Purchasing real estate is often a question of location and lifestyle. The type of dwelling you purchase will play a huge role in how you are able to enjoy the use of such property. The rights and obligations associated with condos and traditional homes are not the same. In fact, it is the differences between condos and traditional homes that add or detract from their appeal. To get some idea about their differences, here are a few points to consider.
What Do You Really Own?
When it comes to the purchase of a traditional home, what you really own is the house, and in most cases, you also own the property on which the home sits. In the case of a condominium, you own the inside living area of the condo and a portion of the common living area. With a condo, you do not actually own any of the property on which the condominium sits.
With a traditional house, the owner is responsible for all of the maintenance. If any work needs to be done, the owner must buy the tools or hire someone else to do the work. With a condominium, the owner is responsible for maintenance done on the inside of their living space. Association fees charged to residents of a condo go to fund the maintenance and repairs to the external structure. According to Home Guides, these association fees may vary with respect to the funds needed to pay for the upkeep of the external portions of the condo.
According to EXIT Lakes Realty Premier, it is relatively easy to use online real estate databases to help compare the diverse features and locations of condos with those of traditional homes. Oftentimes the price difference between condos and traditional homes is a compelling reason to gravitate toward one of the dwelling options over the other.
One of the advantages of living in a condominium versus a traditional home is that a condo has community features. Tennis courts, a community pool, or other community-based amenities become easier to use and maintain in a condo. In the case of a traditional home, putting in such features would be quite costly and space-prohibitive.
Purchasing a place that best suits your lifestyle and needs is an important decision to make. Whether you are looking to purchase a traditional home or a condominium, key factors like location, cost, and how much effort you want to put into a home of your own will often weigh heavy on such a decision. Understanding what you get with your purchase is a big factor that should not be taken lightly. Remember, this is the place you will most likely be calling home for years to come.
Author: Anica Oaks, freelance writer and web enthusiast