Condos come with numerous perks, and so do single-family houses – but neither is right for everyone. In fact, each has significant drawbacks in some situations and for some people. Really, whether a condo or a house is right for you all boils down to where you are in your life journey and what your needs and wants are. Still, choosing one over the other is often a tough, anguished decision for many buyers. So let’s see if we can shed some light on whether you should buy a condo or a single-family house in New Jersey.
Benefits of Buying a Condo in New Jersey
There are some decided benefits to buying a condo as opposed to a house, such as…
CHEAPER TO BUY
In most cases, condos are less expensive than houses, especially with respect to the purchase price. According to the National Association of Realtors, condos typically cost about $10,000 less, and depending on the market, that gap can be even wider.
With a condo, you won’t have to do any (or very little) maintenance on the exterior – no lawn mowing, hedge trimming, edging, painting, or gutter cleaning. The reason for this is that the exterior is actually owned by and so is maintained by the HOA.
LOCATION AND AMENITIES
Condos are smaller than houses and usually closely packed and, as a result, are usually closer to urban areas and amenities such as restaurants and shops. In addition, a condo community typically offers on-site, shared amenities like swimming pools, tennis courts, golf courses, and gyms.
Because condos are close together, usually in the same building, more intimate social connections are possible than detached houses. And the common recreational amenities can serve as venues for social events.
Benefits of Buying a Single Family House in New Jersey
On the flip side, there are several benefits to buying a single-family house in New Jersey that don’t exist with a condo. Some of these are…
With a house you get land – maybe just a small yard, but you have your own land to do with as you please. In addition to the pride of ownership, you have a place for backyard parties, as well as a safe place for kids and pets to play.
ROOM TO EXPAND
Similarly, with your own land, you have room to expand and grow. If you need an extra room for an office or a nursery, you have the room to build on an addition. And there’s space for a garden shed or even a guest house.
MORE SCOPE FOR SELF-DETERMINATION/EXPRESSION
With a condo, you’ll be constrained by space and rules/regulations. But with a single-family house in New Jersey, you’ll have the scope and freedom to do almost anything you want with your property. Do you want to build a playhouse for the kids or paint all the bedrooms purple? Well, you can.
EASIER TO SELL
Typically, a house is easier to sell than a condo. Most of the time, people buy condos only in very robust markets, but a house is usually more liquid in all different markets. Also, houses have a very strong appeal for certain buyers owing to their individuality, whereas condos possess a bland uniformity that makes them hard to sell.
Determining Which Is Best for You
These, of course, are general observations, but they may help you move closer to determining whether you should buy a condo or a single-family home in New Jersey.
Typically, a condo is a better option for first-time homebuyers seeking to transition from renting to homeownership and for homeowners who want to downsize and hand off maintenance chores to someone else. In addition, buying a condo can be a smart move for people who travel a lot yet still want to own. And, of course, a condo is a better option for those who find amenities highly important.
With the additional space inside and out, a single-family home is usually a good choice for young, growing families. It’s also a good choice for anyone who wants control and the freedom to make changes to the property. And a house is ideal for anyone who highly values privacy.
Consult Your Agent
If, at this point, you’re still struggling with whether to buy a condo or a house, call on the experts for some informed advice and assistance. Your New Jersey agent can help you assess the market and which option is better suited to your needs and lifestyle. It’s a big decision, so don’t risk making the wrong one. Contact us today at 855-966-DEALS for help in choosing between buying a condo or a single-family house in New Jersey.