As you search through homes for sale, you might be tempted to consider a condo. Many first-time home buyers are drawn towards condominiums because they believe it will require less maintenance. Condos also tend to be less expensive. But there are some benefits to purchasing a single-family home, as well.
1. The Building Will Age
Though condominiums do appreciate in value over time, the building itself will age. Take a look at a condominium built in the 1940s compared a condominium built in the 1960s. Apart from buildings that have actual historical value, most older buildings are not as sought after. You can rebuild a home on a plot of land, but you can't rebuild an entire condominium building.
2. Your Neighbors Are Farther Away
Never forget how much a bad neighbor can affect your home's value and comfort. In a condo, there are renters as well as owners -- which means a constant influx of people moving in beneath, above and around you. With a home, you usually have a friendly fence between you and your neighbors. Even if not, you're at least not sharing any walls. This can make it much easier to manage if you have a less than pleasant relationship with them.
3. You Have Less Risk of Flooding, Fire and Similar Damage
Damage to a condominium can occur through no fault of your own. Another homeowner could end up with either a fire or flood that spreads. While insurance will cover the cost of your items, that does nothing to mitigate the danger of such emergencies nor the inconvenience. With a home, you can at least have some control in preventing fires, floods and similar disasters.
4. You Don't Need to Deal With Parking Issues
Often in a condo there are limited parking stalls. You may have one or two parking areas that you need to use and your guests will need to use guest parking -- and often they will not be allowed to park overnight. This can put a significant damper on your social life, in addition to stressing out your guests.
While there are certainly situations in which a condo makes more sense, homes tend to retain more of their value and tend to offer more by the way of autonomy. A condo is usually only a good decision if you're in a major metropolitan area or if you truly don't want to have to invest time in external maintenance or landscaping. Talk to places like Cates Auction for more information.