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House vs. Condominium for property buyers

House vs. Condominium for property buyers

There is something about owning a plot of land, having space to lounge about and play, and a place to grow your own garden. With a house, you can have a nice, private space, all to yourself, and you can also be close to nature. The drawbacks can be increased maintenance as well as commute times. Let’s do a toss-up of houses versus condominiums:
1) Advantages of a house

  • You don’t have to be right up against your neighbors. You can crank up the music, have dogs and other animals as pets, grow your own garden, have your own pool, and more, with fewer disturbances to others.
  • A house generally offers much more space than a condo, giving you room to grow.
  • A house is usually located in a much quieter location than a condo, which is a plus if you like peace and being close to nature.
  • No condo fees or unexpected assessments.
  • No need to go up a bunch of stairs or wait for an elevator.

2) Advantages of a condominium

  • There is basically no maintenance to do of the unit itself. Well-managed condo complexes set aside a portion of the condo fees to deal with maintenance of the building, so that there is lowered risk of a special assessment, where you would have to pay extra.
  • You can be located much closer to the city center and to mass transit for less than what you would spend on a house (if houses are even available close in to the core), thus drastically reducing commute times and transportation expenses.
  • So what if you don’t have your own pool… many larger condo projects have their own indoor pools, as well as a sauna, gym, and recreational room.
  • Instead of selling, you can rent the unit out and get passive income. You can do this with a house, too, but you have access to a wider pool of tenants if you are located in a decent location close to employment and higher education.
  • No HOAs (home-owner’s associations) telling you how often to cut your grass, what color to paint your door, or fining you for forgetting to close your garage door.