When you need to choose between a condo and a house, there are several different factors to take into consideration before making the final step. Sure, condos offer more possibilities, are usually half the price of a house or at least 30% lower, and you are saving money on maintenance you would otherwise spend on house renovations. There is also the sense of shared responsibility with the other residents, and the HOA, which makes sure changes are made per the request of the majority of residents.
However, these are only the superficial reasons why you might need a condo. If you need reassurance, ask yourself these 6 questions.
How am I supposed to buy it?
As said in the introduction, the price of a condo is lower at least 30% as opposed to the average single-family home, and the maintenance is cheaper, meaning the money you would otherwise spend on garden decoration or home renovations, you could instead invest or take a vacation. Of course, you do not need to worry about mold, proper heat installation, if the attic is home to pests and other insects, and many more things. But, the real question is whether you can afford it. On average, people save enough money for a condo faster than they do for a house, and the reason is not only the price difference.
The amount of money usually spent on rent over 10 years amounts to almost the price of owning the place. What people usually do is pay for rent while trying to save for a house, while the better option is paying for the walls you live in, and in the next 10 to 15 years you’ll pay the debt off and are left with real estate.
Real estate is capital, it means you can always trade it for a house once you need to settle down, and instead of giving up on huge amounts of money every month trying to do two things at the same time, a better option is owning at least one.
Ámbar Condominium Development in Ixtapa, Mexico by Zozaya Arquitectos
Is it a good solution for traveling abroad?
A fair number of businessmen and people who need residency in a country abroad prefer a condo over a house. Take for example the scenario where you are having business meetings and projects in SouthEast Asia which require you to spend about a week or two every other month there.
Now, the costs of hotels per night, parking, and meals over several years can amount to a huge sum. However, if you buy a condo, these additional expenditures and risk concerns are avoided, and thankfully, there are agencies such as SG Luxury Condo, that can help you with this. It is, for example, a considerably better alternative than owning a property in a remote place that is readily targeted by burglars, and house upkeep is an additional cost you must pay.
Hotels tend to overcharge you, especially when you're on a business trip, and it's always preferable to have a permanent solution to a temporary problem than to have to constantly adjust your plans.
Am I flexible enough?
One of the reasons people prefer a house over a condo is the lack of privacy and the need to share space. Condo living means you have to be flexible in a sense of having to cooperate with your next-door when it comes to compromising and making changes around the place. For example, the HOA will ensure that the building's regulations are followed and that essential adjustments and repairs are made, but it will demand your participation, whether financial or otherwise. Living in a condo also means anticipating complaints, as your lifestyle may endanger the well-being of your neighbors, however, this only applies to loud music and sounds made by you.
Are the fees reasonable?
As said, the fees for condos are at a reasonable level, as the HOA determines and charges you for the costs of maintenance. These monthly fees for the building cover lightbulb changes and elevator repairs. Aside from these set fees, the only other expenses are your bills, which you must pay even if you own a home.
Ámbar Condominium Development in Ixtapa, Mexico by Zozaya Arquitectos
How can I buy it?
Simply enough, buying a condo is not rocket science, we highly encourage consulting an agency as they’ll give you the best price and display the many options available. Also, take into account your credit score, history and savings, also monthly income, and costs of living. You'll be able to sell it faster than a house at any point if it gets too much.
Should I buy it?
After all, has been stated, the question you should ask yourself is: do you require it? What do you want to do in the long run, do you want to change careers soon, would you rather pay rent for the next three to five years and save to start a business than buy real estate, and so on? These are some of the questions you'll have to answer on your own.
We hope you find the information useful and helpful, and remember that you should never feel compelled to buy something you don't believe is good for you.
