As a first-time homebuyer, you might be trying to figure out whether you should buy a house or opt for a condo. Condos have essential benefits, including simplicity, low maintenance, amenities, shops, etc.
On the other hand, houses offer way more flexibility and freedom to renovate and repair. You can also do upgrades whenever you like. So, you will want to assess several things so you can make a better choice regarding buying a house or choosing a condo.
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What Exactly is a Condo?
Many first-time house buyers might get a bit confused about what a condo is, and if that is you too, you will want to know that a condo stands for condominium, which indicates a certain type of ownership instead of a type of building.
When most people think of a condo, they think of a high-rise apartment, which, of course, is a type of condo. But you also have individual houses and corporate housing, such as the short term or corporate housing in Pasadena, California, that is, if you might be looking for a condo in California.
Essentially, in real estate, a condo means that you own a building in common ownership with other owners.
Lifestyle Advantages of a Condo vs. a House
When it comes to the potential advantages of a condo life, it starts with having a lifestyle. One of the biggest advantages of condos is that they are simple. With condos, you have lower maintenance, as you aren’t responsible for cutting grass or shingles blowing off the roof.
On the other hand, homeownership is all about responsibilities, as you will be responsible for anything and everything inside and outside the house.
When it comes to the potential advantages of a condo, you will want to keep in mind amenities, as condos are normally placed close to transit corridors, amenities, places of enjoyment, and shopping spots.
When you choose a condo, the commute is going to be quicker, too. All these various aspects are the lifestyle side of buying a condo.
Cost Advantages of a Condo vs. a House
Condos are usually cheaper per square footage – so just because you have that unit and not all the surrounding land. The utility costs are often lower as well when it comes to condos, as you have other units around you that are going to keep the condo insulated.
So, your heating and cooling bills are going to be a little bit lower, too. Often, some of the utilities are going to be included in your condo fees, too. In contrast to homeownership, your insurance will be cheaper as well, as you won’t have to insure the entire building but only for your liability and your contents.
In your condo fees, you will get some of the insurance covered. Compared to a house, your cost will be a little bit cheaper in a condo, which makes it so much more affordable for first-time homebuyers. A condo might also be a safer option, as other units are close by, which means that in case something happens, such as burglary, your neighbor might notice and call the law authorities instantly.
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