One of the most debated questions is whether it is better to buy a condo or a detached home. There is no definite answer to this question as it really depends on several circumstances like your lifestyle and your budget. Each option has its advantages and disadvantages that are up to you to decide how they affect you.
Benefits of Living in a Condo
Condos are generally less expensive than houses. They require a smaller space and property which accounts for a lower price. A lower price then leads to a lower down payment and a lower monthly payment. The benefit of living in condos is also that they require less work – homeowners are constantly busy mowing their lawn, painting their house, shoveling snow, and so on, but condos entail a much simpler lifestyle. Condo owners only need to focus on the interior of their property which frees up a lot of time and money for other things. Moreover, high-rise apartments and condos are often located in high density areas that are closer to amenities. This results in more opportunities to make closer connections, take part in activities, visit entertainment buildings, etc., all while cutting down commute times.
Benefits of Living in a Detached Home
The most significant part of owning a home is that you get to own land. Owning land when it comes to real estate is a great and considerable way to make an investment. In addition, because you are essentially the sole owner of your property, you have the freedom to do as you like. You can renovate the home, make adjustments, build a private pool, and more without having to worry about any restrictions. This in turn, creates an outlet for you to express yourself through your home. Furthermore, detached homes are generally easier to sell than condos. Condos are often viewed as substitute homes while detached houses tend to be more liquid in various markets.
Now that you are aware of the benefits of living in a condo and a detached home, which one is more suited for you? If you are still unsure between the two options, do not hesitate to contact me for any questions!