Posted on Nov.5th, 2014
People believed that the difference between a house and a condo is that one has its yard and the other one doesn’t, which is actually not the case. The difference is actually more than that, and it is essential to be mindful about these differences prior to purchasing a condo. Another factor that gets people confused on the difference between a condo and a house is the style. To better understand the features and distinctions of these properties, you can refer to the following:
Houses
• Outdoor maintenance is often required
• Private yard
• No condo charges and fees
• Homeowner is responsible for all the cost of insurance
• You have all the control with regards to the things that you wanted to do with your residential property.
Condos
• You have the freedom to do whatever you wish inside the unit within condo agreement and law. Changes outside normally requires permission from the board.
• Condo unit owners need to settle a monthly condo fee including water and sewage but this is common in the case of condos that are apartment style.
• External maintenance is completely taken care of the condo association.
You have to note that condos often have restrictions set by the condo board and these are actually voted by the majority in the association. There are things that you need to watch out for such as rental permissions, age restrictions and pet restrictions. You also have to determine if condos have sufficient reserve funds to cover the maintenance and all other issues as well as plans for future developments and improvements.
Which is best For You?
This is actually a question that only you can clearly answer. The answer really depends on factors like individuals’ lifestyle, needs and wants. If you have a big family and wanted a yard and sufficient space for the entire family to use freely, then condo is probably not suited for you. If you are living a busy life and wanting a simplified living arrangement by not having yard works and snow removal, then condo might be the perfect option for you.
If you are looking for an ideal Boston Real Estate property, you need to assess your needs. This is true especially if you are a first time property buyer. If owning a house is really not your cup of tea, choosing the most ideal condo available for sale in the Massachusetts Real Estate market is a good step to take. The good thing here is that, in case your lifestyle demands for it and you are completely ready, you can always move to a new house anytime.
Both condominiums and houses have tons of diverse options and styles. Traditionally, the real estate market is said to be driven by houses, but over the years, there has been an apparent change. The demands for condos are rapidly increasing, so it is important to familiarize yourself with the ways on how condos operate and how condo board functions. As the Massachusetts Real Estate market continuous to grow as well as the need for reasonable housing, condos have become a more prioritized option.