Moving forward in life, people want to make investments in real estate to establish a more comfortable situation for themselves and their families. Whether they intend to live in that property full-time or try rent and sell it for a profit depends on the person.
The most fundamental issue to address is whether you should look at a condo vs house, and how you plan to use that real estate. We’re going to go into some of the factors that might affect your decision, hopefully giving you a better idea of what to do next.
So, should you look at buying a condo or a house?
Condo vs House
It’s not always going to be cut and dry. There will be some perks of buying a condo that seem very attractive, while there are other pieces that might motivate you to buy a home.
That said, you should look at both objectively and weigh the pros and cons. We’ll start with condos.
Pros and Cons of Buying a Condo
The first thing to consider when looking at your investment is the price. Condos tend to be cheaper than houses, while not by too high of a margin.
If you’re looking to rent out your space or selling it for a profit, you should first look at condos. If you select a location that’s in a desirable location, you could be looking at extremely high returns on the property.
People will pay a lot more to rent out a condo for a short time in a vacation area than they would in a normal environment. Additionally, people rent condos consistently throughout the year, making it relatively easy for you to see reliable returns.
On the other hand, you’ll be liable to the rules of the condo association. Things like maintenance, tenant behavior, and associated costs will all be necessary. You may also be prevented from making improvements or adjustments to the property if they’re too significant.
Pros and Cons of Buying a House
A house is going to be slightly more expensive than a condo, but it comes with a lot of added value that condos simply can’t provide.
For one, you’ll be able to make any adjustments or improvements that you see fit. The only association you need to answer to is the city, and that is always going to be the case.
Further, you’ll have some land to work with if that’s what you want. Land is extremely valuable over time, especially in well-researched areas that show signs of economic improvement. If your plan is to eventually sell your home and get a positive return on investment, make sure to research and purchase a home in an area that is expected to see a rise in property value.
Looking to Sell Your Property?
If you’re making the decision on a condo vs house because you’re thinking of moving and selling your current home, you’re in luck. It can be a lot easier to sell property than you would think.
Contact us for more information on selling your home or condo and moving onto the next stage of life.