Posted on: 15 June 2018
If the time has come to stop renting and buy a home, you may be torn about what type of property to buy. The decision between a single-family house and a condo can be tough, especially if you are already used to life in an apartment. Here are some reasons to go with a house for your next home.
One reason that many people enjoy having a house is that they want a yard. Having a place where you can set up a BBQ grill, a swing set for the kids, and plenty of space for playing. This is something that is not possible with a condo. Even if there is an open courtyard, you won't have the privacy of a fenced off backyard that no one else can use. It also gives you the flexibility to do things in your yard that would otherwise violate community rules, like setting up a small pool in the hot summer.
The Lack of Fees
One part of living in a condo that you may not be aware of are the fees. There are fees that you will have to pay every single month to live in the building, commonly known as homeowners association fees. They help pay for things like trash removal, maintenance on the building, and security. These are fees that you will always be responsible for paying, and can go up over the years. Even when your mortgage is paid off, the fees still need to be paid. This can cause a condo to be out of your budget when you look at the total monthly cost that you need to pay.
While it may seem odd that maintenance is an advantage of owning a home, it's because you have control over the maintenance that you do. In a large condo building, it is mainly up to the condo association about what sort of maintenance is done to the building. While you can vote on maintenance items at monthly meetings, it is mostly out of your control.
For instance, the condo association may decide to replace all of the windows in the building, even if you are fine with the windows in your unit because you take care of them. You may also be hit with a special assessment if the community does not have enough money in reserves from HOA fees. This means you could be forced to pay a large bill for a repair to the building, without the option to do the repair yourself.
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