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Should
I buy a House or Condo?
Decisions, Decisions, Decisions?
Both homes and condominiums enjoy the same benefits of year-end tax deductions as well as the ability to build equity through yearly appreciation. The big difference in deciding tends to be (1) Your price range (2) Property values in the
city or cities you like best, and (3) Your lifestyle.
If it is more important for you to live in one particular area, however the average price of homes in this area exceed your mortgage approval amount or would create too high of a monthly payment for you, then pursuing a condo may be a great alternative. This route will allow you to keep your costs lower and put you in your desired location.
The second consideration is your lifestyle. If you keep a very busy schedule, or if you have any physical restrictions where it may be difficult to maintain a yard (lawn care, snow removal, landscaping, etc.), then a condo might be a good alternative to a house.
Condominiums typically have a “monthly association fee” which enables the condo association to maintain the exterior of the buildings & grounds. These monthly fees vary and provide different benefits from community to community. Find out how much the “monthly association fee” is and what it includes on the condominium you are considering.
Otherwise, owning a house may be the clear choice for you & your family. Either way, a home or condo is a great place to call your new home!
Talk to one of our Real Estate Specialists for more advice.
Return to
Valuable Information
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Our
Valuable
Information
Guide
will
help
educate
you on
important
aspects
of the
home
buying
process.
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