House vs. Condo

So you're thinking about purchasing some real estate, but you don't know what to do. The great debate wages. You think you want a house, but you aren't sure. You think you might want a condo too. Maybe you should buy both...or maybe you should ask yourself these 3.3 questions:

1. What type of lifestyle do I want?
Owning a house is a different type of lifestyle than living in a condo or a townhome. Living in a condo provides a communal component that is often missing in neighborhoods of houses. If you want seclusion and solitude, living in a condo might not be the best fit. Being able to hang-out with your neighbors at the pool or fitness center may be something that is very attractive though. A home that fits your desired lifestyle is the most important element to being happy in your new home.

2. What are my needs?
Having a home that fits your needs is the second important element to deciding what type of housing to pursue. Look at your basic needs...not your wants...we all want a mansion but do we need it? When considering your needs think about:

• Number of people occupying
• Frequency of over-night visitors
• Time spent working from home
• Amount of entertaining
• Vehicular capacity
  

3. Am I ready for responsibility?
Owning a house is more responsibility than owning a condo. Mowing, pulling weeds in the planter, painting, leaves in the gutters...the list goes on and on when you own a house. For some people, there isn't time for stuff like this. Some people just don't want to be responsible for stuff like that. Having an accurate idea of what is involved in owning a house will help you know if you are ready for responsibility.

3.3 What about tomorrow?
So you know you what kind of lifestyle you want. You know that it can fit your needs. You also know you are ready for the level of responsibility. All these things work for you...what about the future? A though question. Most of us don't have a crystal ball to read the future. While we can't predict the future. It is important to plan on living in your home for at least 3-5 years. In your planning at thinking, keep the 3-5 year timeframe in your mind and keep that as a minimum goal to be in your home.