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House versus Condo: Which One Should I Buy?

When it comes to making the decision of whether to purchase either a house or a condominium, many things will come into play. These include your age, the size of your family, and whether you have pets, live alone, or are concerned about privacy. Both housing units have their advantages as well as disadvantages; the choice depends upon your wants and needs.

When you own a home, you make all the decisions. You own your land so you can add things to the property as you like, landscape as you desire, paint your home any color scheme you wish, or leave the garbage cans out front for a week. You also have privacy; no one lives above or below you to cause any unnecessary stress. A home purchase is also a great investment as they almost always show a profit.

The down side to owning a home is that you are responsible for all repairs. You mow the lawn, pay the garbage man, and repair the roof, along with many other responsibilities. If you are young and just starting out, this may work well for you as you will be able to do most repairs yourself and this can save you a lot of money. If you are older, these types of repairs can be costly as you may need to hire someone for each situation that warrants repair.

The condominium is an option as well. If you live alone or are approaching those golden years, buying a condo can benefit you immensely. The Home Owners Association collects a fee from each owner, and with this fee it is able to provide maintenance for the building to include lawn care, garbage pick-up and the roof maintenance.

There are some downfalls, however, in that a condo is not as private as a house. You will have a neighbor above or below you, you will have to share a driveway or park in a parking lot. Condos either have no yard or just a small plot, and you must ask permission before adding anything to the outside of your home. Many condominium units allow only one pet, if any at all, and some do not allow dogs. Condominiums also do not appreciate as well as homes.

There are many considerations to keep in mind when making the decision whether to purchase a house or a condo. Both offer unique advantages as well as disadvantages. Ultimately, you have to let your unique situation dictate which of the two housing options is better for you and your family.