Condo markets are on the rise across the US and with good reason. First time home buyers are finding the appeal in affordable, urban living to be greater than that of a suburban, freestanding home. With a larger home there can be a lot greater expense, but also more work than you may have time for. With lower mortgage rates, no landscaping required, and lower overhead cost, it’s easy to see why buying a condo may the right first purchase for you. Here are some tips to help decide between the two.
Knowing where you’d rather live is a good place to start when looking for a home. As I mentioned earlier, condos are typically in urban areas, whereas houses are generally more suburban. “Location, location, location!” It is paramount to your happiness in your home. If you work downtown and like to be close to the action, an urban condo will probably work
best for you. Luckily, here in the Salt Lake valley, there are condos nestled in suburban areas as well. If commuting to work is not an issue because you prefer a quieter, neighborhood life, then a house outside the city is more likely where you should be looking.
If you are someone who likes to be secluded and private, a freestanding home is is probably going to meet your need better than a condo where your neighbors are right outside your door. Another great thing about a house would be outdoor space. If a yard or garden is important to you then a condo will probably not be the best fit for you, since most out door space is communal.
Owning a home typically means that all the maintenance is your responsibility. Condos usually require maintenance fees; therefore, similarly to renting, someone would be there to help with any repairs or maintenance your condo may need on the exterior. As a first time home buyer, the extra help with the maintenance may be a great benefit to you.
Your budget is the most important thing to consider when choosing a place to live. You want to find a home that fits your budget, rather than stretches it. Knowing how much you want, are willing, and can actually spend will help when searching for your home. Condos are typically more affordable than houses and require less cost to maintain after purchase.
Whichever you choose- condo or house- it’s important to consider all these factors before buying. If you have any questions about which type of home may be the best fit for you, Elissa Turner Real Estate is happy to help you! Just give us a call!