When deciding to invest in a home, whether purchasing the traditional way or going through a rent-to-own option, the type of home you choose may have a big impact on your future happiness. Each type of home appeals differently to individual needs and tastes. We would like to take a look at the differences between condos and a single family house and go over the pros and cons of each.
Pros of a House
The benefit of buying a single family house is that you’ll have the ability to decorate and remodel as you see fit. Houses are also more conducive to having children and pets. Additionally, owning a house means that you’ll own the land and the structures on the land so you can landscape and garden or put in a pool if room allows. Perhaps the biggest advantage of owning a house is that you’ll have more privacy without sharing walls or stairwells with neighbors.
Cons of a House
The downsides to owning a house are mostly financial. A house will typically not only cost more money on average but also require more maintenance. While having a lawn is a great benefit it also comes at the cost of having to maintain. This puts additional stress on not only your pocketbook but also your time.
Pros of a Condo
The pros of having a condo are about accessibility and affordability. Condos are typically located in more populated urban areas and provide people with easy access to many trappings of a big city without the need for a car. Additionally, condos are typically more affordable since you’re just purchasing living space and not land. Some condos also provide shared living spaces that offer amenities such as a pool, chilled wine storage, gym, and game rooms.
Cons of a Condo
The cons of a condo are about privacy and sense of ownership. Having a condo typically means that you have less storage space to keep the things that you’d typically have in a house so shared spaces are offered to attract condo buyers. Sometimes these shard spaces are used by more than one party and privacy becomes an issue. Having a condo will typically mean that you cannot renovate or only able to do certain remodeling tasks, so you’re sense of ownership in the property takes a hit since you cannot truly make it yours.
Depending on your lifestyle and desires both condos and single family houses have significant advantages and disadvantages. Regardless of what you choose you find what you’re looking for by browsing through our listings of rent-to-own properties today.