According to Miami businessman Lee Rosen, people who are thinking of buying a home often forget to think how they want to live because they are too focused on the “where” factor. Yes, they’ve already picked out the location, the type of residence, and the price, but a lot of people tend to forget that buying a home must match one's needs and wants.
How you want to live in your new home is a factor worth considering — your residence must match your lifestyle. And often, the choice boils down between a house and a condo. There are people who will benefit from living in a house and lot, while others opt to live in a condo.
If you’re currently faced with this dilemma, let’s break down the differences of both type of residences for you to pick the right choice later on.
Advantages of House Living
One huge advantage of buying a house is that you get to have the total control over your property. You can make changes or remodel the house without having to ask permission. While benefiting from the outdoor space, a house can also provide ample room indoors, which is ideal for families with a growing number of children and/or pets.
In a house, you have a basement, attic, and you can choose the size of your closet. Additionally, you are guaranteed of privacy because your property doesn’t have to be near neighbors, a choice that you can’t make when living in a condo.
Disadvantages of House Living
While living in a house presents a lot of advantages, there are drawbacks to it too. For one, a homeowner is responsible for all maintenance of the property, both indoors and outdoors. Trees, bushes, and your yard should be well kept, plus the tools and equipment for maintenance come from your own pocket. Sure it will increase the value of a house, but these things require money and time.
Utility bills also tend to be higher because houses are often more spacious than condos.
Advantages of Condo Living
With the resurgence in urban living in recent years, individuals looking to buy a property have started to consider condominiums over houses. Most condos are situated in highly urbanized areas that have quick access to restaurants, shopping malls, and other places of interest. Some condos also have amenities as a resort would, such as fitness centers and huge pools, features that you don’t usually find in an average house.
People also live busier lives these days, spending most of their time outside than in their homes. Because of this, a condominium is more ideal because maintenance doesn’t cost much and require little of it. In fact, exterior maintenance is covered by association fees so owners. What’s left for the owners to take care of is the interior of the unit.
Disadvantages of Condo Living
Unlike living in a house, you have less privacy when living in a condo. You’ll be much closer to your neighbors and you can often hear people coming in or leaving. Another concern is the lack of storage space, so you’ll really need to organize your things more efficiently.
Rules and restrictions can also be a deal breaker for some people. Some condos don’t have enough parking spaces and others don’t allow pets.
“The decision about what type of residence to buy has more to do with the stage of life of the buyer,” Lee Rosen says. Depending on your preference for community living, area, privacy, and space, you may be happier in a condo or a house. Regardless of your decision, make sure to ask the necessary questions first before signing any deal.