Tuesday, May 27, 2014

Buying a condo unit vs house and lot

Most residential property buyers face having to decide between buying a house or a condo unit. Choosing between these two property types is a critical decision for home buyers, as it will greatly affect their lifestyle and living conditions. 

Buying a property is a huge investment. Assess your finances to determine how much you can afford before considering property options. Sticking to your budget is crucial to avoid debt and financial problems. 

Both options have their own sets of pros and cons. Weigh up the options to see which suits your needs and preferences best… 

Location

Arguably, the most important aspect of a property is its location. The location of your home will influence how you go about your daily routine. Being in close proximity to your work or your kids’ schools will make your everyday commute or routine easier and faster. Access to grocery stores, wet markets and shopping malls are also great location factors for families. 

It’s best to choose which location best suits your needs before choosing your preferred property type. Some locations will have both condos and houses available for purchase. However, prime city locations usually only have condominium buildings, while city outskirts have more houses and lots for sale.

Affordability

Buying a property is a huge investment. Assess your finances to determine how much you can afford before considering property options. Sticking to your budget is crucial to avoid debt and financial problems. 

Houses and condos have different price ranges, which largely depend on the location and size of the unit or house and lot area. Buying a condo in a prime location may mean sacrificing unit size for the location. However, buying a house in the suburbs may offer more space but a less central location. 

Convenience

Condo living offers more convenience than living in a house and lot. Condominium buildings usually have commercial areas on the lower floors catering to the needs of the residents. These commercial areas may have groceries, convenience stores and laundry services. In a house and lot, you’ll have to walk or drive to the shops or a shopping mall to run your errands. 

Privacy

When living in a condo, you’re sharing common building areas with a number of neighbors. Condo units are also built side by side meaning having to live with shared walls. This structure makes for less privacy and more interaction with neighbors. 

Maintenance

Condos are usually smaller than houses and lots. The smaller space in condos makes home maintenance and repairs less costly and time-consuming. Even cleaning can take less time, giving you more time for other activities. 


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