Condos vs. Homes: Which is Best for Your Circumstance?



As the country continues to move past the most recent economic depression, many people are now hoping to buy their first home. While everyone would like their first piece of property to be a dream house, there are some variables to think about when determining what type of home you need. Here are a few tips you can use to find the perfect piece of property at a great price.

condos-vs-homes-which-is-best-for-your-circumstance

A Look at the Asking Price

Most buyers begin this process by determining a strict upper and lower limit for their new home. One of the most effective ways to do this is to speak with the lender before making any offers so that you know exactly what you are approved for. While most condos are generally more affordable, you will also not build up as much equity over the years. Buyers should also be wary of buying a home that ties up too much of their assets.

Maintenance Costs

Determining a home’s annual maintenance costs is slightly more complex than most buyers realize. The initial down payment and mortgage rate are just two of the many different numbers that must be taken into consideration. You should either ask the seller for a recent list of monthly expenses or ask the local utility companies for the average bills in that area. What seemed like an affordable home at first could have unmanageable energy and water bills.

Location and Lifestyle

A couple who are expecting to have a few kids in the coming years have different needs than a single individual who has to travel extensively for work. In addition to looking at the property and neighborhood, you also need to keep an eye out for nearby schools, parks, stores, and restaurants. If certain amenities are not within driving distance, then you might need to take a look at different homes.

Speaking with a Local Real Estate Agent

No matter how much time and energy you spend researching property, you will most likely benefit from speaking with a local real estate agent. Experienced real estate agents have access to countless facts and figures that you might have never even considered. They might also have a number of pocket listings that have not been publicly posted.

Purchasing a piece of property can be one of the most lucrative investments you ever make, but you must think about your family’s needs and future before bidding on either a home or a condo.

About the author: Anica Oaks is a professional content and copywriter from San Francisco, California. She loves dogs, the ocean, and anything outdoor-related. She was raised in a big family, so she’s used to putting things to a vote. Also, cartwheels are her specialty. If you need professional advice for choosing a home type, Anica suggests you check out the services of Keller Williams Realty.