Condo vs. Home Ownership
Analyze Your Options…Condo vs. Home Ownership
Please take the time to analyze your current situation. Are you ready to get way from loud talkers and heavy walkers? Are you growing weary of sharing walls, floors, and ceilings with your fellow condo members? Coralville, North Liberty, and Iowa City are growing rapidly and low interest rates are peaking the interest of many home buyers. Take a few moments and consider the pros and cons of owning a condo and owning a home.
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Pros of owning a CONDO |
Cons of owning a CONDO |
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Yard Maintenance and Snow Removal NOT your responsibility. |
Owners must adjust to other occupants activities. |
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Ability to live in newly constructed buildings. |
Parking often not as easily accessable. |
| Less worry concerning exterior/roofing |
Lack of Freedom when you want to renovate or redecorate your space. |
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Monthly Association Fees |
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Pros of owning a HOME |
Cons of owning a HOME |
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Single Family Homes generally appreciate at a faster rate than condos. |
Utility Bills are usually larger depending on the size of the home. |
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Convenience of Landscaping your property. |
Typically more furniture will be needed, which will cost more. |
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Ability to enjoy the company of certain pets. |
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BUILD EQUITY QUICKER for your next home. |
Obviously, most everyone would choose to live in a zero lot or a single family home, but situations differ greatly among people. I strongly encourage you to research this topic and figure out what is best for your household at this time. The freedom of home ownership certainly is magnificent, but the last thing you would want to do is become financially burdened.
Calculate what you can afford for housing, based on your income and other debts. I have several sources to help you figure out how much you can afford per month and help get you pre-approved on a variety of home loans. Please contact me with further questions or concerns @ mjmceleney@iowarealty.com. I look forward to helping you!
