Condos vs Homes, Which one is Right for You?

VoorhisSapienza — Sun, 12 Aug 2012 03:43:07 +0000

The Geography Factor
Some areas, especially rural areas, simply do not have a significant amount of condominiums to make that option a viable consideration. Other areas, just like New York or other densely populated urban areas supply a short supply of single-family houses. Suburban markets such as Huntington Seaside offer a broad selection of alternatives for both homes and condos. Currently there are about an equal amount of homes and condos for sale in the Huntington Beach real-estate market. An additional geographic factor to take into account is proximity to work, shopping and schools. Senior residents who no more drive can be much happier in a condo near everything than in a single-family house in a secluded area.

Life-style Factors

The choice between a condo and a house is influenced by your stage of life. A young couple, just beginning out and with limited funds and no plans for starting a family can find a condo the better option. A house can be just the ticket, also, for the empty nesters who look forward to a spot with less upkeep and yard work. The single-family home option has strong appeal to families in the kid raising stage of life. A detached home with a yard and maybe even a pool has advantages for families with children who require room to play. Apart from family size, oftentimes attitudes towards upkeep, upkeep and yard work will factor in the decision to buy a home or a condo. Another factor to take into consideration is amenities. Some condo complexes offer swimming pools and possibly tennis courts which might be very challenging to afford when buying a single-family home.

Investment Possible

Condos and single-family homes both respond to market conditions. When costing is rising they both appreciate in value. When charges fall, both lose value. On the whole, in a suburban area for example Huntington Beach, condos tend to be less expensive to purchase than single-family homes yet both respond to market imbalances. As an example , in the Huntington Beach real estate market since the first of the year 279 single-family homes have sold. The average sales fee was $704,638. The maximum cost for a home sold during that period was $3,500,000 and the minimum sales rate was $240,000. During that same period, 180 condominiums sold for an average charge of $347,917. The maximum charge for a condo sold during that period was =$1,175,000 and the minimum price was $60,000. All these figures show an incredible diverseness in both houses and condos with each presenting high-end, moderate and cheap options. For people who can not think of $240,000 for a house as being low priced, keep in mind that Huntington Beach is right on the coast in Southern California.

Georgette Adanas has been writing articles or reviews on Huntington Beach condos for sale since 2003.

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Condos vs Homes, Which one is Right for You?