The Pros and Cons to Buying a Home Versus Buying a Condo

By: Adil Esmail

Being able to say you own a home is something special, but it is not for everyone. There are pros and cons to buying a home versus buying a condo. What may be for you may not be for someone else. It just depends on what type of person you are and what you are looking for at the time. Here are some of the pros and cons to both.

Buying a home
When it comes to purchasing a home, there is no doubt you will get the family friendly environment. You will have your own yard that you can have fun on and can plant flowers to add to the home. The backyard will have a fence so the kids can play without being in danger of the street.

In addition, typically a home is going to have more square footage than a condo. Plus, there is nothing quite as family friendly as being able to have your own pet. While some condominiums do allow you to have pets, most prohibit it.

Outside of the family friendly benefit, having a home will certainly provide you with a greater living space. If you have a family with kids, it is beneficial to have that extra space. But adults need the extra space as well, not just the kids. And if you work from home, having an office in the home can be a big deal. So what are the downsides to having a home?

First, there is the upkeep that you are responsible for. This includes inside the home and outside with yard work and painting the home appropriately. And the bigger your home is, the more money you can plan on spending to keep the house in top shape.

While it is nice having the extra space in a home, there is also the need to fill this space with stuff. This leads to spending money on items you probably do not need, but it will make the house look nice. Plus, your heating and air conditioning will be higher because of the extra space it needs to fill.

Buying a condo
As for a condo, if you lead a busy life it is extremely easy to keep up. There is little home maintenance to take care of and no yard work to worry about. And the location allows you to live right in the heart of the city.

On the downside, having a condo equals having numerous monthly fees. Some of these fees include going toward the upkeep of the property and the development of the property. As crazy as it may seem, adding these with the monthly mortgage payments can end up being just as high as a house of the same value.

There are the pros and cons to both, but it is up to you to determine which is best for you. If you lead a busy life and do not have a family, a condo may be the ideal route. But if you have a family and want to settle, having a house of your own is probably the way to go.

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