Continuation of Advantages of Living in a Traditional House vs. Condo Living
- A single-detached house is a better investment than a condo unit because your tenancy in your own home is under your control. To keep it permanent and secure, all you have to do is to manage your finances well. In condominium units, a building foreclosure can happen if property management fails to handle the finances of the corporation properly. You will have to seek protection under tenancy protection laws of the state, if there are any. In addition, you will have to go through transitions and changes if there are new building owners and management.
But then again, the advantages of house vs. condo are favorable for homeowners who are more concerned with investing their money wisely, in order to attain a more secure future. Owning a traditional home is also best for those who prefer communing with other people, instead of keeping to themselves.
Summary: Which Has More Considerations for Better Investment?
As a summary, before deciding to buy a condominium unit, make sure you have more than enough income to spend for the price of an expensive lifestyle. Your main consideration should go beyond the low monthly amortizations you are paying for. Condominium living is best for those who are more focused with living in the present, and not so much for the future. As a form of investment, it may be harder to sell, because condo units are less likely choices among the majority of the house-hunting buyers. The latter are also mostly future homeowners, who are likewise into investing their money wisely for the future.
If you’re the type of dweller who wants somebody else to take charge of everything in your home, and wouldn’t mind putting your investment in the hands of the condo people in-charge, then, buying a condo may work out well for you. You may be the type who’ll find a condo’s classy ambience and amenities, plus the prestige of living in a pricey and well-maintained unit, worth all the money you put into it, despite its minimal expected returns.