Moving into a new place of residence is both a privilege and a challenge, and you may have to navigate through different property types before settling for the ideal one. Unfortunately, most new homeowners simply focus on immediate needs, like a place close to their current workplace. As a result, they fail to make a financially positive decision that can benefit their stability and quality of life. To ensure you don’t meet the same fate, consider the pros and cons of choosing a condo, house, or apartment detailed in this guide to ensure you meet success in your housing dreams.
Tips Before Buying a Home in Los Angeles
Condominiums, also known as condos, are living accommodations in a fully developed building. Most condos often boast of having luxury accommodations and entirely furnished properties, but you can find budget-friendly ones, depending on your budget and preferences.
Because they are often tinier in floor area, you can maintain the home easily since your only concern would be “walls-in” space. The roofing, centralized heating or cooling, and tenant amenities are all handled by the condo association. Often, they even offer security services, trash pickup, and other convenient residence solutions.
Since condo living means you have to live so closely together with other tenants, the association also has a set of rules and regulations for you and the rest of the people staying, whether they live there or are just visiting.
While it can mitigate certain issues, like noise complaints and COVID-19 protocols, there could be things you don’t necessarily agree with as a tenant. On top of that, there is a high house association fee that must be paid monthly. Just take these into consideration before saying yes to the condo life.
Houses are lone-family properties, meaning they are singular structures designed in various exterior and interior themes. Depending on the property size, you have the liberty to remodel anything you want, provided that you follow the local neighborhood regulations and other building standards. There is enough space to establish a wholesome living environment fit to last generations, and you can even turn to reselling or refinancing, such as through fix and flip loans. Most importantly, there is unparalleled privacy as compared to condos and townhouses.
What you do have to be mindful of with houses is they are often a mixed bag of options. In other words, some of them are worth investing in, while others seem more questionable as a purchase. Remember, you often have to spend a fortune just to buy a house, especially if it has a high demand. Thus, it would be best to work closely with a mortgage broker, real estate agent, and other professionals to make an informed decision.
An apartment complex is a term used to describe a property located inside a bigger building wherein individual tenants can rent a house. Some of them are more like condos, but they are often bigger in floor size and have a dedicated outside space. One of the biggest perks of apartments that most individuals shouldn’t ignore is affordability since they don’t have to pay for maintenance fees, building upkeep, and even property tax, providing more purchasing power and saving opportunities.
It is also a great temporary living space for huge living transitions since you can easily move in and out. On the downside, some restrictions can make life difficult for you and your family. For instance, you are severely limited in terms of remodeling changes. Some apartment complexes also don’t allow pets on their premises. Another big downside is you cannot build up any equity or gain any tax perks, which are the advantages that come with house ownership. Therefore, never go for apartment living if you cannot take on these limitations.
Not every house is a home, so you have to put in the effort to decide which property is best for your current situation and plans. Fortunately, you now have a frame of reference to work with based on the information presented by this guide. Meanwhile, if you want to get detail-oriented about this decision, consult with professionals like me!
Buy a Home in Los Angeles, California
If you need a reliable mortgage broker in Los Angeles to help with your house purchase, get in touch with me, Shannon Christenot. I can help you find the best home loan option for your situation, no matter what kind of residential property you plan to buy. I have over 20 years of experience, love to get in-depth about the local real estate market, and am determined to help you. Call me today at (818) 601-2231!