Deciding to become a first time home owner is a wonderful decision. However, when obtaining that first home loan through the Federal Housing Administration, the decision of what type of home can be daunting. Do you want to own the entire property around your home and have to do all of the corresponding maintenance on the property? Would you rather own a property that is contained in a building with other property owners but not have to participate in any of the building maintenance? There are many pros and cons of either option. Listed below are the pros and cons to living in a house vs. living in a condo.
The pros of owning a house over a condo include:
There are many pros to living in a house. A house sits on a plot of land that you own. You can choose to do whatever you want with this property since you own it. The only downside to this is if you are part of a HOA or a homeowners association. Homeowners associations can dictate what you can or cannot do with your property as well as regulate how often you mow your lawn and the upkeep of your house. Otherwise, if you are not part of a HOA then owning a house gives you the freedom to do whatever you want with your property.
The cons of owning a house over a condo include:
The cons of owning a house include the maintenance required to keep up your house, especially if you are a part of a home owners association. The upkeep can require regular lawn care and lawn duties to keep up the appearance of your neighborhood. Even without a HOA dictating what you do with your property, the upkeep of a home takes a lot of time. You will need to mow the lawn, rake leaves, trim weeds, plant flowers, paint, among many other household duties. These are things to consider when applying for your first FHA loan and deciding which type of home to live in.
The pros of owning a condo over a house include:
Condos come with a lot of perks. You can move into a condo and have a pool that you don’t have to maintain. You can walk right into a fitness center as well that you don’t have to pay a membership for. You can also enjoy manicured lawns and landscaping that you don’t have to worry about. All you have to do is enjoy these wonderful perks.
The cons of owning a condo over a house include:
You are sharing a common area with others. You will have to share the pool, hot tub, fitness center, playground and other common areas with the other condo owners in your building. You will also have to pay condo fees that are associated with these perks. In addition, you are sharing a building with others. This can be a con if others in the building are not respectful of your space and are loud or unruly.
As you can see there are many pros and cons to living in a house vs. a condo. Whichever you choose, they can both be financed through an FHA mortgage!