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Should You Buy a House or Condo in Coconut Grove?

Author: Miami Realestate
by Miami Realestate
Posted: Nov 04, 2016

Coconut Grove is one of the oldest and most beautiful communities in the Miami area. You can escape from the hustle and bustle of Miami and enjoy a relaxing waterfront area that is pedestrian friendly. With so many great attractions, including great schools, many people are choosing to find real estate in this area. Before you purchase property, it is important to determine whether or not to invest in one of the Coconut Grove condos for sale or choose a traditional single-family home instead.

Reasons to Choose a Condo

Many people opt for one of the Coconut Grove condos for sale because of the many benefits of this type of real estate. Units in condominium developments tend to be less expensive for an equivalent home. You might have slightly less square footage, but the location tends to make up for it. In an area with more expensive homes, such as Coconut Grove, many are able to afford condos when they cannot afford a home while still benefiting from the financial and tax benefits of owning rather than renting property.

In addition to the more affordable price points, condos foster a sense of community. There are often community events and shared amenities, such as pools and gyms, that allow you to know your neighbors more. The big factor that sways many future homeowners is that there is a reduced price for maintenance. This is because you will not have to worry about taking care of a lawn and might also not be responsible for certain repairs to the structure, depending on the set up of the building.

Disadvantages of a Condo

Although there are many reasons to opt for on of the Coconut Grove Condos for sale, they do have their downside. Depending on the set up, you typically will live in close quarters with your neighbors. You might have units above you or below you, as well as to the side. This could lead to additional noise and other issues. You also will have to pay monthly condominium fees that might be quite high.

The Benefits of Home Ownership

Many people still prefer to search through the homes for sale in Coconut Grove for a more traditional single-family home. When you own a home, you have more autonomy. Although you might still have certain guidelines to follow, especially if you live in an area with a homeowner's association, you will have more freedom than if you live in a condo. Sometimes, you have to get approval for any repairs or maintenance you plan to make in a condo, even though you are an owner. Unless your HOA has very strict restrictions, you will have freedom to repairs, especially on the inside of your home. You also will not have to worry about sharing any wall or ceiling space with neighbors. Houses are also traditionally easier to sell.

There are benefits to both types of property. Whether you choose to invest in one of the Coconut Grove condos for sale or a traditional single-family home largely depends on your current situation, your investment plans and your personal preferences. It is always beneficial to take time to explore all your options before deciding on which property to buy.

About the Author

Weston Barnes is a write and an avid reader. When he's not writing about business, marketing, health, pets, or relationships, he's immersed in his latest book.

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Author: Miami Realestate

Miami Realestate

Member since: Jul 26, 2016
Published articles: 2

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