Buying a home is most likely one of the biggest financial decisions you’ll make in your life. It’s a serious commitment, and thus, you should do everything in your power to ensure the choice you make is the right one.
There are a series of pros and cons to weigh when deciding whether or purchase new or pre-owned, and whether to buy a house or a condo. We are going to run through the basics in order to help you make an informed decision.
In terms of the house vs. condo debate, it really depends on what is your overall preference. If the idea of having and taking care of a home and a yard is something that is important to you, you may lean towards purchasing a house.
But there’s more to the debate than that. First off, caring for a home may seem right up your alley in theory, but in practice this may change. Once things like oil burners start to go and electric issues appear, things become a lot less fun, and a lot more stressful and pricier.
In a condo, all repairs and maintenance are taken care of. This is part of the space trade-off. You won’t have your own yard, but you also won’t have to spend time caring for your yard either. In highly desirable regions like San Francisco, you can often get a lot more for your money with a condo.
Furthermore, if luxurious accommodations and amenities are a concern, there’s really no comparison. Buildings like 181 Fremont which rises 70 stories above the Bay Area provides jaw dropping views from residences crafted from the finest materials on the planet and features a stunning array of amenities.
It’s all about balancing what’s important to you in a home. If having your own, stand-alone place is paramount, then there’s really no other option but purchasing a house. But if sacrificing a bit of space for a lot of extras seems enticing, you should absolutely check out the condo market.
In deciding to purchase new or pre-owned whether it’s a home or a condo, energy efficiency should be taken into account. In most instances, newer homes and especially newer condos are far more energy efficient, which means better insulation, lower utility bills and, most importantly, less of an environmental footprint. For houses, it also needs to be mentioned that while you will likely save money on the initial purchase if you go pre-owned, if heating/cooling systems begin to have problems you may find that the price will even out over the first few years. Of course, this isn’t always the case. In some scenarios, you save on the initial investment, and you luck out overall. With condos this is much less of a concern. It’s often riskier to go pre-owned, despite the cheaper initial price tag. It all depends on how much work you’re willing to do yourself. If you’re handy, a pre-owned home could be the right move.
