As a homeowner you may have considered the relative merits of living in a house versus a condominium or apartment. Both have great benefits if you are investing and if you are considering your own living accommodation it is worth taking a moment to review what is best for your situation in life. Here are some ideas to help you reflect.
Pros & Cons of Living in a Condominium Instead of a House
Going from a single family dwelling to a condominium can be an eye-opening experience. For some it is positive, and for others it is a mistake. Like just about everything else, condos have pros and cons, and your decision should be based on all factors. Take your time and you will know. The answer will be clear. If a condominium has more negative aspects in your particular area, go with a single family home.
In any case, consider the following information before deciding to go with a condo. The happiest homeowners are those who were well-informed before they made a commitment.
Condos Require Little to No Lawn, Pavement & Driveway Care
One of the pros of living in a condo instead of a house is freedom from regular outdoor chore. Those that purchase a condominium usually have little to no lawn, sidewalk and driveway care to worry about. It is maintained by professionals. The home is ideal for those with very little time, and/or those with physical limitations. It is a way to own a home that you can personalize inside, but without all of the usual maintenance.
If you have an end unit with lots of yard down the side, you can make those areas look nice with shrubs or flowers, but you will have to do that work yourself. Some residents don’t mind the lack of landscaping in these areas, but if you are used to a well landscaped yard, you might struggle with this one.
A Monthly Maintenance Fee
Although lawn care, bush trimming, landscaping updates and snow removal are professionally taken care of at a condo, the service is not usually free. One of the cons to consider is a monthly maintenance fee. If you are able bodied, have plenty of time and enjoy yard work, you might want to consider a house instead. That is not to say that you cannot enjoy a small plot of flowers or other potted outdoor plants. Most condos offer a small private patio and green area. Homeowners are generally allowed to have potted plants and add a few yard decorations.
Taxes Are Often Much Lower in a Condo
One of the pros of living in a condo is a small tax break. Taxes are often lower than they are for a single family structure of the same size. For example, the taxes on a 1,300 square-foot condo in Lowell Indiana are approximately $1,200 annually. Taxes on a single family house of the same size can cost upwards of $1,300 a year. A number of factors are taken into consideration when determining property taxes, but the difference will bring down the monthly mortgage payment, if taxes are figured in. The taxes on a house of the same size can send the payments through the roof.
You might be thrilled with living in a condominium, or you might be miserable. Take everything into consideration before taking responsibility for what is likely going to be the single greatest investment of your life. Whether or not you will be happy with your decision is completely up to you.
But to get to that decision, you have to filter through countless condo options, which may exhaust you. The best approach to finding a good condo is seeking help from people or companies who know the ins and outs of the condominium business, like Condo Wizard. If you have an issue with budget, there are also options to lessen your expenses, like buying assignment condo or pre-construction units. If you are in Canada, there are quite some good options for pre-construction condos in the Beaches, Toronto that you can choose from.
With the right guidance from experts, you can rest assured that you’ll move into your new condominium in no time.