Monday, January 9, 2012

How I Paid Off My Mortgage........House Or Condo - Part 5

Once you know how much of a mortgage you qualify for, the fun begins!

Determining if a house or a condo is right for you really depends on what you are looking for in a home and how much you could afford. If you travel a lot and don't have time for the day to day maintenance that a house requires, such as snow removal, lawn care, leaks, roof repairs, furnace replacements, etc. Then a condo might be best for you. You may be single and don't need or want a lot of space, consider a condo. Here are some pros and cons of condo life.

  • Wide price range
  • Generally cheaper than a house (depending on location)
  • Some condos have 24 hour security
  • Less maintenance than a house
  • Built-in amenities, such as gyms, pools, party rooms, bowling alley's, tennis and squash courts
  • Free parking and locker rooms for storage
  • Monthly condo fees
  • You may be paying for what you don't use
  • Pet restrictions
  • Many rules and regulations
  • Less control
  • Less privacy
Another piece of advice about condos. Check out the financial situation of the condo you plan to buy. You don't want any surprises after you move in that could cost you. Also, find out how many units are being rented in the condo versus owner occupied. This can cause problems because tenants generally don't treat a property they are renting as well as if they owned it.

Buying a house has it's fair share of pros and cons as well. If you have a large family, require a lot of space or maybe you have several animals that need a big yard to run around in. Then a house may be best for you. Location also comes into play when determining what you are looking for. Do you want to live in the city or in the country.

I have attached a few links that should make your search a little easier.

Condominium Buyers Guide Home
Hunting Comparison Worksheet

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