Investing in a property is one of the major life decisions. Home is an integral component of everyone’s life. Hence, it is very crucial that we carefully choose the property where our families and we will live in. In buying property, one of the main aspects that someone should consider is the type of property to buy. Generally, there are three primary options for housing options; buying a house, buying a condominium or renting an apartment. Certainly, the latter is the most impractical situation as your hard earned money just goes to the rent payment and it is totally not an investment. Thus, buying a house or a condominium is the best option. But deciding which of those two considerations is not an easy task. This is a big amount of money we are talking about here. Hard earned money. So it is really important to invest it to the right property. If you are looking for a property to buy, you are in the right place. This article will provide you with both the advantages and disadvantages of living in a single family house and living in a condominium.
Condominiums
In most cases, condominiums are less expensive compared to traditional house. According to NAR or National Association of Realtors, the house price of condo has a median of 231,600 USD as of first quarter of 2018. On the other hand, the median price of traditional houses was 241,700 USD in 2918. This means that there will be a 10,00 USD differences which is quite higher and a big factor to consider if you are on a strict market. Condominiums have also low maintenance and no repairs. Usually, homeowners are always busy mowing their lawns, fixing their yards trimming hedges and painting the house. But on the other hand, condo owners are just busy taking weekend trips, hanging out at the pool or just simply relaxing and staying at home. This makes condominiums ideal for busy professionals. Lastly, one of the biggest advantages of living in a condo is its location. Most of the condos like Sims Villa are located in urban areas so it is usually located near establishments, stores, restaurants and other businesses.
House
Living in a house has also its benefits that a condo may not be able to provide. In a technical aspect, owning real estate entails land but condos don’t have it. Thus, one of the main advantages of living in a condo is owning a land. Yes, owning a house may require maintenance but you can create your own garden, build a private pool and even play touch football games. Living in a single house also allows you to have more freedom. Since you have your own space, you can have some privacy. This is not more promoted in a condo because units are built besides one another. When it comes to investment, house is usually worth spending your money for. This is because the value of land never depreciates. So over the years, when you plan to acquire another property, you can sell your old house with higher value. Also, houses are easier to sell than condos.
With these differences between houses and condos, you can now decide which type of property is the best choice for you.
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