The decision to buy a condo does not come easily. After all, relocating is a major life event, not to mention the amount of money to be shelled out in buying one.
When you’re relocating to a new city or area, you’re faced with a big decision on where to live. There are plenty of options, like buying a single-family dwelling or buying condo unit. Each option has its advantages, disadvantages, and risks.
So, should you buy a condo? Here are some points to consider so you can make an informed decision:
As with any major decision, you should always consider your finances. Condos are typically more affordable than a house, but you should also think about whether your monthly budget can handle the possibility of homeowners’ association fees, and the like.
Of course, the basic question is where you want to live. In choosing an area, plenty of factors can come into play, like your daily commute to work or school, or even your lifestyle and hobbies. From there, check out the options for condos and single-family homes. If you’re looking for a place in the heart of the city, you’re more likely to find a suitable condo.
A single-family home affords you privacy. Some people value their privacy more than others, so living in a condo might not be an ideal setup because of the close proximity of the units. The condo association typically sets up rules and regulations that address this concern, but you may want to look closely into this when you’re considering a condo.
If maintaining a lawn or cleaning out gutters isn’t really your thing, then condo living might just be for you. Unlike living in a single-family home, condo life usually means that the admin is taking care of exterior maintenance and other similar concerns.
5. Security and safety
Living in a single-family home in a gated community can definitely give you peace of mind. Condos also offer that kind of security, with guard services or buzzer systems. You can also work with the building admin if you want additional security systems in your unit.
Ultimately, it’s about buying well to suit your lifestyle. If you carefully consider the points above, you should be able to benefit from a good investment, whether you choose a condo or a single-family home. And even if you think that house is something for you to live in, consider the fact that condo is a reliable investment to earn and make first steps to your future house.