Condos vs. houses: A guide for single people

To be young, full of ambition and ideas, a promising career path ahead: Setting out after college is an exciting time. 

After a few years of renting, many young people start to consider what it would take to buy their own place. No matter what their age, if they’re single, they usually think condo. Of course, there are many things about a condo that are perfectly suited to a single person’s lifestyle. But if you’re single and looking to buy, it’s worth considering a house. Here are some reasons why.

You can rent out rooms

If the thought of coming home to a big empty house depresses you, keep in mind you can always rent out rooms to tenants. This might take the form of playing landlord to some friends or renting to a coworker’s nephew. From a financial perspective, this can help you pay the mortgage — and maybe your new tenants will even let you eat some of their leftovers.

A plan for the future

One of the truly great things about buying a house is you can grow into it. Your future plans for the next five to 10 years should play into your homebuying decision.

Take advantage of special programs

First-time homebuyers looking to get a mortgage with only one income may qualify for an FHA loan, which means your down payment may only be 3.5 percent of the purchase price. For more information on available programs, talk to a Coldwell Banker Hedges Realtor® or visit the U.S. Department of Housing and Urban Development’s homepage.

Lifestyle considerations

A big reason people want to own a house rather than a condo or a townhome is th

ey don’t have to pay association fees. However, keep in mind that owning a home comes with a lot more responsibility. There’s regular maintenance, such as shoveling the walks or mowing the lawn, to larger projects like maintaining the roof, which can eat up a lot of time.

If you’re ready to put in the extra time each week to keep up your place, then buying a house is a great idea for a single individual. But if you’re constantly on the move and can barely find the time to eat breakfast, a condo with a homeowner’s association that will take care of those chores might be the best choice.

For more advice on buying a home, talk to a Coldwell Banker Hedges Realtor® today. They know the market and can get you into the condo, townhome or house that fits your lifestyle.

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