When you are deciding on what type of home to buy, there are pros and cons to consider. For some, a traditional house may be ideal, and for others, owning a condominium may be the right choice. Buying property is a major financial commitment, and it’s essential to know: Does an Arizona condo or residence make a better investment?
Deciding between a house or a condo depends on several factors. For instance, the property’s location, where you work, if you have kids or are planning to start a family, your preferred amenities, and how long you plan to stay in the home, can all be critical details. Some markets, such as metro Phoenix, offer condos that appeal to young professionals wanting to live close to their work and trendy restaurants and bars. These units may not be suitable for a growing family or buyer looking to enjoy a private yard. Someone in this situation, may find a residence in a suburban neighborhood to be a better fit than a condo community. Depending on the market, condos can be harder to re-sell. Therefore, a buyer expecting to move in the next three to five years may want to buy a house rather than a condo.
Pros of Buying a Condominium
Expense and Maintenance
Condominiums are usually far less expensive to buy than houses, and owners don’t have to worry about maintaining their property’s exterior. When you own a home, you may have to spend time and money painting the outside, keeping the lawn, and completing other tasks that relate to upkeep. Condo owners typically pay condo owner association fees that cover these expenses.
Convenience and Amenities
Buying a condo may mean being able to live closer to a metro area. If you work in the city, a condo living situation could allow you to get to and from your job relatively quickly as a pose to commuting. You may also be situated near popular urban eateries and entertainment and have numerous opportunities to socialize with other condo owners. Additionally, when you reside in a larger condo community, there are often several attractive amenities. You can enjoy state of the art fitness facilities, swimming pools, tennis courts, golfing, running trails, and community parks as part of living in your unit. By contrast, a homeowner would not typically have all of these features in close proximity to their property.
Pros of Buying a House
Space, Privacy, and Adaptability
When you own a house, you typically have more privacy and space than a condominium allows. You do not have to share any walls, ceilings, or floors with your neighbors, and you can have more square footage and a yard of your own to enjoy. If you have a family, having more room and an outdoor area can be highly beneficial. Later on, if you want to remodel, add a room or swimming pool, you can do so with this kind of property. You may not be able to make significant interior changes with a condo. Further adding rooms and personal outdoor features are not an option with condominium living
Autonomy
Depending on where you buy, once you purchase a home, you will have the freedom to decide what color to paint it, how your lawn d?cor should appear, and if you want to erect any structures on the property. You can also determine who stays with you, how many cars you have parked in your driveway, and make other personal decisions when it comes to the use of your property. Condo owners are usually held to severe restrictions on the exterior appearance of their units. They may also face significant limitations on how they may use their property.
Ability to Sell
Depending on market conditions, houses can be easier to sell than condos. These properties tend to be more attractive to buyers and investors in a down market. Further, when several condos in a complex are for sale, it can take a considerable amount of time before any one particular property is sold to a buyer. Houses also have more potential to be remodeled or otherwise adapted to suit a buyer?s style and preferences. By contrast, condos tend to have less design flexibility.
Laura B. Bramnick is an experienced Arizona real estate attorney who has the expertise to assist you with examining your real estate purchase options. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the State of Arizona, contact Laura B. Bramnick to schedule your consultation.