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Comparison Between Homes and Condos When Looking for Property

Comparison Between Homes and Condos When Looking for Property
Publication date: 2020-02-07 Category: Investment in Turkey

If you are in need of a big change in your life, you will tend to want to move to a new place, whether it be for a job opportunity or to be close to family or friends. Two kinds of abodes you can consider moving into are homes and condos, for you to live in, rent out, spend summers in, or anything that you had in mind.

Istanbul is a city with a lot of opportunities for both workers and families. You can either buy house in Istanbul or consider a condo when you browse your local listings. Here are all the upsides and downsides to owning both types of properties:

Home

Compared to condos, homes will noticeably be larger in size, and will provide your family with enough room to live. Should you choose to repurpose the home you buy as a rental home, you can use the additional space to make it appealing for tourists to want to rent. This means you’ll continuously get more income due to the greater appeal for tourists in Istanbul over other places to live, such as hotels and suites.

Depending on the location, a home could be worth just as much as a condo, despite condos being much smaller. Because of this, homes are considered real values because you simply get more value with what you pay for.

The downside to owning a home is that you will constantly have to maintain it. The lawn will always need care, as do other parts of the home, and utilities must always be paid monthly. If you are searching for homes in Istanbul and don’t need a large home, it would make sense to purchase a small home so that you have less to maintain. Larger homes require greater expenses for renovations as a result.

Condo

Condos are typically smaller than houses, but bigger does not always mean better. Managing a smaller space means that you’ll spend less money and time on a regular basis taking care of the home. Things like roofing and fencing are also not an issue for condo owners, and are rather tasks that the complex owner needs to take care of. Because you won’t have to worry about taking care of a yard or premium amenities with a condo, it makes it a novel place to live both location and convenience-wise for homeowners.

If you already own a home, a condo can be purchased as a secondary home, if you are looking to use it whenever you visit Istanbul.

 

Condos also come with smaller mortgages, smaller closing costs, and typically smaller down payments compared to houses, so it is a solid option for first-time homeowners. If you treat a condo like a second home, it will generally be easier to pay off, and it will also make your mortgage easier to pay for. Condos also lead to cheaper insurance premiums compared to houses, so you’ll be spending less on insurance as time goes on.

Of course, the downside to a condo is it difficult to find one that is large enough as a home. If you currently live in a large home, you may find that moving into a smaller condo is something you aren’t prepared for. We only recommend downsizing if you really intend to.


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