Aside from location and the financial commitment, whether you choose to live in a home or in a condo is one of the biggest decisions you’ll make in your next big purchase. At Rockport Properties, Inc., we’ll help you sift through Rockport real estate listings that feature both kinds of properties.
Homeowners buy the land and the house, while condo ownership will only include the living space inside the condo unit and a portion of the common areas of the building. Here are some of the pros and cons of each type as you begin your search.
Condos are perfect urban living centers, and with this kind of living on the rise, they’ve been rising in popularity. Condos are generally within walking distance of necessities like shops and restaurants, and many will have resort-like amenities that would be impossible in a house without a huge cost undertaking. For this reason, condos are often a primary choice for people who are very busy in their lives – they provide a huge amount of convenience and very few maintenance concerns.
One major con to condo life is association fees, which are collected separately from mortgage payments and put toward maintenance and amenities. These can be expensive in some cases, especially if significant maintenance is needed. In addition, all homeowners in a given condo share in the decision-making process for any maintenance or upgrades – you won’t have full autonomy, like you would in your own home. Some condo buyers also find they don’t like the slightly more rule-based nature of a condo community.
One huge advantage of buying a house, in contrast to a condo, is the control you have. You make all choices about renovations or changes without anyone else’s input. Houses also offer much more extra space both indoors and outdoors, which makes houses a more common choice of families. Houses have more storage space, and will generally offer far more privacy as well.
Home ownership doesn’t come without downsides, as well. First of all, you’re completely on the hook for all maintenance, both inside and outside. You’ll have to consider purchasing equipment, or hiring outside professionals for certain services. You’ll also have to invest significant time and money to help increase the home’s resale value. Finally, utility bills are usually higher in homes than in condos given the gaps in space found in each.
At Rockport Properties, Inc., we’ll help you figure out whether a condo or home is right for you. To learn more about this or search condos or homes for sale, speak to our brokers today.