Are you planning to buy a house for the first time? If you finally have enough savings to do so, this can be one of the most expensive investments of your life. Whether you want to own a condo unit or build a custom home, the decision ultimately depends on your current lifestyle. Besides, since these two options are completely different, you should assess things first before making a decision.
Custom home and condominium both have their pros and cons. They can be overwhelming, which is why you should know and understand every element each of them has.
In this article, we’ll discuss the differences between a custom home and a condo to help you decide which type of home best suits your lifestyle.
What’s a Custom Home?
A custom home is often located away from the city, and is usually built on land that is also owned by the residents. It can be a two-storey or three-storey building, depending on the needs of the owner and the arrangement with the custom home builders.
Here are some of the most common types of custom homes:
- Single Detached- a house that’s not attached to another dwelling, and built on its own land title.
- Townhouse- around 2 to 3 storeys high, but built for a single-family home.
- Dual occupancy homes- two dwellings built on a single land that’s owned by one property owner.
- Bungalow- a single-storey house that usually comes with a porch.
What’s a Condo?
A condominium is a high-rise building with multiple floors where you can own a unit or more. A unit can serve as an entire house, but the size depends on how many bedrooms you need or people who are going to live there. It can also be compared to rental apartments, but once you own a unit, it’s yours and all the amenities that come with it.
For instance, if the condo offers a pool and of gym, you can just pay for additional fees to have access to them, and in some cases, the fees are included when you buy the house, and you just need to pay some maintenance fees. On the other hand, an apartment complex is where people usually rent a unit.
Here are some common types of condominiums:
- Studio- offers an open-plan area where you can include the bedroom, kitchen, and living area.
- Penthouse- the most expensive unit in the whole building, which can be found on the topmost floor.
- Loft- has a high ceiling, and the bedroom is usually upstairs.
- Bedroom- offers one or more bedrooms that are separated from each other and the common area.
Factors to Consider When Making the Decision
1. Space and Privacy
For the custom home, you can have full control over the design, size, and layout of the house. Since you’re going to start from scratch, or even when renovating, you can coordinate with custom home builders are everything. In addition, you can have privacy since you probably also own the land, where you can have enough space far from the neighbours.
On the other hand, in a condominium, the unit is already built, and you can just decorate the interior. Usually, if there are major changes that you want to make, you need to inform the building management about them. In addition, the space is limited to the unit and the balcony that comes with it. However, as mentioned, you can use the common areas, such as the lobby, pool, garden, and other amenities. As for privacy, it’s also limited due to the space and the shared amenities.
2. Location and Accessibility
Custom homes are usually located in the suburbs or far from the city. It often has enough space for parking, a garden, and anything you can add to your lawn. But depending on the location, it can be away from the mall, groceries, schools, and hospitals.
On the other hand, condominiums are usually located in the city, where you can have easy access to the necessities mentioned. But there’s also the traffic that you may encounter every day.
3. Maintenance and Responsibilities
As a custom home owner, you need to take care of the maintenance, including lawn care, repairs, and overall improvement of the house. The more you maintain the property, the higher the chance it’ll appreciate over time. And if you plan to sell it in the future, you can guarantee financial security.
On the other hand, in condominiums, you’ll just have to pay for maintenance, amenities, and security, and they’ll take care of everything for you. This is ideal if you’re often busy and don’t want to deal with such things.
4. Cost and Investment
Although both types of houses may require you to apply for loans, you need more money upfront if you choose to own a custom home, while condominiums may require less money upfront. And in the future, the maintenance fees for condo units may tend to get higher compared to the custom home. Of course, this is only possible if the custom home is well-maintained.
5. Lifestyle Match
Your lifestyle can significantly affect your decision about which house is best for you. If you live alone and often travel, a condo unit can be a more convenient option. On the other hand, if you’re working from home, have a family, and privacy is a deal-breaker for house hunting, you should pick a custom home.
Final Thoughts
When it comes to buying a property, there are many things to consider, including the budget, location, and lifestyle. Although lifestyle is usually considered last, it can also be a practical factor, especially if a significant part of your life depends on it. By understanding the differences between a custom home and a condo unit, you can make an informed decision about where you should live next.
ABOUT THE AUTHOR
Aliana Baraquio writes for Worthington Homes, the new Home Builder in Sydney, NSW, who makes major life milestones happen and stays with you through thick and thin. You can also find her trying out new recipes for barbecue and other grilled meals in her free time.