When you are ready to invest in real estate for the first time, you may have a very clear idea of exactly the house you want to buy. On the other hand, you may simply feel as though you'll know it when you see it. If you are in the latter category, you may want to consider both condos and houses before choosing the right home for you.
Consideration #1: Is There a High Demand for Condos in Your Community?
If you find the idea of condo living appealing, that doesn't necessarily mean that it should be your top choice. You may want to consider whether there is a high demand for condos in your community or whether there will be in the future. It's sometimes a better investment to buy a condo than a single-family home, but it depends on your location and how popular condos are in your area.
Consideration #2: Do You Plan to Expand Your Family?
You may adore condo living when you are single or newly coupled. However, when you have a baby, you may want a back yard of your own where children can play outside with a certain amount of privacy. You may also need the room that a larger home provides. You need to consider whether you plan to expand your family and whether you may want to move to a house while keeping the condo as an investment property if you do.
Consideration #3: Do You Have Any Physical Limitations?
Anyone who has mobility issues will find that there are pros and cons to both living in a condo and choosing a house. A ranch-style home with universal modifications can cater to the needs of someone who is mostly confined to a wheelchair, while elevators and the design of condos may make condo living equally appealing. Talk to your real estate agent about any physical limitations that may impact the kind of homes you are seeking.
Finally, keep in mind that it's a good idea to go into your home search with an open mind. If you're not sure what you want, you can learn a lot from the first few condos and houses you see. If these considerations help you decide which on you prefer, be sure to talk to a real estate agent, like those at Coldwell Banker Pro West, about whether you want to buy a condo or a home, and they can help you find a home that fulfills all your expectations.