Should you Buy a House or a Condominium?

When you’re moving to a new place, there are many things to consider. One of the biggest decisions you will make is whether to buy a home or a condominium. Because mortgage rates are at an almost all-time low, the time to buy property is now, you just have to decide what to buy.

These are the top five things we think that you should consider when buying a new property.

1. Location, location, location.

Before you make any other decisions, you need to decide where it is that you want to live. After that, look into both the single-family homes and condominium options in that area. If you’re looking to live in the middle of a big city, condos will be much more popular. You may also want to find a house just a short drive away for the same price.

2. Privacy.

In a condo situation, privacy will not be as prevalent as it would be in a single-family home. Also, private outdoor space will be limited in a condo, and with a house, you can have a larger backyard.

3. Responsibility.

When considering where you live, you need to think about the amount of involvement your neighbors will have in the decisions you make about your house. In many condominiums, there are regulations about things like paint colors and even what times you can put your trash cans on your street. Communities with single-family homes lean towards the more lenient side of things, even with home owner’s associations.

4. Maintenance.

Condos often have the option of paying a maintenance fee to have landscaping and sometimes even exterior maintenance done. In a single-family home, you will be responsible for all maintenance by yourself. Sometimes HOA communities will take care of exterior maintenance, but this varies, and is something to look into as well.

5. Budget

This is possibly the biggest consideration in buying a new property. How much do you want to spend? Condominiums are more often than not more affordable than a house. The last thing you want to do is impose a financial burden on yourself, so think about this when making the decision to buy a home or a condo.

When making these decisions it is best to do it with someone who is a licensed Realtor and experienced in the areas that you are interested in. Call Joe at 415.994.4394 he can help!

BRE License# 01927269
Broker# 01854989