Lately I have been talking to several people and they have asked me this question over and over. I tell them the same thing, It depends on your situation and how you want to live. Let me further explain and break down my own consideration analysis based on the question above.
House or Condo Considerations:
1. What lifestyle do you want to lead? (A plot of land with a house or apartment in a building?)
2. Take into consideration maintenance fees for both situations. (One is forced on you and the other is at your leisure)
3. Cheaper Price or more Square Footage? (Condos cheaper and houses more living space)
4. Have to consider all the rules and regulations associated with Condo Living. (Rules or no rules)
5. Do you entertain a lot? (Another negative for condo living as neighbors might knock on your door)
6. Hate to cut grass or shovel snow? (A negative for house purchases)
7. If you move how easy would it be to resell or rent out the property? (1000 monthly maintenance= hard sell)
8. Do you require a lot of Storage needs? (Condos do not come with Basements)
9. Additional costs for a Condo: Parking, Laundry-Coin Operated, Staff Bonuses, and Gym Memberships. (If not included in maintenance fees)
10. Additional Costs for a house: Taxes are higher, Utilities higher, Water expense is based on your consumption, if something breaks then you are fully responsible for replacement costs.
These are the major considerations that should be weighed to determine if a house is for you or if a condo is best for you. People with demanding schedules and high work related stressed individuals prefer condo living above house living for obvious reasons. Do you have to fly constantly for work and live alone ? I would suggest a condo for this type of person. One Caveat is any new bylaws or regulations the board decides to place on the building then you have to abide by it. Are you single but would like extra income from renters? A house will get you the best bang for your buck. Do you want to be in the an urban area in close proximity to entertainment? Condo living is best for that type of person.
I guess I am a bit biased as I am a family man with a desire to buy a house, but anybody considering making a huge purchase like this should look at the list above and make their own determinations based on the answers from the questions above. I found a good article that gives non-biased advice for would by buyers see link -, Realtor Site. I am more inclined to buy a house, but it has to be a good location, with average taxes and it has to have the precise charm and square footage I desire. Obviously the pic above is a mansion which I would never own because of my frugal ways and only reserved for multi millionaires, but what a better way to shoot for stars and get motivated than to show you a MC mansion that you can possibly one day own if you read my blog and want to live like a NBA player. HA HA.
Resources for Buyers:
Best Places to Live Statistics
Walk Score
Flood Check
CNN Money Best Places
Rent or Buy
Deciding what type of home to live in before jumping into it is a great way to watch your money.
If you knew which were the best states for retirees, would that information sway you to live in one of those states? Recently such a list was released by CNN Money with some analytical help from the BankRate guys, they ran an article based on the 10 best states to retire. This list of states will give all the readers who wish to retire the best bang for their dollars. The criteria in the research was based on cost of living, (obviously) climate, crime rate, access to healthcare, and Taxes.