Condominium or House? Which should you choose?May 19, 2011
With our changing market, I have buyers who are entering the market with cash and looking for some good deals.
Their main criteria are what can I pick up for a GREAT price and which property will start bringing me instant income? Should they buy a house or a condo?
Usually that requires a long and detailed discussion but here’s is an abbreviated comparison.
If buyers want worry-free maintenance and ease of lifestyle then a condo is ideal. You move in and the HOA (through your dues) maintains the property. You never cut a yard; trim a hedge, paint, etc. It’s all taken care of you for a fee. Added to this is the fact that condominium residences (in Orlando) can often be purchased for less than a traditional home.
With a house you have to consider the cost of maintenance and care but you also have privacy. In addition, you don’t have to worry about the strength of the HOA and if the condominium project is strong and viable for the future resale purposes.
I think if I am personally given a choice, for investment/rental purposes a home is always stronger than a condominium. But for retirement/investment purposes – you may want to consider the condominium residence lifestyle.
Either way…it’s good to have options.