Condo
Buying any property is a huge endeavor. Do you buy a house? What about a condo? The most important question is, “which is best for me?”
When considering purchasing a condo, there are factors that you have to take into consideration. Association rules, property improvement, and budget are a few things you should look at. In a condo, every owner must adhere to the association rules. This may not work well if you are used to having elaborate dinner parties and frequent home made micro brewery tastings in your home. Homeowners are free from restrictions that may impede their hobbies and lifestyles.
You have discovered your inner 3 star Michelin chef. Now you want to upgrade your kitchen to reflect you newly discovered talent. If you are in a condo, you are more than likely require the approval of an association. There may be limitations set on any changes to the property. Homeowners have the freedom to have total control over decisions affecting your home and can make such decisions without input.
Everyone has a budget, even Oprah. When considering a house or a condo you have to be conscious of how much you have to spend. In Bergen and Passaic counties in northern New Jersey, you can get a 3 bedroom condo for around $200,000. However, 3 bedroom homes in the same area can be well upwards of $400,000. Depending on where you want to live, a condo may be the only option that meets your budget.
This leads us to location, which is another important component when comparing a condo or a home as your property purchase. Northern New Jersey is a great location because it offers options for both condos and single-family houses. If you are a young person just starting out, or an empty nester, the hassle free life of condo living may be a better option. You can enjoy everything the city has to offer: the restaurants, theatre, outdoor concerts. Homeowners, on the upside, have access to fresh air and private outdoor space. Complete privacy allows you to grub in the garden or tinker under the hood of a car without the interference of condo neighbors.
Buying any property comes with a responsibility. The unique responsibilities and differences that set a condo and house purchase apart must be carefully considered.
The considerations presented and others will help you determine the best choice for you. You always have the option of selling your home if your future changes, and your home needs change.
