When buying a property in Missouri, choosing a single-family house over a condominium unit is a sound move. Of course, condo living might suit your lifestyle if you want to live in the heart of the city and be in proximity to urban amenities. But if you think long-term, it’s easy to see why purchasing one of the St. Louis, Kansas City, or Olathe new homes are the practical choice.
Here’s what a single-family house can provide you with that a condo can’t:
One of the biggest downsides of condo living is sharing walls with your neighbors. Not a day would pass without hearing what nearby unit owners are watching on the TV or arguing about. If you value peace, you’re better off in a single-family, detached property surrounding with vacant land.
While some condos have more floor space than some freestanding dwellings do, the former has no front or back yard. Besides, a standalone house lends itself to additions and extensions. If you need more room to accommodate your growing family in the future, home improvement can solve your space problems.
Living in a single-family house gives you more freedom to renovate your property. Although remodeling possibilities are limited to what’s fashionable in your chosen neighborhood, you’d certainly enjoy more latitude in making changes with your home exterior. On the other hand, condo owners deal with so many restrictions because the entire building’s community has a say in what you can and can’t do.
By and large, single-family properties appreciate in value at a greater rate than condos do. They can help build equity faster, which you can tap into to get instant cash later or use to eliminate the private mortgage insurance. If you decide to move and put your standalone house on the market later on, there’s a good chance you can get more money from it at resale.
Most, if not all, mortgage lenders would tell you that condos come with great risk. In case of a real estate market crash, they get affected easily and are hard to sell. In contrary, the demand for single-family houses is relatively strong even when there’s recession. With its palatable risk profile, buying a freestanding house can help you negotiate for a lower interest rate.
Owning a single-family home might come with more maintenance responsibilities, but they pale in comparison to the advantages you can get from it. If you buy a house in a thriving housing community, you can enjoy a great lifestyle, build your wealth passively, and keep your money in your pocket.