Weighing your options when it comes to where you live is always smart – and so is reevaluating your needs and making a decision based on what’s best for you. But is living in a condo, an apartment or a house the right choice in your situation? Here’s what you need to know so you can make the best possible decision.
Condo, Apartment or House: What’s Right for You?
There are fundamental differences between condos, apartments and single-family homes, and the only way to know which is right for you is to understand what they are. Here’s a quick guide to get you started.
Condos: The Basics
A condominium, at first glance, seems a lot like an apartment. These private residences are usually part of a larger building or complex, and when you buy one, you’re buying into the community. When you buy a condo, you’ll share community amenities with your neighbors (like a swimming pool, playgrounds, security services and parking areas). You build equity in your condo, just like you would if you owned a single-family house.
You won’t have to maintain the exterior of the building, handle the landscaping or clean the pool yourself, but you are responsible for maintaining what’s inside the walls of the unit you own.
And although you aren’t directly responsible for exterior maintenance, you’ll still pay for it. When you buy a condo, you have to pay association dues. Those dues go toward hiring professionals for repairs, maintenance and upgrades on community amenities.
You’ll also have to follow rules that the association sets forth. Those rules might include how many (and even the types of) pets you can own, whether you’re allowed to hang political signs from your balcony, and where you can park your boat or RV.
Apartments: The Basics
Apartments have rules and regulations, just like condos do. The biggest difference in an apartment is that you don’t actually own it and you’re not building equity when you pay the rent. Additionally, you’re not responsible for repairs on damage that you didn’t cause. For example, if the toilet breaks, you call your landlord and he or she is responsible for fixing it. (If you trip and fall through the drywall, though, that’s probably another story.) The cost of exterior maintenance and repairs for shared amenities is usually rolled right into your rent, so you aren’t likely to have to pay association dues.
Single-Family Houses: The Basics
When you own a single-family house, you’re responsible for interior and exterior maintenance, repairs and upgrades. You’re your own landlord, essentially. You might also be part of a homeowners association (some neighborhoods require membership and dues), which can set forth rules about how you use your property. Your association might govern things like paint colors, pets, street parking and even whether you can rent out your property when you’re not in residence. Like a condo, you can build equity in a house, whereas when you’re in an apartment, you’re building your landlord’s equity.
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