Condo vs House: Making the Right Buying Decision

Explore the pros and cons of owning a condo vs. a house with Bravo Realty. Discover how factors like maintenance and location can influence your decision.

Written by
Scott Champagne
Published on
January 4, 2024
Read time
2 min
Category
Advice
Modern condo building.

Don't worry, I'm here to help guide you through the pros and cons of each. And, as a real estate broker at Bravo Realty based in Rhode Island, I know a thing or two about both options. Let's dive in!

First, let's talk about condos. Condos are an excellent option for those who want to own property but don't want the maintenance and upkeep of a traditional house. As a condo owner, you'll typically have access to shared amenities like a pool, gym, or common spaces. Plus, you won't have to worry about shoveling snow or mowing the lawn, which is a huge plus if you're not a fan of yard work.

Another benefit of condos is that they are often located in prime areas. In Rhode Island, for example, you can find condos with ocean views or downtown areas with easy access to restaurants and shops. This can be a significant selling point for those who value location over square footage.

However, there are also some downsides to condo living. For one, you'll likely have to pay monthly homeowners association (HOA) fees. These fees cover the cost of maintaining shared areas and vary widely depending on the condo complex. You'll also have less privacy than in a traditional house, as you'll be sharing walls with neighbors. And depending on the condo's rules and regulations, you may be limited in terms of what you can do with your unit (i.e., no painting the walls a bright color or keeping a motorcycle in your parking spot).

Now, let's talk about houses. Houses are an excellent option for those who want more space and privacy. As a homeowner, you'll be free to make changes and renovate your property as you see fit. You can paint the walls whatever color you want, have a huge backyard for your dog to run around in, and even build an addition if you need more space.

Another benefit of owning a house is that it's a long-term investment. Unlike renting or even owning a condo, a house is an asset that can appreciate over time. This can be a significant financial advantage if you're looking to build wealth or sell a property.

Of course, owning a house also comes with its downsides. For one, you'll be responsible for all maintenance and upkeep of the property, which can be time-consuming and expensive. You'll also have to pay property taxes, which can be a significant expense in certain areas. And depending on the location, you may not have access to shared amenities like a pool or gym.

So, which option is right for you? Ultimately, it depends on your lifestyle, budget, and preferences. If you value convenience and location over space and privacy, a condo might be the perfect fit. But if you're looking for a long-term investment and the freedom to change your property, a house might be the way to go.

At Bravo Realty, we can help guide you through buying a condo or a house. We'll help you weigh the pros and cons of each option and find a property that fits your needs and budget. So, whether you're a first-time buyer or a seasoned homeowner, we're here to help you make the best decision for your unique situation.