What to do with Your Florida Home Loan: Buy a Home or a Condominium?
As sales drop and prices rise, developing are putting aside plans for condominums in Florida. Nevertheless, most experts agree that the market will be strong throughout 2006, raising a common question for potential owners:
- With your Florida home loan, do you purchase a house or a condo?
Let’s look over the pros and cons of each of these options …
Condominium purchasing PROS:
Easy Upkeep: Those that lead a busy life may prefer a comfortable residence … without the burden of yard work or home maintenance. A crew will constantly be around to help with renovations and everyday upkeep.Location: Many homes in the suburbs require the use of a car to do everyday errands, adding another expense onto your Florida mortgage loan. However, a condo provides the option of living right in the heart of the city. Many urban condos are also within easy walking distance of amenities such as grocery stores, dry cleaners, restaurants, cafes, shops and theaters.
Condominium purchasing CONS:
Condo Fees: Most condominiums have monthly maintenance fees. Combine these fees with monthly Florida home loan payments and you can sometimes end up paying more per month for a condo than a house of equal value.Lack of Independence: How your condo fees are spent is the decision of the condominium board. Therefore, you could find yourself subsidizing the salary of a concierge or the maintenance of a parking garage you don’t use. And what if you want to do some renovations? Yes, the condo board decides that, too. You can’t simply take out a Florida home improvement loan.
Home purchasing PROS:
Family Friendliness: With their own yards and generally more square-footage, houses tend to be more family friendly. Plus, a house allows the option of having pets that may not be permitted in a condo.Increased Living Space: Not only kids need space; most grown-ups do, too. If you’re a couple, you have to determine how much time you will be spending together at home and whether or not you need quiet, private rooms. This is a significant reason why so many younger individuals are taking out Florida home loans.
Home purchasing CONS:
Upkeep: When you own your own house, you’re responsible for all the maintenance. And the larger your lawn or property, the more time and effort this will involve.Of course, the upside is that money you put into home improvements will likely pay off in terms of better appreciation.Too Much Space: All the extra space a house provides can have a downside. You need to fill that space with additional furniture. You also need to buy extra items to maintain the garden, along with heating and electric costs.
We hope this has helped you make a decision regarding the way you’ll use your Florida mortgage loan. Let us know if you have any further questions. Our Florida mortgage brokers are glad to help.
