Q: What are the pros and cons of buying a condo?
A: Over the past few years, people have become more inclined to buy condos over houses, due to their need to live in urban areas. Developers prefer to build condos in the city as opposed to single-family houses, because ultimately it is a better return on investment. This means that new single-family houses are being constructed outside of the city.
The advantage that comes with condos is that they are located within reasonable distance to many shops, restaurants and other social services, thus making them a buyer’s favorite. Condos usually have amenities like swimming pools, gyms, and steam rooms, which make them appealing to buyers. The condo owners also share maintenance costs, making them more affordable in the long run.
One of the major cons of buying a condo is the fact that all condo owners in a particular building need to be involved in the decision making process, which can be very long and tedious. Condo owners also do not get a land title once they purchase the condo and all owners in the building share the land.
Q: What are the pros and cons of buying a single-family house?
A: One of the key advantages of buying a single-family house is the ability to have total control over the property. By owning a house, you can make changes to the property and remodel according to your needs and lifestyle, without having to consult with anyone else. Single-family houses also allow extra indoor and outdoor space for children and pets.
Single-family houses also allow for more storage space than a condo. They also tend to offer more privacy because you are not living in such close proximity to your neighbors. Another major advantage of single-family houses here in Uganda is that their value appreciates much faster than condos because the value of the land on which the property sits is put into consideration.
Single-family houses also have a few disadvantages. The owner of the house is solely responsible for maintenance of the property and utility bills, which can be quite high, compared to a condo. Even though any improvements will likely increase the home’s resale value, they require an investment of time and money.