When buying a new property, the two most common options to choose from for most buyers are a condominium or a full home. Each option has plenty to offer, but there are distinct advantages and drawbacks to each that can make them the right or wrong choice for you. Let’s review some of the pros and cons of each to help you decide which option is best for you.
If you are looking for more convenience in where you live, then a condo might just be what you’re looking for. A majority of condos are located in urban areas that are within walking distance of shops, restaurants and other amenities. Along with that, many of them come with on-site shared features and benefits, including pools or fitness centers that can provide added convenience and save you money on your gym membership or laundry costs, for example. All of this, combined with an overall lower maintenance cost for condo units, makes purchasing a condo an attractive option for many people.
However, there are also some drawbacks to condo living. To start, there are often association fees that need to be paid. These are collected outside of your monthly mortgage payment and used toward overall building maintenance and maintaining public areas to keep them in top condition. In addition, condo associations often play a large role in implementing any policy changes or improvements, which means that any changes need to be voted upon by all residents. If there is a disagreement in this process, it can take longer for things to get done.
While in a condo, you’re somewhat subject to the rules of your fellow residents, when you buy a home it is your property and you can do as you please to it. Homes also tend to be much more spacious and roomy than condos, giving you extra space indoors and outside which would be ideal if you have a family or pets and don’t want to feel crunched where you live. Homes also afford you much greater privacy than condo living where units can be adjacent or on top of one another from floor to floor, meaning there is a lot of noise pollution between units. In a home, you have much more privacy and won’t have to worry about the neighbor with bricks for shoes upstairs or the tenant across the hall who plays heavy metal at all hours of the night.
On the flip side of that coin, however, when the property is all yours, the problems are all yours, too. That means if something goes wrong with your home, you are the one who needs to fix it. If a roof leaks or a water line breaks in a condo, those repairs are often handled by the overall building fund, but when it’s your roof or water line, you’ll need to make the repairs or call in expert help. In addition, living in a large building like a condo can mean that you gain some benefit on utility bills, with some dissipation of heat and cold traveling through the building and common areas lit independently of your personal bill. At your home, your utilities are your responsibility, which means that you’ll pay for everything you use instead.
Whether you’re in the market for a new home or condo, the team at Phillips Real Estate can help you find a property that meets your needs. Take a look at our listings online now to start your search for the perfect place for you or call us today at 405-368-9409 to sit down with one of our Realtors to discuss what you’re looking for.