Better Investment: Home or Condo?
You’ve been saving for a while, and now it’s time to jump into home ownership. While you may have been dreaming of a white picket fence, reality sets in as you start to weigh the pros and cons of owning a home versus a condo. As you want to make a smart investment, these considerations should be in the front of your mind for this decision:
Your Home is an Investment
When deciding on purchasing a home versus a condo, do the math. Look at pricing and additional fees like homeowner association dues. Single family home neighborhoods and condo communities both have them. However, condos sometimes have additional fees like assessments — so you need to ask. As for maintenance costs, plan on spending at least 10 percent of your home’s value. Break down the cost associated per square foot, then look at past appreciation. As the market increases, your investment should too. You can get a good idea of market indicators based on the historical performance of a particular neighborhood.
While many people associate condos with young single professionals, this isn’t always the case. More married couples, seniors, and even families are deciding to reside within condominium communities. One reason for this shift is due to busier lifestyles. Families with packed schedules and heavy workloads are finding that the lifestyle of living in a condominium is much easier. Furthermore, a lot of families find that residing within walking distance to shops, restaurants and grocery stores make living more convenient. However, most historic districts also offer single family homes as well so it’s really a preference in lifestyle. Another factor may be your spare time. If you like to garden or have children who want to play outside, you may find that giving up personal yard space isn’t the best idea. Although, you may find that amenities offered within a condo community will save you on a gym membership, and they may also provide generous green space.
When it comes to finding the perfect property for you and your family, only you can decide. While condominiums typically have more fees associated with them, the low-key lifestyle is something that may work nicely for you. However, if you are looking for privacy and love being outside, you should stick with a single family home. Either way, making a home purchase will save you money over renting. How much money you save will depend on your decision.
For more of our perspective on this subject read our recent blog, “Should You Buy or Rent in Retirement”
Thinking of buying or selling a home in the La Jolla area? As consistent top producers in real estate, Linda Daniels and The Daniels Group are your La Jolla housing specialists. Working with The Daniels Group will give you with the advantage of having local experts to ensure that you have a successful real estate transaction. From buying, selling and investing to financing options and more, we have the expertise and resources to help you achieve your goals. Call us today at (858) 361-5561 or email us anytime by clicking here.