Should I Buy a Condo or a House?

                                                   
                                                    http://www.joshuaandshellyre.com/home
                                           

When it's time to buy a property, many first-time buyers consider two options, a condo or a house. Many people struggle with the various pros and cons of owning each. Ultimately there is no wrong answer to this question, you have to figure out what will work best for you. There are several things to keep in mind that may assist you in determining your best option.

Location and Lifestyle

Consider first where you want to live. The majority of the time condo buildings are clustered in certain areas, as well as single family homes. For example, urban areas tend to be a bit more impacted because those areas are centered around businesses, movie theatres, shopping and restaurants.Therefore, the type of housing that you will generally find here are condo complexes.
 Conversely, single family homes are usually clustered in suburban areas. These neighborhoods tend to be quieter, more spread out and can be several miles from shopping centers.

You also need to look at your lifestyle and figure out what makes sense for your needs. For example, if you work near the urban area, enjoy being able to walk to activities, have a small family, do not have a large budget, a condo may be a nice option for you. If you are beginning to build your family, you want more room for the long haul, or simply that you don't want to share walls with others and it fits within your budget, a house might work best for your growing needs.

Maintenance Costs

You can't avoid maintenance costs when you own any kind of  a property. But there are a few differences between what you can expect to have to pay for in a condo or a house. When you purchase a condo, you also agree to pay a monthly fee to the Home Owners Association (HOA). The good news is that this fee handles some of your maintenance costs for your property. They typically handle most things on the outside of the building and the upkeep of the amenities that the community offers. Such as; painting the building, landscaping, pool, gym, etc. Although, most issues with the inside will be the owners responsibility. Having said this, with these benefits that the HOA offers, they also will have a list of rules and regulations that you will need to abide.

When you purchase a single-family home that property is wholly the owners responsibility. Everything that the home needs, in the way of updates and regular maintenance is financially up to you. But with this, you are your own boss. You have complete domain over your property and you do not need to ask permission for anything.

Lending and Price

Another thing you want to consider when deciding between the two property options is, the lending process. You will want to get in front of a lender that will first get you pre-qualified to help determine your price range. This alone may narrow your options for purchase. But also, your lender will tell you what kind of a loan you will qualify for, whether it be Conventional, FHA or VA. Each of these loans requires a different minimum down payment and FICO score minimum. This may also help to narrow your search. And consider this, most condo complexes do not qualify for a FHA loans. That means that you will have to have a Conventional or VA loan only. Now houses on the other hand will take any of these loans, which widens your options greatly.

The price difference between a condo and a house is also something to look at. For example, you may be looking to get a nice, large condo in a good area. For the same price range in a home, you will find a smaller, fixer home, in an area that you may not like as well. Now of course there are exceptions to this rule, but generally speaking, you will spend a great deal more on a home  than on a condo.

Again, both of these options are good ones. Sometimes the process of deciding what's best can seem overwhelming. But, taking things step by step will help to lead you in the right direction!