If you think you’re ready to invest in a property, you’re likely considering all of your options, including the advantages of a condo vs. house investment. One of the questions that buyers continually ask themselves is, “Should I invest in a condo or a house?
To answer this question, spend time researching both the benefits of investing in a condo and the benefits of investing in a house. Depending on your individual circumstances, your budget, and your lifestyle, investing in either of these properties could be an ideal fit.
Investing in any property isn’t a decision to be made without forethought. We’ve compiled some information to help you make an informed decision about your next big investment.
Consider These Points When Deciding Whether to Invest in a Condo or House
1. Condos Tend to Cost Less Than an Average House
The first-factor potential buyers usually consider before investing in a property is price. Typically, condos cost less than a traditional style home. Condos are often restricted in terms of living space, making them an ideal option for buyers who don’t want to deal with the hassle of unnecessary cleaning and maintenance.
Similarly, insurance costs are proportionally lower due to the reduced space. Condo owners enjoy the fact that they are responsible for ensuring only the inside of the home. The Homeowners Association in your condo complex will take care of any exterior repairs needed. Bear in mind that you will be paying HOA fees each month to go towards these repairs, however.
2. The Social Benefits of Investing in a Condo are Numerous
Are you the type of person that loves to get to know your neighbors? Do you hope to make friends in the area? If so, choosing to purchase a condo could be a great fit for your lifestyle. The condo design means you’ll be sharing common areas with several other people in the complex.
Whether you’re walking your dog or spending time in the on-site gym, you’re sure to see familiar faces on a regular basis. This nearly instant social network makes moving to a new area easier. If you’re the type of person that prefers to keep to yourself, however, a freestanding home may be the better option for you. A traditional-style house makes keeping to yourself easier since your nearest neighbors could be a considerable distance from your property.
3. Buying a Condo vs. a House Depends on Your Style Preferences
Before investing in Alberta real estate, potential buyers should consider how important it is for them to have control over their home’s exterior. If you love working on extensive home projects, investing in a house is likely a better option for you. While condo owners are typically able to make full renovations to the inside of their home, the exterior belongs to the HOA.
Condo owners may not have the option to paint the outside of their condo a certain shade of green they like. They’ll also likely not be able to start a large garden or have specific types of lawn furniture.
4. Benefits of Investing in a House Include Resale Options
Do you think you will be moving in a few years? If you plan on selling your property in the near future, buying a house could be a better financial move. Certain traditional-style houses are more likely to catch buyers’ eyes than a condo.
While there is still a large market for condos, selling your condo years down the road could take a bit more thought and planning than a house. You may have to wait longer to find a buyer for your condo than you would if you were to own a house.
5. Security Plays a Role in Choosing Between Condo vs. House Investment
One important advantage that most condos offer is security. If you’re wondering, “Should I invest in a condo or a house?”, determine what sort of safety measures you need for your property. For home buyers that want peace of mind in terms of safety, investing in a condo property likely means you are also investing in robust security services. Whether you live alone or simply prefer to have additional protection measures available for your family, condos offer a larger safety network.
Condo communities typically have security guards, cameras, locked gates, and other safety procedures in place to help protect residents. If you choose to purchase a house, you’ll have to handle purchasing a security system yourself.