Is buying a house ultimately a better purchase than a condo? That depends on you. Here’s what I mean.
Looking to sell a home in Southern California?
Looking to buy a home in Southern California?
There are a lot of reasons why people would want to buy a house as opposed to buying a condo—like having complete ownership of the property, for instance—but here in Southern California, houses can be very expensive. Today I want to discuss the pros and cons of buying a house versus buying a condo.
The Pros of Buying a Condo:
- You generally have access to better neighborhoods for the same price as a house.
- The HOA manages most, if not all, of the exterior of the property. That’s good news for those of us who run busy lives and don’t have time to dedicate to lawn work.
- HOAs have monthly dues, which turn into sort of a forced savings plan that goes toward big expenses, like a new roof.
- If you so desire, you can simply walk away from the property if you’re going on vacation or traveling elsewhere. It’s easy to close up, and no one knows that you’re gone, so it can be better, security-wise. The Cons of Buying a Condo: - HOAs tend to have a lot of rules that come along with purchasing a condo within it. Depending on your perspective, this could be considered either a pro or a con: These rules prevent your neighbors from doing all sorts of crazy things, but it can also be restrictive for you, as well.
- HOAs can be poorly managed. Sometimes, not enough money is collected to follow through with certain features and services, and other times, the people in charge aren’t active enough to make the community run smoothly.
- HOA costs can increase from year to year, and there may be special assessments or repairs if the property hasn’t been properly maintained over the years.
- You’ll have neighbors, meaning your privacy is lessened.
- In order to get repairs, you might have to deal with a property management company or the HOA board.
- The HOA manages most, if not all, of the exterior of the property. That’s good news for those of us who run busy lives and don’t have time to dedicate to lawn work.
- HOAs have monthly dues, which turn into sort of a forced savings plan that goes toward big expenses, like a new roof.
- If you so desire, you can simply walk away from the property if you’re going on vacation or traveling elsewhere. It’s easy to close up, and no one knows that you’re gone, so it can be better, security-wise. The Cons of Buying a Condo: - HOAs tend to have a lot of rules that come along with purchasing a condo within it. Depending on your perspective, this could be considered either a pro or a con: These rules prevent your neighbors from doing all sorts of crazy things, but it can also be restrictive for you, as well.
- HOAs can be poorly managed. Sometimes, not enough money is collected to follow through with certain features and services, and other times, the people in charge aren’t active enough to make the community run smoothly.
- HOA costs can increase from year to year, and there may be special assessments or repairs if the property hasn’t been properly maintained over the years.
- You’ll have neighbors, meaning your privacy is lessened.
- In order to get repairs, you might have to deal with a property management company or the HOA board.
Is buying a house ultimately a better purchase than a condo? That depends on you. Here’s what I mean.
The Pros of Buying a House:
- A house is your own space, and you can do whatever you like with it.
- A house doesn’t share walls with your neighbors, which means you have more privacy and space.
The Cons of Buying a House:
- Your neighbors also have the ability to do what they want with their space, which can, depending on the circumstance, be a good or bad thing.
- A house’s repairs are entirely on you, so you have to make sure that you have enough money put aside in the event that you’ll have to pay to repair something.
- You are responsible for your own lawn and exterior, meaning you have to take the time and spend the money to attend to those areas.
- The bills in a home may well be higher than a condo. Trash, water, electricity—all of the bills associated with these may be higher in a single home, especially in the summer, than they might be in a shared building.
If you have any questions about this or are having trouble making a decision about which type of property to purchase, reach out to me. I’d be happy to use my wealth of knowledge to educate you about what would be the best path for you.
