Buying your first place is an exciting time – no matter what your age and whether you are doing it solo or with a partner. But as a first-time buyer, it can be difficult to decide what type of place you want.
When thinking about what place you want to buy, you will have to consider the following:
- Where you want to be located
- What amenities you want nearby
- How much you have to spend
- How many rooms you want
After thinking about these, you might be able to start to narrow down where you can realistically live. Two viable options could be: a house and a condo. For those who don’t know, a condo (also known as a condominium) is a private residential house/apartment within a multi-unit complex. Designed to give its residents everything they need, it has numerous facilities (such as pools and golf courses) and will often be within walking distance of restaurants, theatres, etc.
You might be wondering, how much is a condo in comparison to a house? Well, with a condo, you don’t have to just consider the initial buying price. You will also have to think about the communal fees that come with it. On average, these can cost upwards of $200 a month – costing you over $2000 a year. This will, of course, be on top of a mortgage.
Unless you live within a compound, a house won’t come with these communal fees – so it will only be the mortgage and monthly bills that you have to worry about. However, the communal fees that come with condo living might include vital services such as trash collection, which you will have to pay for in a house anyway.
It’s a good idea to note down these differences in price, seeing how much they both would cost you monthly. From there, it will become clear as to which is the better option money-wise.
Pros of Condos
- They can come with luxury furnishings: Often, these ‘resorts’ come with state-of-the-art features such as marble countertops, an open floor plan, etc.
- The on-site amenities: As mentioned above, many condo communities come with swimming pools, golf courses, etc. for residents to enjoy.
- Security: Condos usually come with on-site security that will protect the community 24/7.
- Less upkeep: Despite the hefty price, many residents love the fact that they don’t have to maintain the area surrounding their property.
- You will be VERY close to your neighbors.
- Even though some people like the community feel, others might feel as though you are always being watched.
- Not all condos are houses – some are single-story apartments.
- Maintenance fees can rise throughout the years.
Pros of houses
- Your own space: By purchasing a house, you will have the freedom to decorate it how you want – including changing the garden.
- You won’t be as close to your neighbors: A semi-detached or detached house with space around can make you feel as though you aren’t as closed in
- You will have more privacy.
- It might lack that community feel.
- Amenities might be further away.
- They tend to be more expensive than condos.
So, there you go! They are the top pros and cons of living in a condo vs. a house. Of course, what you choose for your first property is up to you. An alternative to the two could be to find a home that’s built purposefully for you – simply search online for ‘top luxury home builders near me’ and you will be able to find one that’s in your price range. Often, this can be a popular choice as not only can it be more affordable, but it gives you the option to design the property exactly how you want it.