Buying a Luxury House Vs. Luxury Condo
Purchasing a luxury house or property is a big decision. Another decision that might be weighing heavily is the difference between a condo or a single-family home. If you're looking to downsize or just change your lifestyle, there's quite a bit of difference between a house and a condo purchase. If you can't decide between the two, here are some of the biggest differences between a luxury house versus a luxury condo.
Pros and cons to purchasing a luxury house
Advantages to a house
Houses might be ideal for growing families, couples, or individuals that value privacy and space. However, there are higher maintenance costs and upkeep to a house versus a condo. Here are some of the advantages of owning a luxury house versus a condo.
- You own the land.
- Freedom to do whatever you want with that house and land.
- Less obstructed views.
- More privacy.
- Potentially more character.
- Possibly better resale value.
Disadvantages to a house
- Additional landscape or yard maintenance.
- More home maintenance costs and upkeep.
- Potentially higher property taxes.
- Possibly homeowner association dues.
- Higher home insurance costs.
Also, if you choose a home in a homeowners association there may be restrictions on what you can actually do with your property and land. Some associations have restrictions on how you can buy and sell the property as well.
If you're looking at purchasing a luxury condo there are also pros and cons to this type of real estate as well.
Advantages of a condo
- Low maintenance
- Turnkey solution.
- Potential amenities.
- Possibly more affordable.
- More socialization opportunities.
- Potentially closer to the city.
- Higher security
Disadvantages of a condo
- Smaller spaces.
- Shared facilities.
- Less privacy.
- Monthly dues.
- Condo association restrictions and rules.
- Shared walls, floors, and/or ceilings.
Depending on what you choose, pricing can be all over the board. You can buy a beautiful penthouse condominium for the same price as a moderately priced single-family home depending on the location and amenities. When you choose a condominium you will definitely have additional condo association fees. These fees cover items such as building maintenance, management, and any amenities. Instead of paying the money to do the maintenance yourself, you're making monthly payments for the Association to handle all of the maintenance. It's a great low-maintenance lifestyle but it's a trade-off with association dues.
Condominiums make a great purchase for those downsizing, retirees, those just getting into the real estate market and would like to build up some equity for a single-family home later on, and for those that simply want the low maintenance lifestyle with a lot of amenities. Amenities may include swimming pools, dog parks, tennis courts, fitness centers, and other resort-style perks.
However, the luxury house does give you the freedom to do just about whatever you want as long as there are no HOA restrictions or rules that must be followed. However, you do have to maintain the home your self but you usually won't have any additional association fees.
Regardless, there are beautiful luxury condos and homes throughout Oahu. If you'd like a list of both, contact me below. I can offer tips and suggestions on different condo buildings throughout Oahu as well as luxury neighborhoods and communities that might offer the ideal home for your needs and your budget.
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