Advantages And Disadvantages Of Buying A Condo}

Submitted by: Petra Brinkmann-Wulf

So you have decided to buy a home. That is great! Now comes the difficult decision of choosing between a condo and a house. There are definitely pros and cons to both options and there is something for everyones taste available on the market. Here are some of the pros and cons of condos and of freehold homes.

Buying a home

The main advantage of purchasing a freehold home is that you will be able to enjoy a family friendly environment. You will have your own backyard to relax, garden, through BBQ parties, and it will essentially become an extension of your home. The backyard will have a fence so the kids can run around and play safely without the dangers of playing on the sidewalk or in the street.

Another positive aspect of buying a home is that you will most likely get more bang for your buck. Homes typically will have more square footage than a condo. Plus, there is nothing quite as family friendly as being able to have your own pet. While some condominiums do allow you to have pets, most prohibit it.

[youtube]http://www.youtube.com/watch?v=9dtTYd2sX80[/youtube]

Other than the family friendly benefits, owning a home will offer you with a greater living space. The rooms will be larger and you will probably also have a basement for extra living space. This can be a great incentive for home buyers, particularly those with children. Others may want to set up a home office or a library or a wine room and having the extra space will allow them to do so.

In terms of the disadvantages of owning a home, the main one may be the upkeep that you will be responsible for. This includes repairs and maintenance inside the home and outside along with some yard work. Also remember that the larger the home, the more money you will to allocate to the upkeep.

Some homebuyers may be tempted to buy the largest house that they can afford. This will not only put financial strain in terms of the fixed monthly payments but will also require a substantial investment in furniture and accessories. While it may be nice to have all the extra space in your home, if you do not have the money to furnish it, you home will look cold and uninviting. You may also want to consider the heating and cooling costs, which will be higher in any home than a condo but can be particularly steep in a very large home.

Buying a condo

Condos have some definite advantages. The main one may be how easy they are to keep up. The space will require very maintenance and there is no yard work to worry about, perhaps only a small balcony or patio.

Another advantage is that you can pretty much lock the door and go whenever you want to get out of town for a vacation. Your condo is much less likely to get broken into because of the extra security condominium buildings offer. More often that not, your condo will be locate in the heart of the city or close to great shopping and restaurant allowing you to enjoy the city life without having to drive.

One thing to keep in mind is that condominium corporations can impose numerous monthly fees. Some of these fees may pay for your heat and electricity but more often than not, they will only include building insurance and property upkeep and development. These fees are based on the square footage of your condo so the larger the unit, the higher your fees will be. In some cases, the fees can runs you an extra $500 or $600 per month.

As you can see, there are certainly many advantages to both homes and condos however there are also numerous disadvantages to both. You need to try to determine which option would work best for you. A condo may be a great option if you lead a busy life and like to be close to all the action and do not yet have a family. But you want space, a backyard and a quieter environment for you and your family; a house in a great neighborhood may be the best way to go.

About the Author: Petra Brinkmann-Wulf is a real estate professional and an expert in

Collingwood real estate

. Petra can also provide services for the

Blue Mountain real estate market

and will be happy to assist answer any questions you may have.

Source:

isnare.com

Permanent Link:

isnare.com/?aid=349553&ca=Real+Estate }