Should I Buy a House or Condo in New Jersey?

Should I Buy a House or Condo in New Jersey?

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Apr 27, 2017
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The decision to buy your first piece of real estate in New Jersey, sell a house, downsize, or upsize always requires careful thought. Included in these considerations must be condos as well. According to the National Association of Realtors, condo towers have been on the rise in both development and appeal since 2014. Whether you’re a first-time home buyer or a retiree, the smaller size of a condo may hold more appeal. Here’s what Coccia Real Estate Group suggests you consider when deciding between a house and condominium.

 

How Your Lifestyle Should Reflect Your Home Choice

Where do you work and where do you want to spend most of your time? If your life is all about the bustle of urban living or a resort-lifestyle, condos are going to be your best friends. If you’re attracted to a quieter lifestyle and desire more personal space, a condo will never compare to home-ownership. Many condos are located where a car may not be necessary, while houses can be closer to your next outdoor adventure.

 

Are There Additional Fees for a Property?

Both houses and condominiums have costs beyond the structures themselves. There is some overlap between the two, such as property taxes, insurance, interior design, certain maintenance needs, security systems, utilities, plus cable and internet costs. But each property-type has its own fiscal idiosyncrasies. Coccia Real Estate Group’s agents thoroughly understand each property’s responsibilities and will be  an asset when attempting to properly understand monthly expenses.

 

Does Your Building or Neighborhood Have any Regulations or Requirements?

There are several gated communities and new housing developments that have neighborhood rules and regulations. But there are always group affiliations for condos. This means approval for pets, decorations, and more. Condos are also set right next to each other, meaning that any noise sensitivity will likely be heightened. Unless you’re buying several properties yourself, you won’t get to choose your neighbors.

 

A House Will Be a Better Reflection of You

For better or worse, owning a house will be a far more autonomous existence. There’s no community maintenance crew to help with cleanliness, but you’re not at the mercy of being part of a homeowner group either. Installing a pool, basketball court, or game room are far easier in a house than a condo. There is far less turn-key about owning a home. If you’re willing to put in the time and effort, a house will better reward your investment.

 

Consider Family Size When Choosing a Home

Condos are typically slightly more affordable when compared to a house of similar size, but larger condos are few and far between for larger families. If you have multiple children, the control over a home will be useful as your children grow and needs evolve. Furthermore, less urban environments tend to have better safety records and better education options.

 

The Maintenance Efforts of a Condo vs. a House

Condos will always be less effort to maintain because they are rarely comparable in size to a home. But things like maintaining sidewalks, yards, and outdoor lighting are also an afterthought due to their communities.

 

Because condominiums are typically associated with a building group, regular dues are paid towards the overall upkeep of a property. While this is additional money out of your pocket, many find the time saved from not doing general maintenance yourself makes it worth the price. However, you are dependent on both the workers hired by your association and fellow owners maintaining payment of their dues.

 

Keep in mind the size of your condominium association when considering this. If you’re moving into a condo that is affiliated with another 100 owners, two to five people getting behind on their dues is going to cause a minimal problem. But if two to five people out of ten are behind on their payments? Chances are good that property maintenance will fall behind.

 

Finding the Right Home for You in Morris County

New Jersey is a brilliant land of opportunity for those willing to work for it. But when the work day ends, you deserve to return to your perfect space. Contact us today to find out current prices of Morris County houses and condos.