For those who start out renting, the thought of purchasing a home usually occurs at some point down the line. After all, if you can have a a place to live and find a good investment, why not do both together?
There are several ways that one can go when choosing what type of home to purchase. Two of the most common are houses and condos. But knowing which one is best for you can be a bit tricky. Both have their merits, but the following tips will help you narrow down your best fit:
If proximity to urban areas is something that is important to you, consider purchasing a condo. They are typically located near shopping areas, public transit, and a variety of restaurants.
If low-maintenance is important to you, a condo is a much better choice than a house. You will likely pay a fee for maintenance to be done for you, but things such as lawn care, snow removal, pool maintenance, and other types of routine maintenance will be a thing of the past.
While this may sound like a fantastic deal, those condo fees can add up. Condos may also include application fees, pet fees, and move-in fees. Keep in mind that these fees can be increased at any time, so if your housing budget is tight, you may want to consider owning a house to save on the monthly fees, putting the money away and doing the maintenance yourself.
These are not all bad things as every financial decision comes with a trade-off. Ultimately, the way to decide whether to buy a house or a condo is to determine what is important to you, which costs are worth paying, and what you are willing to give up if you chose one vs. the other. Both are great values, but which is most valuable to you?