Balancing The Best Buy: Home, Condo Or Townhouse?
Buying a home is one of the biggest purchases that you make in your lifetime. There is a lot of pressure involved and it is important to get it right for you and your family. You should weigh the pros and cons of each housing type (home, condo, townhouse) to see what is most suitable for your budget and needs before signing a mortgage contract. There are no set rules on the decision process, but there are a number of factors that you should consider.
Cost Of Buying A Home
As research shows, houses and townhouses are more costly than condos. However, they appreciate at a faster rate than condos. House and townhouses increase at a faster rate than condos, and when you do renovations, you add instant value. If you are able to purchase a home, then it is usually recommended instead of going for a condo, which you have other costs that you have to consider. Condos have maintenance costs, utility fees, and property taxes, all of which can add and be as high as mortgage payments, but at least if there are major issues that arise, such as a leak, you won’t have to take on the bill.
How Much Space Do You Need?
Over the years, condo developers have worked to create condominiums for families, however, if you have or are planning on having more than one child or have a bigger family, then a house is the better option for you. Three-bedroom condos can be challenging to find, and if you want to have an open outdoor space, a house or townhome with a yard would fulfill all of your space needs.
How Much Privacy Do You Want?
Living in a condo can have certain restraints when thinking about privacy, and it is the same for those in a townhouse. In a condo, you share common areas like the gym. In addition, if you like to barbeque, that may not be possible in a condo.
What Is Your Lifestyle?
In urban areas, traffic is only getting worse across the country. It is safe to say that no one likes to sit in traffic when all that time could be spent doing more productive things. If you want to live downtown, then a condo will be the best housing choice, even if that means sacrificing some living space. Houses usually require more maintenance than condos, so if you regularly work long hours, or are older and looking for a property that does not require too much work, then a condo will be your best bet.
Are you financially ready to buy? There are a few questions you should ask yourself before moving forward:
- How much can you afford to spend every month on housing?
- How much do you need/have you saved up for the upfront costs of purchasing a home?
- What is your credit score?