Should A Single Woman Buy A House Or Condo



Should A Single Woman Buy A House Or Condo

As with all real estate investments, it depends—on the particular property, location, market, and other factors, such as the annual return you expect on the investment,. Some of the relative pluses of single-family homes over condos include: • Appreciation potential. Condos are often considered easy, low-maintenance options to park your money, banking on the idea that the condo will appreciate over the years and you will someday be able to sell it for a substantial gain. While appreciation potential is an important factor when investing, the annual costs involved in holding a condo often negate much, if not all, of the financial gain you’ll get from appreciation, should you be lucky enough to own a property that does increase in value over time. Single-family homes tend to appreciate more than condos, partly because people have a hard time envisioning paying a higher sales price for a property where they have to pay condo fees. Many homebuyers would rather put that money into home improvements of their own choosing. The people who generally profit from condos are the developers alone.

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• No condo fees. There’s no getting around it: Condos typically cost more to own than a single- family home of the same size. Not to mention, condo fees (both monthly membership fees and special assessments) are subject to increases, increasing your cost burden over time. • Rent limitations. Tenants interested in renting something other than an apartment are accustomed to mowing the lawn themselves, taking the trash to the dump, and the like.

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