Owning your own piece of property is a big part of many people’s dream life. But when the time comes for you to make a decision about what type of property to get, you might feel you have analysis paralysis with all the choices available to you.
So to help you in weighing your options and finding the right home for you and your family, here are three financial benefits you can enjoy when you buy a condo rather than a single-family home.
A Lower Purchasing Price
When comparing a single-family home and a condo of the same size, the condo is very likely to come to you for a lower purchasing price. According to Kevin Mercadante, a contributor to Money Under 30, the price difference is usually around $10,000 when comparing a house price to a condo price apples-to-apples.
While this price difference might not seem like a lot when speaking about buying something that’s hundreds of thousands of dollars, you can easily see this difference when applying for a home loan in both the down payment you’ll want to save for and the monthly payment of your mortgage.
Save Time and Money On Maintenance
As the owner of a detached home, you’re likely going to be on the hook for all maintenance and repairs that your property will need. Because your home likely will come with some type of outdoor space, you’ll have to find both the time and the money for the upkeep of this space and the indoor space of your home.
But with a condo, Geoff Williams, a contributor to U.S. News and World Report, shares that most if not all of the outdoor, and some of the indoor, maintenance needs that you have will be taken care of for you. While these costs are likely folded into what you’re already paying on a monthly basis, at least you won’t have to do any of the work yourself and can better spend your time and money on other pursuits.
Access To Better Security and Amenities
When you own a property within a condo community, not only do you have access to the home in which now belongs to you, but you’ll also be able to use whatever amenities are available within that community. According to Elizabeth Weintraub, a contributor to The Balance, this might include things like a spa, clubhouse, gym, tennis courts, trails, outdoor space, concierge services and more.
In addition to these services, many condo communities also have their own security as well. This means that not only will you have close neighbors who can keep an eye on anything suspicious that happens around your home, but you might even have people on staff who have this as their full-time job.
If you’re wondering what some of the financial benefits might be to buying a condo rather than a house, consider using the information mentioned above to help you in making an informed decision.