My husband and I have often debated the purchase of a condo. Purchasing a condo has certain benefits that houses and apartments lack. Here are ten things to consider – five in favor, five against – when making the decision whether purchasing a condo is right for you. You can look at Chip Eng Seng for the best condo apartments in your town. You can easily get the best available option in your locality as well. As you go these through these pro and cons you can easily choose best suited property for you.
The Positive: A condo, like a house, is most often purchased rather than rented. This means that you can build home equity in a condo. That equity can be borrowed against at lower rates than a credit card. Equity also means that when you decide to sell your condo, you can profit from the increased value.
The Negative: Because you own the condo, you’ll have to have most repairs done yourself. This can add up to a lot of money if a major appliance breaks down. In an apartment setting, the repairs would be the landlord’s responsibility.
The Positive: As an owner of a condo, you pay mortgage rather than rent. Depending on the terms of your mortgage loan, you might pay less than you pay in rent. Even if that is not the case however, mortgage interest is tax deductible, meaning you are likely to see a bigger refund than an apartment renter.
The Negative: You’ll have to pay property taxes, home owners insurance, and condo association fees as a condo owner in addition to your mortgage payment, rather than a flat fee for rent.
The Positive: Unlike buying a single family home, you won’t have to worry about landscaping as a condo owner. That comes from your condo association dues. So, much like an apartment, you won’t be doing lawns.
The Negative: Well, you won’t have a lawn. So, if there are certain things you want in a home, like a place for the kids to play, or a swimming pool, your options are limited. As a condo owner, you are limited to the community spaces provided.
The Positive: Houses are built near other houses. Condos, like apartments, however, can be built in tighter spaces near shopping and dining locations. This puts more things you want within close reach.
The Negative: As with an apartment, you have many people in a condo within a condensed space. You will probably park in a common lot, and you may have other people living above, below, and on either side of you. This is certainly less privacy and quiet than a single family home provides.
The Positive: As a condo owner, you usually have more control over your space than a renter would. You can change carpet or paint colors, or buy new appliances, perhaps. As an owner, you’ll be able to sell the condo and move without having t leave the place exactly as you found it. Try doing that in an apartment.
The Negative: If you need to move from your condo quickly, chances are you’ll either have to sell the property or rent it out, so that you’ll have money for your new home. In an apartment, you can move at the end of your lease, or perhaps sooner if you pay a fee.