If you’re in the process of moving to a new city, one is almost always faced with the question as to whether they should buy a condo or a home.
Regardless of your choice, one thing’s for sure: it’s great to buy property at this time when average mortgage loans have dropped to an all-time low.
With that said, here are 5 things to take into consideration when choosing between the two types of property.
Knowing where you want to live in the city is the first step. Whether it’s in the suburbs or in the heart of the city, once you decide that, then you can start looking for condos or single-family homes in the area.
Condos won’t offer you as much privacy as a single-family home would. It’s another thing that you should consider when picking a home.
Condo communities are stricter when it comes to certain rules compared to single-family home communities do. It bodes well to ask the questions as to whether you feel comfortable about involving your neighbors in decisions about your home.
With a single-family home, you’d have cover all the expenses of maintenance whereas condos just have a specific maintenance fees to cover landscaping and exterior maintenance. It’s up to you to decide which one works best for you.
Condos are usually more affordable than a single-family house. If the budget is important, then think about weighing the costs of purchase between these two.