Is a Condo the smarter move than buying a house?

Are homes becoming old news these days? Well, whether they like it or not, in a way yes homes are. This is because more and more people are finding out they cannot get on the housing ladder. For one reason or another, they just can’t manage to buy a property for the first time and so are stuck with smaller and less stable places to live in. However, the market outside of homes has reacted perfectly to this conundrum. Now we see that a condo, apartments, high-rise buildings and bungalows are evolving and becoming much more modern and even more enticing. Most of these alternatives will come with funiturishing, or at the least partially furnished. So you don’t have to spend more money filling up the home with things you need to live comfortably. You also have better location for work purposes if you have a job in the city. You also might not need to spend money on transport as public transport is usually going to do the trick. On top of this you have amenities which we’ll get into. But can all this replace the feeling of owning and living in your own home?

Home = wealth = trust

Homes are more than just places in which to live, they’re symbols of life. When you can afford your own home they are a symbol of your ability to earn a living, save and be wealthy. It’s the great thing about owning your property, you are in part wealthy. You have the ability to sell or improve that property which allows you to improve your hard asset. Homes only rise in value thus, they become a bargaining chip in other circumstances. If you’re going to the bank for a loan be it for home renovation, remodelling or perhaps just for your own business, if you own a home the bank will feel less jittery. You’re more likely to get a loan because you have a hard assert i.e. the house to back it up. Less risk for the banks, more money for you to work with.

Live more flexible?

A condo or an apartment in a high-rise building is very attractive to the younger generation as well as young couples. For one thing, you are close to a city or in fact right in the heart of it. You’re close to work making life so much easier. Your commute won’t be nearly as time consuming as it would be if you were to live outside the inner city in a suburban neighborhood. Using a trusted real estate website, you can see all the different options you have for a renting lifestyle. Condos often come with a community vibe just like residential streets. However you do have access to numerous amenities such as outdoor and indoor swimming pools. There are gyms which you have free membership to, allowing you to keep fit while in an urban jungle. There are also security companies working in high-rise apartment buildings making it a safe place for your children to grow up as well. Hence why so many families are choosing to have and raise their children while not being in a house environment.

Life choose for you

As ever with very, very large purchases, life can get in the way. Even though you might want to own your own home, the commute from work might be too long and hard. You will most likely be taking on a mortgage also, meaning a lot of your paycheck will be cut every month until you have paid it off. Yes you do have your own property but the property owns you just as much as you own the property. Anything that goes wrong in the property, you have to fix and pay for. If there is a pipe leak in an apartment, it’s the landlord that pays for repairs. When it’s your house, it’s your piping so you have to pay out of your pocket. However there is always the risk of being forced to move when you’re in an apartment. When your contract is finished or needs to be renewed, the landlord might decide to increase the price. If you cannot pay, they’ll simply get a tenant who can and so, you have to move your own life somewhere else. This can happen too frequently to bear for many, so think wisely about what kind of lifestyle you want.

Condos are very modern and come with additional benefits. If you cannot afford a home then this is a great alternative. However a home is the ultimate goal that so many cannot reach. Unless you’re financially well off and are able to make it in to work on time without hiccups, then you should reconsider your options.