When many people think of home ownership, it usually means buying a house on a piece of property and settling down with their family. Actually, home ownership can now mean several different things including buying a condo instead of a house. What way is the best choice for you? Should you buy a house or look at condos for sale? Well, the answer is really dependant on your needs and lifestyle.
If you are looking for a long-term investment, one that will pay off in the future, then a house might be the better choice for you. Detached homes increase their value quite well, and in recent years, they have paid off for their owners better than some other forms of housing.
Condos do, however, hold (and raise) their value, depending on where they are. If the condo is in a highly desired area of a city, chances are that you will get more for it when you sell it.
The costs associated with a house are numerous and can actually put a large strain on your finances if you aren't careful. There are many hidden fees and those not so hidden associated with home ownership such as utilities, insurance, maintenance costs, taxes, and more. You might not have thought to budget for them or might not have enough funds to cover all those expenses along with the mortgage.
Condos usually are the better option if your income isn't high enough to cover the cost of running a house. You don't have to worry about multiple costs associated with running the home; the majority of your funds that you allocate toward your housing will be for condo fees. Condo fees cover your maintenance and utilities for that month, and often, this does include electricity.
An important factor to consider when choosing between a condo and a house is your lifestyle. When you choose a place to live and raise your family, it shouldn't just come down to money. For example, do you like gardening, watching your kids play outside, and doing repairs and renovations? Then a house is most likely your best bet.
On the other hand, if you prefer a more stress-free life in which you travel, don't plan on having too many kids, and like to visit the gym or swim, than a condo is your better choice. You don't have to worry about the maintenance of the building, and many condo buildings offer swimming pools, gyms, and party rooms for your enjoyment.