Which is a better investment a condo or house?

Answer 1

There are pros and cons on both options.

Pros/ house --

• You have total control over the property, including upkeep, use and style of architecture
• You can plant flowers lawns, trees, shrubs according to your personal choice
• You can store motorcycles, RVs, extra cars and most anything else on your property (as allowed by local law)
• You can keep any pets you want (as allowed by local law)
• You can use the investment as a primary residence, a second home or a rental property

Cons/ house --

• Depending on the size of the property, you are responsible for 100% of its upkeep -- for a single person, a senior person or a student, this can be too much responsibility

Pros/ condominium

• You are responsible for the upkeep and maintenance of your unit, and your assessment payments cover upkeep and maintenance of the rest of the property, which you own in common with all other owners, whether you are in residence or not
• Depending on your governing documents, you may be able to rent or lease your unit

Cons/ condominium

• Storage and parking are limited
• Access to gardening resources is limited and may not exist
• You may or may not be able to keep a pet; pet sizes and some breeds are defined
• Your neighbors -- and their sounds and smells -- are usually only a wall or a floor away
• You are responsible for the upkeep and maintenance of the interior unit that you own, even if you do not live in the condominium

Pros/ Both

• You can deduct mortgage interest and property taxes
• You can make a profit on the sale of real estate

Cons/ Both

• You are tied, geographically, to a specific locale
• You are responsible for the upkeep, maintenance and 'curb appeal' of your property, even if you are not in residence in the property that you own