Whether moving into a new city, or buying for the first time, home buyers often face a difficult decision.
Q: Is it better to buy a single-family house or a condominium unit?
A: There is no correct answer to this particular question, as it depends on which is more suitable for you. It is important to know what both have to offer to get a better understanding and help you with the decision.
Q: What are the pros and cons when buying a condominium unit?
A: Condominiums are the most common buildings in Bangladesh, in which apartment units are owned by individuals. The price per square foot is often less than a house. It is therefore easier to enter the real estate market by buying a condominium apartment, when you have a small family.
Some condos have facilities such as: swimming pools, gyms, community halls, rooftop playgrounds or power generators – making condos an excellent investment. For a small monthly fee, everything from cleaning the pool, the building, and other maintenance work, is done for you.
Condos also offer restricted access to guests via gated or locked entries, doormen or guards – providing a sense of security. Since neighbors are close by, help is always around the corner. This is especially useful if you are living alone. On the downside, some condo associations impose rules, such as pet ownership, sound and curfews.
Considering condos are available almost everywhere, you can always find one geographically advantageous to your lifestyle. They are an affordable way to purchase a permanent residence with schools, shopping malls, hospitals, and supermarkets, in close proximity.
Q: What are the pros and cons when buying a house?
A: If you do not like the idea of living in an apartment, sharing walls, parking garages, or common facilities, a condo is not the right choice for you. There is no need to live by condominium ownership rules, like restrictions on pets. You can have pets or arrange an event in your own backyard without worrying about breaching sound regulation.
Yards, attached garages, and gardens are all major perks if you love outdoor recreation. You have the freedom to remodel, re-paint and renovate as you please. It is up to you what you can afford. The freedom to express your individuality is not limited by restrictions.
You will pay more for a house, in terms of purchase, and long term maintenance. A house in a decent location may cost around 140,000,000 BDT, five times the price of a condo unit. Keeping up with expenses such as wears and tears, utility bills, and overall house maintenance, including paying house caretakers, will be your sole responsibility.
In exchange you get much more space, which is particularly important when accommodating a large or joint family.