With so many options when it comes to getting onto the property ladder, including condos provided by companies such as YSL residences, it’s very hard to decide whether to go with one of these luxury condos or buy a house.
Whilst it’s true to say that you are still buying a valuable asset and getting your feet onto the property ladder, choosing between a condo or a house is a massive undertaking which requires a lot of careful thought and attention. After all, you are going to be living in your new home for several years so you’ve got to absolutely love it or risk being miserable.
#1: Just Starting Out? A Condo is Probably the Best Choice
If you are still young, just beginning with your professional career, and are single, then buying a condo is definitely the better choice for you. Condos are typically located in the centre of major cities and if you are fresh out of college working a professional job, then this is likely where you will be located.
As a new young professional, the importance of being centrally-located is irrefutable. Why wouldn’t you want to be living a stone’s throw from your place of work and the social centre of your city? By living in the centre, not only do you have a short and usually free commute, you have a better social life too.
#2: Condos are Lower Maintenance than Houses
This is another major plus of living in a condo: there’s very little to do aside from cleaning and general maintenance of your home. Sure, plumbing problems will still arise, and you still have to mop the floor, but if you hate the idea of garden work or serious DIY problems, then a condo is a great shout.
All you need to take care of is your personal space; the building’s management will look after everything else.
#3: If You Can Afford a Condo, Get One
Like we said, a condo is your ticket onto the housing ladder and if you can afford to get a condo then you definitely should. Don’t wait around for a house to be in your price range if you have the opportunity to buy a condo now. It’s called the property ladder for a reason – you start out with something more basic and build up to something better. If your dream is to own a beautiful detached home in a leafy suburb then getting onto the property ladder with a condo is the best way to do this. The property market is volatile and if you can get onto it now, go for it. You end up with a valuable asset and can prove to future lenders that you are worthy of a mortgage, too.
It’s a hard choice, but it’s one you have to make and put lots of thought into. There’s nothing wrong with starting out with a condo and we think that’s the best thing you can do as a young property buyer.
