Do you find yourself in a predicament whether to buy a house and lot (aka single family home) or a condominium unit? Choosing a location, and determining the budget, will help you make a swift purchasing decision, but these don’t comprise all factors. We have the tools to help make the right decision for you!
Here are 6 factors your buying decision would most likely depend on:
If both a condominium and a single family home are located in the same prime area, the former is almost always cheaper.
In Metro Atlanta, the trend for prime locations has favored condominium sales, as these are the most reasonably priced residential units in the market.
3) Convenience and amenities.
For high-level executives in need to be located inside the business districts, living in a condominium puts them closer to the workplace, giving them the advantage of less travel time and transportation expenses.
Most condominiums offer amenities like pools, playgrounds, function rooms, and gyms that may be too expensive to put up in one’s own house. Many condo units also have 24-hour security and on-call maintenance, on top of building maintenance handled by the associations.
4) Freedom of space.
On the other hand, a single family home purchase offers more freedom in terms of area. You don’t share ownership of the property; there is no common ownership of the land; once fully paid for, it is considered yours, and that no one can evict you from your place.
5) High rise vs low rise.
Horizontal developments (such as subdivisions) risk of flooding can be higher. Condos, due to their vertical nature, are rarely affected by floods.
6) Status in life.
Empty nesters (Couples whose kids have grown up, and have moved out) will most likely purchase condominium and sell their houses. Young professionals would also most likely lean toward a condo purchase. New families tend to want to increase their footprint and purchase a single family home.
If you are looking to purchase a home or condo, we can help with the next steps like getting pre approved with one of our fantastic lender partners. Meeting you face to face to educate you on the process will get your started on your journey. Once we meet, you can knowledgeably begin searching for the perfect space on our website, and we can set up appointments to see options based on your wants/needs from our face to face meeting. We want to help, so contact us today for an appointment!