House or Condo? Choosing Between Two Dreams

In the real estate territory, DC Condos and houses are still considered one of the most lucrative investments to get into. In fact, it is during an economic crisis that one should start thinking about getting a home. Although exciting, the real estate market choices could sometimes be difficult – especially to first-time buyers. One of the big questions nowadays is whether to invest in a family home, or a simple condominium. Before jumping into that moving van, take a few minutes to think about the different pros and cons.

 

Cost of Living

 

Usually the first thing that buyers fuss about is the budget. When compared to making a home purchase, condos are more flexible because of its varied price ranges (there are single units and bigger ones for families). But in terms of long-term expenses, perhaps a house isn’t a bad idea. Here’s why:

 

  • Other than the mortgage, condos have monthly owner/community fees, plus insurance. It’s important to note that these fees don’t go away.
  • Condominiums and apartments are neighborhood-based; so in order to keep everything in tip-top shape, members (condo owners) are expected to agree and contribute for repairs and keep the place running smoothly.
  • Although condos have their own insurance policies, there are cases where theft is not included. Be ready to get appropriate insurance policies, based on the bylaws of the complex.
Logan Circle

Condominiums are sometimes sold fully-furnished and ready for living. They occasionally act as temporary dwellings for those saving up for a prospective home, or to kick start independent living. Settling in a condo could be great if the proper budgets are allocated wisely.

Next to money matters, the second vital thing to think about would be about neighbors. Condos would mean being with all types of people in closer proximity than what most would find comfortable. Although a bit awkward at first, there are a couple of advantages to this kind of lifestyle:

  • A close-knit community is a great way to get connections and make friends.
  • Leaving for vacations is easy, particularly with helpful neighbors living so close by.
  • It’s never boring because of the various types of people within a complex. Most even have special facilities like swimming pools or recreation areas.

Make sure to factor this in when making the final decision. There are people who prefer to live on their own, while some are more social. Try getting to know potential neighbors before the actual purchase.

 

Ownership

After all is said and done, it all comes down to a future with said property. Owning a home is like a legacy that can be given to upcoming generations; while condominiums and apartments seem transient. In the fast-paced world of real estate, condos for sale are typically hit the hardest in times of economic or financial turmoil. Even with this minor setback though, singles and young professional still prefer condos over family houses because of its diversity and challenging nature. The choice is really subjective.

 

It’s crucial to really contemplate over this matter because in the end, a house and a condo is more than an investment – it’s a home.

Adams Morgan

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