If you’re ready to take the step of buying a home in the Hollywood Hills, the first thing to consider is which type of property is right for you: a condo or a house? They may seem similar, but each one comes with its own unique set of pros and cons that homebuyers should carefully weigh before deciding the housing type to pursue. Keep reading for a better understanding of the key differences between condos and houses so you can confidently move forward with your search for Hollywood Hills real estate.
The pros and cons of condos
A condo is often popular as a starter home or a first purchase when someone is buying Hollywood Hills real estate. This is because they’re often more inexpensive than a house, without necessarily being smaller. In addition, condos often arrive with attractive amenities, like a fully equipped gym and a resort-style pool, that aren’t readily found in houses priced for the average homebuyer. A condo community’s neighborhood feel and dedicated common areas are more conducive to socializing with neighbors, which some may consider an added perk.
More interested in a condo as a lucrative investment opportunity? Consider purchasing a condo for use as a rental property. By listing the condo on vacation rental platforms like Airbnb and Vrbo, passive income can be earned to offset the cost of the mortgage and other everyday expenses. This also allows you to build equity that you can leverage into a down payment on your next home. Just be sure to confirm that the condo community you’re interested in allows renters.
The ownership responsibilities of condos are less as well: Often a condo association will take care of maintenance tasks and improvement projects, including repairs, landscaping, and security. This convenience isn’t free, however, as condo associations typically charge homeowners association (HOA) fees to cover these expenses. HOA fees can vary drastically, from $100 per month to $1,000 and up per month, so be sure to pay close attention to the fine print when searching for condos for sale in the Hollywood Hills; you don’t want to find yourself struggling to keep up with the payments.
It’s also worth mentioning that condo associations can sometimes conflict with a resident’s vision for property ownership. Rules and regulations set forth by a condo association can cause a homeowner to make unanticipated compromises during their homeownership experience. These rules aren’t necessarily bad, as they intend to preserve the value of the condos (including yours), but some homeowners may find them stifling. For example, some condos may prohibit pets or limit the number of furry friends a resident keeps in their apartment. Condos may impose quiet hours during the evening that make entertaining difficult, or an association may prohibit residents from planting a garden, displaying holiday decor, or otherwise interfering with the uniformity of the community’s facade and surroundings. If you violate the rules, you may face fines and, in a worst-case scenario, a lien against your home (even if you have a mortgage). Still, when seeking homes for sale in the Hollywood Hills (which began as a neighborhood development called Hollywoodland as long ago as 1923), many people begin their search by looking at condos — even if they’re not first-time homebuyers. or Luckily, finding a condo in the Hollywood Hills isn’t too difficult — provided that you know where to look, of course. Homebuyers should hone their search to include the 7.05-square-mile area bordered by the neighboring towns of Studio City, Universal City, Burbank, Griffith Park, Los Feliz, Hollywood, and Hollywood Hills West.
The pros and cons of houses
Now, let’s take a look at the pros and cons of owning a house. For those in the market for Hollywood Hills real estate, the decision of which to buy —a condo or a house — really boils down to your priorities. If you’re looking to make an investment that will appreciate over time, for example, a house is a better bet. This is because the value of a house generally increases over time, whereas a condo’s value does not. This is not a hard and fast rule, but generally, the condo association’s interest in the entire condo development over time is different from a single homeowner’s interest in the house over time.
Homebuyers who are excited to put their own personal stamp on a property would likely be happier in a house, as the autonomy to renovate and customize isn’t typically offered by condo associations. That said, there are fewer opportunities to exhibit pride of ownership when living in a condo. Similarly, condo living can sometimes feel a little impersonal due to the transient nature of renters and the residents who use condos as a stepping stone to their forever home. These two points may steer homebuyers toward the purchase of a house.
Another big advantage to owning a house over a condo, again, depending on your priorities when looking for homes for sale in the Hollywood Hills, is that houses provide more privacy. Not only are houses spread farther apart than condos, cutting down on the bothersome noise transfer you may experience in a condo setting, but homeowners can also bolster the seclusionary feel of their home and yard through strategically placed elements.
Another big advantage to owning a house over a condo, again, depending on your priorities when looking for homes for sale in the Hollywood Hills, is that houses provide more privacy. Not only are houses spread farther apart than condos, cutting down on the bothersome noise transfer you may experience in a condo setting, but homeowners can also bolster the seclusionary feel of their home and yard through strategically placed elements.
Ready to start looking at Hollywood Hills real estate?
Reach out to seasoned local agent Jamison Malone for assistance. She’ll apply her extensive experience and creative, intuitive approach to finding your dream house or condo in the Hollywood Hills.
