Living in a condominium versus independent house

Living in a condominium versus independent house

Everyone wants to have a dream home, but when it comes to buying one several factor like what to buy, where to buy when to buy and most importantly, how to buy into play. Your home buying decision depends primarily on where you are in life. If you are planning to buy your dream home but confused about whether to invest money in a condominium or only condos or independent houses, here are some factors you should consider before moving ahead.

What is Condo?

Condominium or only condo and independent houses have its advantages and disadvantages. Technically, a condo is a private residential unit within a multiunit building with common areas with external and internal facilities. This usually apartment-like structure can have a shared wall or partially or fully detached exitance. Most of the condominium has an administrative association to look after facilities and services. As a condo owner, you have to pay regular fees to the association.

Conds versus Independent House

Life is all about change, so your home buying decision must consider the “life-stage” and “not one-size-fits-all” factors. Apart from the lifestyle and budget, you should factor in issues like time involvement in maintenance and upkeep, which changes significantly with the change in the style of home, whether it is a condo or independent house. If you are a first time home buyer and evaluating a condo versus independent home or looking for an option to invest in real estates, here are some factors that you should consider before moving ahead:

Pros of Buying Condos

If your priority is luxurious features and facilities like swimming pool, open space, clubhouse, sporting space, then a condo is a better option for you. Condos usually come equipped with smart counters, luxury appliances, and an open floor plan.

Condos offer you several lifestyle centric benefits. Among all the housing style options condos are best in terms of maintenance cost. You have to maintain only inner areas as your condo association will take care of all exterior maintenance. Since all society members share the maintenance costs, you have the benefit of economies of scale as you pay very less compared to the cost involved in an independent house.

The best thing about condo is the lifestyle as you live with like-minded peoples of almost the same stature and share common facilities. You feel more lively and engaging in a vibrant neighbourhood. Since condos are relatively smaller, you save the time that you have to waste regularly in the upkeep. Condos offer you the luxury of work-life balance as you get access to state-of-art facilities to keep yourself rejuvenated in local set up. If your priority is a long-term investment, then condos could be a good option as the demand for condos is on the rise and the trend is likely to remain so in the short and long run.

You live near other people, so you feel secure in condos. Apart from that, all condo complexes have proper security arrangements like guards and advanced security systems. You will have the facility of doormen and desk people.

Cons of Buying Condos

If your priority is peace and privacy, then condos could be a problem because you leave very close to your neighbours. So, be specific about your requirements while buying a condominium. Although maintenance cost is comparatively low, it will rise with time. It is better to buy new condos as it will have flat repair and maintenance load. Some condo complexes have stringent rules like smoking area, pet number, parking space, etc., so be clear about the level of freedom you want. The overall square footage of the condo might be smaller as compared to the house.

Pros of Buying Independent House

Independent house is a stand-alone structure on a foundation, which could be a single or multi-story home with a basement, terrace, and garden area. The best thing about the independent house is the freedom it gives in terms of design, decoration, and restructuring. You follow the general guideline of home building, and you have all the freedom to use your space as you wish. You don’t share walls or shared area, so you have the advantage of absolute privacy. If space permits, you can have the outdoor space to enjoy.

Cons of Buying Independent House

The luxury of freedom has its cost. Your independent house will be your responsibility to maintain and repair. In this hectic life, it is the most significant challenge. It is not just interior and exterior; you have to spend a considerable amount of time for lawn maintenance, sewer cleaning, and other routine maintenance. Security is the biggest concern, as you have to pay the right amount of money in keeping your home secure from unwelcome guests.

Condominium gives you the exclusive right to the interior space, but all exterior facilities along with land and walls remain with the association. Whereas, the independent house gives you the sole owner of the unit along with the land. Both the options have its advantages, but you should make sure that the condo association is well-run and managed by professionals. It would be best if you asked in advance about planned improvements and maintenance fee structure. You must read and enquire about association rules, regulations and bylaws.

Beyond the condominium versus independent house debate, you should make sure that the property is thoroughly certified and approved by local regulatory bodies. You should pay particular attention to the locality and surrounding areas, as your day to day life activities depend on several other factors. You should keep the connectivity and communication aspects in mind while planning to buy the property. The value of your condo depends on the overall health of the complex, so take a walk and talk with people to judge the status.

If you compare price in a particular area, you will find condominiums are less expensive then independent houses. You have the luxury of using world-class amenities at very affordable rates, which otherwise cost heavily. If you are busy and have a limited budget, then condominiums are a good option as you can get quality units at an excellent location at a very affordable price.