House vs Condo
For the people who are planning to purchase or rent a place for their living and are wondering where they should buy a house or a condo we have some useful tips and pros and cons of house vs condo.
House vs Condo Investment
If you are a type of person who want the price of the real estate increased at the same time you are living and enjoying your property then you must prefer a house. The reason you must prefer a house over a condo is that the price of the house depends on the price of land and about 90% of the time the price of the land is increasing. On the other hand as condominium building goes older the more problems and issues will start occurring and their will thus be an increase in the Condo fee. Condo investment is however some times better for instance if you decide some times that you want to rent your property than Condo maintenance is very easy as compared to house. More over as your Condo will be in a building there is a lesser chance that you will have a dispute with your tenants.
On the other hand if you rent your house than you will have to take care of it a lot. You have to either hire a maintenance and management firm to take care of your house and collect the rent from the tenants or if you want to do it at your own there can be many problems you could be facing. One small problem for which your tenant can call you is that your dish washer is not working. There can be many things where your tenant can create a headache for you. So house is generally good for increase in your investment or its resale value while condo is generally better if you want to rent your condo.
Condo vs House Resale
Condo will usually have a less increase in their value after let say 10 years while house will have a more resale value. However when we talk about Condo vs house resale there are many factors that come into play. Price of the Condos is usually less than that a price of the house so generally a resale time for a condo will be lesser than the resale time of the house.
Condo vs house issues
Condos will be in a building and obviously there is very little privacy in the buildings. Even when you have to go to you car which is parked in the garage you have to go by the elevators or stairs so there is a privacy problem for the people who are very concerned of their privacy . Some times the condos have common terrace as well. More over a condo apartment or building will have shared swimming pools , shared sauna rooms and exercise rooms.
On the other hand house offers tremendous privacy and there is even more privacy if its a detached house. You can have your own private small pool and your own exercise room where you can do every thing at your own convenience and your own schedule. So if you are a person who loves privacy then we do not advice you to live in a condo.