Condominiums and duplexes are both types of real estate, but there are some distinctions between them. If you want to buy a home and you’re choosing between both, you might end up feeling confused.
To resolve this issue, it’s best to learn the differences between the two. That way, you can make a better-informed decision when it comes to the home of your dreams.
So if you’re ready to learn more, keep on reading. Here’s a quick guide on the differences between a condominium vs duplex.
What Is a Condominium?
A condominium, or condo for short, is a form of real estate ownership where the owner owns the individual living space. They also have fractional ownership of any common areas in the development.
They come in all different shapes and sizes, ranging from single-family houses to large complexes. They can include amenities like a pool, gym, or playground, but these are not common in every condominium.
Condos cost less than a house. But they come with certain fees such as homeowner’s association dues, maintenance fees, and utility charges. Owners of a condo are responsible for the interior of their unit, as well as the upkeep of any shared common spaces.
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What Is a Duplex?
A duplex is a building that contains two separate living units, with one unit located on top of the other. The top unit is generally referred to as the upper level, while the bottom unit is the lower level. Each unit has its entrance, living space, kitchen, and bathroom.
Duplexes may also have attached garages and share common outdoor areas. They are usually located on one piece of property, and each unit may be owned by different individuals or organizations.
Duplexes are a great option for homeowners looking for an affordable living space and potential income from renting out one of the units. They are also a great option for investors, as they generally have higher rental returns than single-family homes.
Condominium vs Duplex: The Pros and Cons
Condominiums have higher monthly fees and homeowners’ association rules. But they often enjoy amenities like a pool, exercise facility, and shared spaces. They also offer a sense of community, making it easier to make friends in your condo complex.
With duplexes, the main pro is that you have control over the entire unit and can do whatever modifications you desire. The main con, but is the cost of maintenance and wear and tear as you are solely responsible for the upkeep of both units.
Choose a Property That’s Best for You and Your Family
Condominium vs duplex has considerable pros and cons for prospective homeowners. This condominium guide and duplex guide may help you choose. But you should also assess what’s most important to you and your budget before making a decision.
For further help determining which option is best for you, contact a local real estate agent to assist in the process.
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