Article Submitted By – Jerry Armen
So you are trying to decide between a condo and a house. You do not know what the differences are. The difference between the two lies mainly in the amenities. Condos come with amenities shared with other condo owners. You pay extra for these each month in the form of association fees. They are in addition to your mortgage and may be raised by the association of condo owners in your complex. So everyone votes on whether to raise these fees or not, when needed. This can be bad either way. If the increase is needed and everyone is having troubles with finances except you, then you lose. The place gets trashed because there isn’t enough money to pay for maintenance. Then the value of your condo unit takes a big dive as well. The up side is that when everyone has money and agrees, you get amenities that would be much more expensive if you had to pay for them on your own.
A house gives you great independence that could trump the costs saved in a condo. You are not so close to your neighbors and you make all the decisions about maintenance. Of course, you bear all the costs too. So the house represents freedom and responsibility, while the condo represents savings and communal living. Which is for you? You will have to take time to think about what you want out of life and what you are not willing to tolerate. Those will be your guiding factors.