Selecting Between a New Home and a New Condo, Part 2

selecting between new home condo
Selecting Between a New Home and a New Condo, Part 1
July 14, 2020
readying home closing day
Readying Yourself for Home Closing Day, Part 1
September 8, 2020
selecting new home condo

In part one of this two-part blog series, we went over some of the general themes to consider when choosing between a single-family home and a condominium for your housing purchase. This is a tough choice for some buyers, with benefits available in both realms depending on specific needs, budget themes and other factors.

At VIP Mortgage Inc, we’re happy to provide a wide range of home loan options and fantastic mortgage rates for a variety of clients, including those searching for both standard single-family homes and condos. In today’s part two, we’ll go over a few additional variables to consider while making this choice, including some basics on common locations and home customization themes.

Amenity Themes

Amenities are always a major consideration for homebuyers, with homes and condos often offering a different range of available services. Most homes come with standard appliances like washers, dryers, stoves, ovens, dishwashers and HVAC systems, though there are some homes where some of these will not be present and must be purchased.

In condo situations, on the other hand, you’ll generally have access to amenities most homeowners can’t afford. Most condos have pool and hot tub areas, for instance, plus fitness centers and gym equipment on the premises. Some condo areas even have small stores or shops dedicated to their residents.

Shared Community vs Privacy

Down similar lines, condos tend to involve much more of a shared community theme. You’re not only like to see people more often, but also to interact with them and share various spaces or features. For many, this sort of community is an ideal living situation.

For others, however, the privacy of a single-family home is preferred. This is often the case for families with children or pets who might be disruptive to others, or simply those who aren’t hugely social and want time and space to themselves. And for those who are social but still want the space of a home, there are plenty of ways to interact with neighbors.

Downtown or Suburbs?

While this isn’t necessarily a constant, condos tend to be more associated with downtown areas in major cities. This is because they can be built vertically on top of one another, allowing many people to live in one area with great access to businesses or other downtown needs.

And while single-family homes can also be found in such areas, they’re more commonly located in suburb areas with more horizontal space available. They also tend to be better-priced in these areas, though this varies.

Customization Capability

Finally, there may be limits in terms of customization with condos – generally, residents can only make changes to the interior areas that are theirs. Walls, siding, roofing and other outdoor themes are outside your control here in a condo setup. In a home you own fully, however, you can make whatever changes you want both inside and outside, as long as you have the budget and know-how.

For more on choosing between a single-family home and a condo for your purchase, or to learn about any of our mortgage loan services, speak to the staff at VIP Mortgage Inc today.

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