Should You Buy a Condo or a House in Panama City Beach? – As you prepare to buy real estate in Panama City Beach, you will have to decide between a house and a condo. Looking for something that meets your budget and any other criteria you have can be a challenge, so decided between a house and a condo can be a helpful way to narrow down your search to quickly find your ideal property.
Should You Buy a Condo or a House in Panama City Beach?
What is the difference between a condo and a house?
A condo is a home that is sometimes attached to neighboring units and other times standing alone. In a condo community, the homeowners are only responsible for the interior of the home, as exterior spaces are common areas that are maintained by the HOA. Condo owners do not own the land around the unit, and pay HOA fees in lieu of handling outdoor maintenance themselves.
A house is a single family home, detached and located on its own lot. Owning a house means owning the land it is on, and in most cases the homeowner will be responsible for all outdoor maintenance of that property. There are some exceptions in certain housing communities, but most of the time the homeowner will be responsible for lawn care, seasonal maintenance, roofing, and other exterior repairs and maintenance. Some houses are located in communities without an HOA.
Pros and Cons of Living in a Condo
There are plenty of perks to living in a condo, but also some drawbacks.
Pros of Living in a Condo
- Condos are some of the most low maintenance housing available. You can count our your HOA to manage lawn care, seasonal maintenance, and sometimes even roof repair.
- Most condo communities offer amenities exclusively to residents, like security, fitness facilities, private pools, community events, and more.
- Many condo owners find it easy to get to know other members of the community as they live in close proximity to each other and access the same amenities.
- Condos are generally less expensive to insure than houses.
Cons of Living in a Condo
- If you live in a condo, your options for renovation will be limited. In most cases, any exterior renovations will be prohibited, and major remodeling like additions will not be allowed.
- Many condos prohibit the use of the property as a short term vacation rental, or as a rental at all. If you plan to utilize your Panama City Beach condo as an income property, make sure to learn the details for each specific condo community you consider.
- You will have less freedom to live however you choose, as most condo communities have community guidelines to preserve the comfort of all residents. This might include restrictions on pets in the home, noise curfews, parking regulations, or other limitations.
Pros and Cons of Living in a House
Living in a house offers lots of benefits, but there are some less desirable features, too.
Pros of Living in a House
- You own the land your house is on, not just the home itself. This means you can plant a garden, make space for your pets or kids, or use the property in virtually any way you would like.
- Houses are generally located in communities that either have no HOA fees, or a lower HOA fee than a typical condo community.
- Freedom to renovate and remodel as you choose, including additions or adding a second story
- In most cases, houses can be offered as a short term or long term rental property. Some communities place restrictions on this, but you are more likely to be permitted to lease your house than you would a condo.
Cons of Living in a House
- You will be solely responsible for all maintenance and repair on your property.
- Houses are generally more expensive to insure than condos.
- It can be more challenging to connect with neighbors when living in a house.
Questions to Ask Yourself
If reading through the pros and cons of a condo versus a house have not yet led you to the answer, ask yourself these questions:;
- How much maintenance am I comfortable with?
- Is having my own land a priority for me?
- What kind of amenities do I hope to access in my community?
- Do I plan to use the home as an income property while I am away?
Ready to begin the search for your ideal Panama City Beach house or condo? We are here to help. Contact us any time to get started.
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