There are usually three ways of housing situations available for you in the market. Such as buying a condo, a house or renting an apartment. Each one has its own pros and cons. A condo (condominium) is a private residential unit having a multiunit building, unit or community. There are usually two types of condos. Like the ones which are simply converted from rental apartments.
And the ones which are originally built as condos. While a house is just a building that acts as a home. It consists of a ground floor and one or more upper stories. In this article we will see in detail what are the pros and cons of buying a condo vs. a house.
Pros of Buying a Condo
1. Less Expensive Than Houses
As a comparison to a house buying a condo can be less expensive as compared to a house. You can easily buy condos at a cheaper rate than houses. There’s a much wider gap among both in the markets. The low price of condos means you have a lower down payment as well as monthly payment.
2. Less Repair and Maintenance
While living in a house. It may require a lot of maintenance and repair expenses. But this is not a case with condos. The condos are both owned and maintained by the home owner’s association. So, you do not need to worry about such expenses.
Another great advantage of living in a condo is that. You get a lot of security. People living in such close proximity are often gated or staffed with the guards which protect them. So, this is one major benefit of condos.
Cons of Buying a Condo
1. Condos Fees Continuously Rise
One disadvantage of a condo is that it’s feed generally continue to rise. Such as if a building is older, it requires are a lot of exterior maintenance. It also requires some roofing and plumbing expenses as well.
2. You are Really Close to Your Neighbors
While living in a condo. One of the significant disadvantages is that you are often too close to your neighbors. That sounds weird sometimes. You may get disturbed by sounds and sometimes smell coming from adjoining walls.
3. A Condo cannot be a House
Apart from all others, one con is that a condo can never be a house. You can never have a feeling of a house living in a condo. You just have to adjust yourself.
Pros of Buying a House
1. You Occupy Some Land
If you talk about the advantages of buying a house. Then they are a lot. One of them is you have some land by your side. It is one of the primary advantages that you own some property. By owning so, you can do things in it according to you.
2. A House Provides Better Self-Determination and Self-Expression
Having a house can also provide you one big advantage. Like you get an opportunity to express yourself. You can paint your walls, decorate it. Set it according to your taste and whatnot. So, owning a house can provide you better self-determination and expression.
3. You Can Grow Your House
Another benefit of owning a house is that you can grow your house easily. It is easier for you to make some rooms, or build one or more stories from your house. As you plan to grow your family.
Cons of Buying a House
1. Lookup the Maintenance and Repair
Apart from having some amazing benefits of buying a house. It also has some cons as well. One of the most significant ones is it requires a lot of maintenance and repair. And so, do a lot more money is also needed for this cause.
2. Utility Bills
Alongside utility bills is also one expense you have to look for when you own a house. You have to pay a lot of bills and have a deep eye on them and take care of them. Otherwise, you have to pay some heavy fines. So, look up at these factors is a must while buying a house which is also one drawback.
This article has explained in detail some of the pros and cons of buying a house and a condo. There are primarily three types of owing a house such as rental, condos or buying your own house. A condo is a private residential place to live in. While a house is a building that acts as a home.
Both of them a number of pros and cons which are explained in this article in detail. It totally depends on your choice of what you prefer. Buying a house can be a little bit expensive but it can provide you many benefits. So, is the case with condos.