different from purchasing and owning of a home because the purchasing price of a condo are always lower but with associated fees and some restrictions.
That is, you will in the real sense be assuming the overall responsibilities of homeownership. After purchasing a condominium, you are entitled to be a member of a strata. You and the strata will share some of the responsibilities as well as the costs of homeownership; the shared costs are the monthly associated fees that each condominium owner is required to pay. On the other hand, you become a sole owner of both the building and the land it is located on after purchasing a home.
The major difference between buying a home and buying a condo is the type of ownership a person is entitled to. For condominium, the buyer only has full rights to the interior space of his or her condo, but the surrounding such as the land, walls, fences, grounds and other facilities are commonly owned with other owners within the complex.
As noted on the real estate site toddconner.com, this makes it difficult for condominium owners to do modification to or remodel their condos while for a home owner, have all the freedom of improving or modifying their homes. In addition, the documents associated with condominium are complex and at times very long, most buyers have complained about this. The cost of buying a condo is much lesser compared to the cost of a home or house located in the same area. Condominiums usually offer many amenities and are good option especially to the busy professionals or retirees who would need to be in a perfect location.
After all the comparisons between buying a home or buying a condo, the choice still remains yours and it all dependent on your lifestyle as well as your needs and wants. For those with a big family, I’ll consider purchasing a home as the best option for them as they will have a yard with enough space. The same decision also applies to those who really value and enjoy space, privacy and want to take full control of their decisions. In contrast, a condominium is perfect for those who live a busy life and would also love to lead a simple lifestyle.
Advantages and disadvantages of buying a condo
More buyers resort to purchasing condos due to their location in urban areas, with some having resort-like amenities and are also near to many shops, and restaurants just to mention but a few. The main disadvantage of condo is the associated monthly fee.
Advantages and disadvantages of buying a home
The advantage of buying a home is that you full control and ownership of your home and you can also enjoy the indoor and outdoor space. However, buying a home has some disadvantage of responsibility of all the maintenance costs, both inside and outside the house. Another disadvantage is the high utility bills since they are more spacious than condos.Read More