Whether you are a first time home buyer or a real estate expert, the home buying process can be stressful. There are numerous things that need to be taken care of before the process can begin; homeowners have to find a real estate agent, get their current home prepared and do a fair bit of research. However, it is also important for a homeowner to decide where they want to live. Many homeowners choose to live in either a house or a condo. Both houses and condominiums have their own sets of positive and negative factors (pros and cons). Knowing these factors makes it easier for homeowners to make the right decision and focus on other aspects of the home buying process.
Positive Aspects of Buying a House
A house is a solid choice of living space for almost any family. Houses offer an optimal amount of space and feature a number of rooms. Houses also commonly come with front yards, backyards, porches or other beneficial features. Homeowners also have the ability to customize and renovate their homes in almost any way they want. If they want to do a slight renovation or improvement, there are very few things that could stop them.
Negative Aspects of Buying a House
The number one downside to being a homeowner is that it is expensive. Homeowners not only have to spend more on the initial purchase, but they also have to pay off the mortgage, property taxes, utilities, and insurance. Although some of these expenses (such as the mortgage) do go away over time, many of them will actually increase over time. This can be due to inflation or a rising price of goods. A homeowner is also responsible for any repairs that may occur. This means that the owner of the house may incur more costs over time.
Positive Aspects of Buying a Condo
There are tons of positive aspects to purchasing a condo. One of the most obvious is that condos are much more affordable than a normal house. Condo owners are not responsible for maintaining their property; the condo association will often hire yard work, cleaning, repair, and other services for the community. This makes living in a condo perfect for those who do not have the time to properly maintain their homes.
Negative Aspects of Buying a Condo
Although they are cheaper than houses, condos also come with their share of extra fees. Condo owners have to pay a monthly fee to the condo association, which often includes a hefty emergency fee, along with other irregular expenses. Condo owners also have less freedom and space than a homeowner. This is due to the fact that condos are much smaller than traditional houses and don't offer as much outdoor space.
For more information about the pros and cons between buying a condo or buying a home, feel free to contact one of our Royal LePage real estate experts.
