New real estate investors are often unable to decide whether to invest in a condo or a house. Well, both condo and house carry their unique set of advantages and disadvantages. So, before you set out to take any decision, just make sure to examine the pros and cons of each one of them.
Advantages of Condos
The #1 advantage of condo is that it guarantees stress-free maintenance. No longer would you have to worry over cleaning swimming pool or mowing your lawn. Condo amenities are shared amenities. The maintenance of these amenities is taken care of by the condominium association. Then, condos are designed to offer plush amenities required for a true uber cool lifestyle. Besides, the purchase price of condo is always lower (25-30%) compared to the purchase price of a home. On top of that, some new condos like Sumang Walk EC guarantee CPF grants for buyers. Additionally, as a condo owner, you are exempted from paying for dwelling insurance from your own pocket.
Disadvantages of condos
The disadvantage of condo is high association fees. Besides, there is the issue of privacy. With a condo, you will have neighbors staying all around, top and below your unit. Another con is that condos take huge time to sell and hence these units are not suitable for short-term investment.
Advantages of house
When you buy a house, you have complete ownership on it. You won’t have any other person staying on top, side or below your unit which means no privacy issues. Besides, homes sell really fast and much faster compared to condos.
Disadvantages of house
A big trouble with owning a house is that the owner here has to take care of the entire maintenance part. Also, you won’t have the plush amenities in a single-family home that you find with a condo. Besides, houses are always costlier than condos.
So, mind the points discussed above while choosing a house over condo and vice versa.