Ready to start looking for a home? It's important to know from the beginning whether you're interested in a condo or a house. A condo is a single unit, in either an apartment or a townhouse, that is
Buyers: Condo or House? Tips to Determine What's Right for You
Dated: August 30 2022
Ready to start looking for a home? It's important to know from the beginning whether you're interested in a condo or a house. A condo is a single unit, in either an apartment or a townhouse, that is part of a larger building. When you buy a condo, you're just buying that unit instead of a house, which stands alone and includes the plot of land it sits upon. There are advantages and disadvantages to each, and which works best for you may depend on your preferences and unique situation.
Here are a few considerations to keep in mind when discussing your options with one of our agents.
Calculate Your Budget
One of the most attractive things about a condo is that it tends to be considerably less expensive than a house. This means a lower down payment, and more affordable monthly mortgage payments, both of which are especially appealing to first-time homebuyers or other homebuyers who are on a tight budget.
Of course, while a house is more expensive, it's also a better investment down the road. Houses tend to sell faster, and their value is a little more within your control since so much of your condo's value will depend on how good the HOA is.
Consider Privacy Concerns
Possibly one of the biggest draws of owning a house is immense privacy. In a condo, you'll be living on top of your neighbors, practically if not literally, but in a house, you'll have more of your own space. Not a social neighbor? No need to be too friendly if you don't want to.
Of course, that sense of community is one of the biggest draws of living in a condo for many people. You'll know your neighbors more intimately when you can see them more often, but condo life also usually means community gatherings that are less common when you live in a house.
Think About How Busy You Are
Are you one of those people who spends very little time at home, and when you are home, you're always doing something? One major draw of life in a condo is that they're much lower maintenance than owning a house. You'll still be responsible for maintenance on anything indoors, but the HOA will take care of the exterior of the building, landscaping, and shared facilities.
If, on the other hand, you spend a lot of time at home or enjoy hobbies such as gardening that can come in handy in your role as a homeowner, owning a home might be just right for you.
Ask Yourself What You Want from Homeownership
Finally, it's important to go into the buying process with a solid understanding of your goals for the future. If you're looking for a starter home that will reflect your currently busy lifestyle, a condo makes good sense. If, however, you want to make an investment in your future that will grow with your family, you will probably be happier in a house. A house will enable you to renovate more freely, add on if needed, and change the outer appearance as desired since you will have a less restrictive HOA if any at all.
Choosing between a condo and a house is a big decision and can impact the trajectory of your home search, but you don't have to make the decision alone. Contact us today, and one of our agents will help you consider your options before you start browsing Bakersfield homes for sale.
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