You are ready to buy a home in Las Vegas but unsure about what kind you should buy. The choice between a house and a condo can make it rather hard to decide. Each option has its pros and cons, based on your budget plan, risk tolerance, your flexibility needs, and your financial aid. Top Tier Reality is here to assist you in making the right choice to suit your needs. Here are some positives and negatives to buying a house or a condo.
Houses: Pros Versus Cons
Houses are the most popular type of residential property bought by homeowners. They have a tendency to appreciate quicker and are usually bigger than condos situated within the same area. Owners who would like to customize their rooms have the most creative authorization in a house. You can enhance the value of your house through refurbishments and upgrades, so having complete ownership of a house allows you to increase its value until you are fully satisfied.
It sounds pretty great, however there are some negatives involved. Houses in neighborhoods where you were able to afford rent are not as inexpensive to buy. Buying a more affordable home that ticks all of your boxes may mean that you have to compromise on location. This often includes driving a distance to get to the city center. If you are attached to a particular neighborhood or a suburb, then you might have to choose which is more important, either space in the suburbs or location at the cost of having extra space.
When you own a house, you are in charge of its maintenance and appearance, which often can cost a fraction of the purchase price yearly. This is important to take into account if you are purchasing on a stringent budget. On a positive note you get to choose when to address your maintenance issues, how to fund the maintenance projects as well as decide on whether to complete a project by yourself or with the help of a hired company.
If you are interested in a home loan, then you may be delighted to learn that you can usually take out a larger loan for a house than you can for a condo. This is because some banks expect a larger down payment (and hence a smaller loan) for a condo than for an equally valued house due to the fact that the condo might be in a high-rise. If you are assessing both a house and a condo, ask your bank about your loan capacity for each type of purchase.
Condos: Pros Versus Cons
Condos are usually among the safer, securer, and stress-free ways to own a property. It allows you to have convenience, a community with many neighbors, shared excellent facilities and services that include storage space, a gym, parking areas, and a games room. It gives you the feel of an apartment lifestyle, but with the privilege of building home equity. You also do not have to stress yourself out as much with the maintenance as house residents do. The monthly homeowner fees you will be paying in these buildings help to compensate the employees or servicers to care for shared areas outside of your own space which includes landscaping, lift maintenance, protection of the residents and building, air-conditioning, and cleaning of the lobby.
Some negatives to owning a condo are that they tend to appreciate at a slower rate than houses do, especially in markets where there is a relatively equal combination of residential homes and condo housing. Some buildings impose limits on how many units you can rent out at a time, so if you intend to rent out your condo, ensure that you understand the regulations. Furthermore, if a condo building has delayed maintenance or minimal cash resources, then you may need to pay “special assessment” fees to finance unusual or emergency fixes as well.
We hope that we have given you a good overlook of what you should expect when buying either a house or a condo and that this will make your purchase journey a whole lot easier. This is the biggest purchase you will ever make, so please give us a call at Top Tier Realty to allow us the chance to help you through it.