Welcome to a more significant challenge of establishing your independence by living on your own. Perhaps you are in the early stages of adulthood and thinking well about your first abode and where it should be.
I’m here to help you decide whether living in a suburb or a condo is best for you. We’ll come down to the main factors that are key to coming up with a solidified decision based on your lifestyle, long-term goals, and outlook. Before we drill down what’s best for you, let’s first establish the difference between the two.
Condominiums
In the simplest sense, a condominium is a residential infrastructure. Commonly, that building is located in the city where other condominiums also stand. It is also normally located in the business district and intermingled by other commercial infrastructures. The units can vary in size and the number of bedrooms they have.
A condominium building or complex is equipped with amenities such as a gym, pool, and mini-parks to give their tenants or unit owners recreational facilities. Residents of a condominium building also have access to other common areas.
Suburbs
While suburbs offer some of the great features that a condominium has, it does better than that in several ways. Suburbs are somewhat isolated, albeit not too distant, from the cities. It is a residential community situated in a non-urbanized area. Despite that, it can’t be considered rural because it isn’t too far away from the city. It is an enclosed and exclusive residential space. It is considerably commutable from the busy, bustling urban district. Unlike condos, suburbs are vast and composed of different standalone houses.
So, how would you know which one the best for you?
1. Your time and your job
Are you someone who’s looking to have a residence nearby your work, so you can have plenty of time to rest and relax? If yes, a condo within the area where you work is better suited to you. Business districts commonly have condos spread around that it’s easy to find one that’s nearby where you work.
Chances are it will be within a walking range. However, you will get a smaller living space in a condo for the same amount of money as living in a suburb. A condo is more expensive. But it saves you time and effort if you are always on a hectic schedule and busy at work.
If time doesn’t matter to you and you could afford to commute or drive for about half-hour to an hour, then you can get more value for your money for a house in a suburban place.
2. Who will you live with?
Condos aren’t really for the family or a household of more than two. It’s perfect for living alone as it is designed for fast-paced city life and practical living.
While it may have a bedroom, a living room, dining, and kitchen, condos are generally smaller and don’t have plenty of room to move around. So, for a full-fledged family that has a member about four or more, suburban living will be better suited. This is especially true if you have kids, so they can play outside.
3. For temporary or permanent residence?
So, if you are eyeing a long-term residential living where you can grow old, have your family, and raise your children, you better settle into a suburban home. Condominiums are intended to keep you sheltered while fulfilling your professional role or if you are a student completing your degree. It’s not meant to last. You won’t easily be able to make modifications and structural renovations. So, you’re pretty much tied to what you have. As far as flexibility is concerned, it doesn’t give you much.
4. Is it for investment?
While a condo can be your property, if you are planning to invest in something that can grow and be handed down to your children and grandchildren, a house is your best bet later on. It can increase in value over time. While it can also apply to condominiums units, the chances of that are minimal.
Conclusion
At the end of the day, it will come down to what you need now and not the budget you have. Here are the parting words, use your resources – money and time – wisely in deciding which one will better suit your need.