When you’re tired of renting and you’re looking for both an investment and a place to build your life in, it’s important to know what type of property you’re looking to call “home.” Condos and single-family homes are perfect properties for a first-time purchase. This blog details how buying condos and single-family homes are different, and which purchase would be the right choice for you and your lifestyle needs.
Buying Condos
Condominiums are large property complexes that are sold by the individual unit. When you buy a condo, you are essentially buying the physical unit you will reside in. A simple way to think about a condominium is that it’s an apartment that you own. Buying a condo also gives you partial ownership in the shared common property, such as a fitness center, swimming pool, or other shared areas on the complex.
An advantage of buying a condo is that you can get property in a very desirable vacation or urban area for much less than if you tried to buy a single-family home. Also, since you own your condo, you can deduct your interest from your mortgage on your taxes. A possible pitfall in buying a condo is that there can be high upkeep fees and costs, as well as paying property taxes. Make sure to refer to our blog 5 Things You Should Consider Before Buying A Condo for more insight into condominium ownership.
Buying Single-Family Homes
A single-family home is the most traditional style of housing available, albeit the most expensive. This kind of property offers the most privacy for you and your family, as it’s separate from any other building in the neighborhood or area. They also allow for more freedom with physical features such as a garage or a fireplace. They also have plenty of room for recreation and fun activities. Single-family homes can have a bigger yard space for activities such as gardening, entertaining, or simply relaxing outdoors.
However, all of these great advantages come at a price. Buying a single-family home is much more expensive than a condo, and the repair costs can be staggering if not handled swiftly and correctly. The utilities could be more expensive such as gas or electricity. The bigger the home the more it costs as there are more lights to turn on or a larger area to have heated. There is something to be said about the freedom that comes with owning your own home, from the privacy to the ability do anything you want.
The Final Decision
Now, it’s time to decide which type of property you should own. If you are simply looking for property that has little to no yard maintenance, cheaper upfront costs, and you want to live in a community setting—a condo would be a great choice for you.
Are you looking for a quiet and private place, where you can entertain friends and family on your own plot of land? Or, do you want the freedom to be able to customize your home however you want? Buying a single-family home sounds like it’s right down your alley. Make sure to view our blog Buying Your First Home to see tips on how to go about purchasing your first home.
Another important thing to remember about purchasing a property is how you will financially protect it. Both condo and homeowner’s insurance can provide coverage to legal claims, accidents or damages to you and your property. If you have any questions about buying condos and single-family homes , or even questions about your existing condo or homeowner’s policy, feel free to contact us TJ Woods Insurance.
