Is Owning a Condo or Home Better?
Owning property in any capacity is a plus. When you own property, you’re constantly building equity. But there are different responsibilities that come with different types of property ownership. Owning a condo is different than owning a home. If you’ve been going back and forth between purchasing a condo or purchasing a home, this blog is for you. Here are some things to consider when it comes to owning a home versus owning a condo.
Condo Ownership vs. Homeownership
Owning a Home
Generally speaking, homes are much more spacious than condos. Homes typically have some sort of front and backyard and a garage, things that condos don’t usually come with. If you have a pet, owning a home is much more amenable than owning a condo. There are just certain things that you have to sacrifice when you purchase a condo, and a yard and extra space is one of them. Most of the time a home will come with more space than a condo. If space is a requirement for you, a home might be more up your alley.
Room to Grow
Since homes comes on plots of land, there is extra space to add additional things to your home. Want to knock down a wall? Go ahead. Want to add on another room? Get the permitting and make it happen. If you live in a condo you’re not able to do that at all since condos don’t come with land. With a home, you can add to or alter your home as you see fit.
When you purchase a home, you’re also purchasing your right to decorate and express yourself as much as you want. You can paint the outside, you can plant flowers and you can even put up a giant lawn gnome if you want to. With a condo, everything is uniform from the outside of the building to the layout of the units. With a home, you can express yourself creatively with no restrictions from any governing association or HOA.
Easier to Sell
Homes are traditionally easier to sell than condos. Condos are considered temporary homes or housing substitutes. In a bad market, they can be tough to sell. Whereas with homes, people are still buying them when the market is down. You’re investing more initially with a home, but the chances of selling it when you’re ready to move are much higher.
Owning a Condo
Condos are much less expensive than homes. A lower price means a lower down payment. A lower down payment makes it much easier to get into. If you’re looking for a starter place or you don’t have the income to purchase a home just yet, purchasing a condo is a great way to build equity while you’re saving up for a home.
No repairs or Maintenance
Condos are in buildings with multiple units. They all look the same and the HOA is responsible for all the maintenance that occurs on the outside of the building. The roof, the paint and the landscaping, as well as maintenance of all the amenities like the pool and gym falls on the HOA, not you. There is a little less financial responsibility when you own a condo than when you own a home.
For every complex of condominiums, there is an HOA that governs them. The HOA is in charge of making the rules for the complex and enforcing them. They can tell you how many people are allowed to live in your unit, if you’re able to rent your unit out, if you can or can’t BBQ on your balcony. Every month, you’re responsible for paying into the HOA. If rules are hard for you to follow or you don’t like having people tell you what to do, owning a condo might not be for you.
Location and Amenities
Since condos are so small and densely packed, they’re typically located in A-list areas close to amenities. In many downtown areas, condos have walking access to everything from the grocery store to the public library. And that’s off site. Condos typically have amenities located right on-site like swimming pool, tennis court or community gym. If you owned a home, you would most likely have to go find those things elsewhere.
Purchase a Condo or Home in Orange County
There are so many housing opportunities in Orange County. From condos and townhomes to luxury homes and new developments, there’s never been a better time to own property in Orange County. I can help you find the listing that’s right for you whether you’re looking for something small and quaint or large and luxurious. Contact me today to find the perfect listing for you.