Where you live
affects everything about you, so it’s important to examine the type of home
you’ll buy when you’ve saved up enough. Houses
and condos both have their pros and cons, and first-time buyers are usually
divided in this issue. Here are some factors to consider when choosing your
first home:
Affordability
Condos are generally
less-expensive than new homes for sale, mainly because of its smaller space. While
the initial cost is cheaper, though, the limited area would be disadvantageous
to bigger families.
Location
Condominium
buildings are usually located in the heart of the metropolis, where commercial
offices reside. If your work is located in the city, commuting or driving would
be easier. Grocery stores, shopping malls and other places of convenience are generally
within walking distance.
Equity and Investment
Whenever the real
estate market declines, condominiums are usually the ones hit first, and they
tend to be harder to resell. A house’s value, on the other hand, steadily
increases over time.
The Verdict
Condos are most
suitable for young professionals focusing on their careers, while houses are
the best option for families and couples planning to start a family. Are you
just looking for a place to hang your hat, or do you want to make a long-term
investment? In the end, the right choice depends on your goals, lifestyle and social
status. Before thinking about costs and location, think of your motivations for
wanting to secure a property, and start from there.
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