Pros and cons of buying a condo, townhome or single-family home
By: AZ Big Media
Real estate inventory across the Valley is rising and people have more options for purchasing a home. Deciding which type of home to invest in can be a difficult decision but understanding the benefits of each property type can make the choice easier.
The first step is to determine if you are purchasing the home for yourself, or if you plan on making it an investment property. Understand the different types of properties and what suits your goals best. There are three types of properties to consider: condo, townhome and single-family home. Each property comes with their own unique advantages and disadvantages. If you’re looking to invest in property, here is a list of pros and cons to figure out which type is best for you.
Pros and Cons of Buying a Condo
Pros: Condos are smaller, individually owned units that require less maintenance and have access to various amenities on the property. Coming in at a lower cost than their single-family counterparts, condos attract many first-time renters or older renters looking to downsize.
Cons: Unfortunately, communities often have high-cost homeowners association (HOA) fees to maintain the property and amenities as well as strict rental policies. The large market of condos makes negotiating prices a challenge as availability of units is always rising.