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Looking to buy your first home? We’re excited for you! At this point you must be asking, “should my first home be a traditional house or a condo?” This article will help you understand the pros and cons of purchasing a house or condo as your first home. It’ll help you weigh the difference so that you can feel good about your decision.
Deciding Between a House or Condo for Your First Home
Pros of a Condo
If you enjoy a more “urban” lifestyle, then a condo may be the right home for you. Condos are often located in urban areas and therefore give you greater access to shopping, dining, and entertainment. Some condo complexes also have amenities, such as pools, recreational centers, and gyms. If you have an active lifestyle or prefer a low maintenance home, then a condo is the perfect place to call home.
Additionally association fees cover the exterior maintenance of the condo, including many of the more expensive parts of the structure. The only thing you’ll have to upkeep will be the inside!Condos are generally less expensive than houses too, which is why they are a popular choice as a starter home.
Cons of a Condo
The best thing about condos can also be the biggest con –the association fees. You will pay association fees as long as you own the condo. Furthermore, you will not be able to pay these fees down or pay them off.The association will use these fees to maintain the building and all the amenities provided. Fees will increase if greater maintenance in or around the building.
Another disadvantage of owning a condo is that you share decision-making with the other homeowners. Although the sense of community with condo living is nice, some buyers feel the rules of community living are too restrictive.
Pros of a House
One of the main advantages of buying a house is that you can make changes and upgrades to your property without the consent of the community. Want to paint the exterior? Add a porch? Add a jacuzzi tub to the master bath? It’s up to you! You won’t need to ask the association for permission because you are the master of your domain.
Another advantage is that you’ll have an outdoor space for gardening, entertaining, the kids to play in, and pets to enjoy. Houses often have more living and storage space making it ideal for families. Also, you’ll have more privacy since you won’t share any building walls with your neighbors.
Cons of a House
Owning a house has some drawbacks, too. For example, all repairs, both indoors and out, will be your responsibility. Broken pipes, overgrown trees, a weak foundation –all of it would be your responsibility to repair. Also, if you plan on doing the repairs yourself, you need to purchase the equipment and tools to do the work. However, even with these disadvantages, there is a silver lining. All the improvements that you make to the house will likely increase the resale value!If you have your heart set on a particular neighborhood, but the price of owning a house in the area is too high, look into purchasing a condo instead! However, if you are planning on staying in your first home for the long run, then it may be worth spending a little more to buy a house rather than a condo.
Investing in your first home, whether a condo or house, is one of the most exciting and important decisions you will make in your life –and we can help!