Jul 112014
 

Learn some of the factors to consider when comparing condos and houses.

Making the decision about where to live is one that you’ll eventually have to make. At the current time, you are considering both houses and condominiums. What are the factors you can consider to choose the right one for you?

The Cost
Generally, a condo is going to cost less than a house does, so if your budget is tight, it’s better to consider this option. However, sometimes, when houses are up for short sale or in foreclosure, the price can be significantly lower than usual.

These types of houses present you with the opportunity to purchase a house at a price that is really excellent. Price out the amount of space you get as opposed to the overall cost of the home.

Living Space Size
In most circumstances, a house is going to have more room than a condo. Some assume that bigger is always better, and if you have a large family, this assertion is usually pretty accurate. Let’s say that it’s just you and your spouse right now, and you do not plan to have children for awhile. Owning one of the condos on the market means you’ll have to spend less time cleaning, and a cozy space can be smart for couples who are always on the go or at work.

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Outdoor Space
When you want to have a backyard, you are almost always going to need to buy a house. Still though, do not give up on the thought of a yard if you are going to look into condominiums instead. Many of these have communal living spaces, and you will have access to a playground, pool and maybe some expanses of fresh, green grass. In a lot of situations, you will have a little deck off of your space to grow some plants and catch some sun.

Resale Value
If you are not planning in the space forever, you need to think about the resale value of the property. The exact nature of this topic is going to depend on where you are living and what is selling in the region. For example, condominiums in a retirement community might do a lot better in the market than other ones because people are always going to need them. Look at property sales in and around your area, and you can speak to your real estate agent to get a better sense of what the mortgage is like.

Your Family
Think about how big your family is and how large your family is going to be in the near future. For example, purchasing a one bedroom condominium is not going to be helpful if you plan to have three children within the next five years or so. In that case, you would need a larger living space.

As you can see, both condominiums and houses certainly have their benefits. The one you should choose really depends upon your personal needs and wants, and you need to review all of the topics that are mentioned above to make the right choice.

 

Tom Walter is an up and coming real estate agent. His inspiration to get into the field was the services that http://www.mytorontorealty.com provided him and his wife when they were searching for their first home. Now he enjoys sharing the tips and tricks of the industry to help people get the best out of their real estate experiences.

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