If you are one of the many people who is wanting to purchase your next home, a choice to consider is whether a house or a condominium is right for you. On one hand, a condo is a great way to ease into homeownership. It provides you the freedoms you would not have through renting, and it spares you from taking on upkeep and maintenance yourself. On the other hand, owning a single-family home provides you with more privacy and independence. It is important to weigh the pros and the cons before choosing which one will be your next home.
Advantages of a Condo
Reduced Costs. Condos are often priced less than single-family homes that are in the same market. One reason for this is because they are usually smaller than the typical house and also because the owner of the condo does not own the property on which the condo rests.
Less Effort to Maintain. With a condo, you are not responsible for exterior maintenance like mowing, snow removal, or gutter cleaning. Maintenance for some of the mechanical systems like electrical, plumbing, or HVAC can also typically be repaired by the condo complex’s service crew. If something goes wrong, simply call them!
Security. Whether you travel a lot or if you simply want to have peace of mind while relaxing at home, a condo complex generally offers better security than a standalone home. There are more people around and the services crews regularly keep a close eye on the properties.
Disadvantages of a Condo
Fees. While it can have a lower price tag, a condo can come with high monthly fees to cover maintenance and upkeep for the complex or building. If the complex has particularly nice amenities, this can make condo living surprisingly expensive.
Shared spaces. With a condo, you will likely share a wall or even a door with other people. This means living in close quarters and dealing with the habits of others, like their noise, complaints, or visitors. You could have a quiet neighbor or you could have a new rock band practicing late at night.
HOA Rules. Condos almost always come with rules about how people use their shared spaces. They can also come with rules about how you use your private space. In a well-run building, these rules just keep people from getting in each other’s way. In a poorly-run building, these rules can interfere with your quality of life significantly.
Advantages of a House
Complete Freedom. Unlike a condominium, a house doesn’t come with shared space. You won’t share walls or entryways with other people, and any decks or yards will belong to only you. This makes most free standing houses considerably more private than a condo.
Subject only to local laws, you can customize a house in virtually any way you see fit. As long as you have the budget and the property space, you can make your house look and feel however you choose. Unless you sign a specific HOA contract, you don’t have to answer to anyone else when it comes to how you use your house.
More Room. Houses generally give you much more room than a condo. Not only will a single-family house typically be larger, it will also generally come with yard space that you don’t get with most condos.
Easier to Sell. In the housing market, single-family houses sell much more frequently than condos. They are easier to sell, and you don’t have to get approval to sell, which an HOA may require if you live in a condo.
Disadvantages of a House
Maintenance and Upkeep. You have to do a lot more work to maintain a house than a condo. Unless you’re ready to pay for literally every little thing, be prepared for yard work, light repairs, and all of the other upkeep that a condo might provide.
Purchase Price. Because a house is larger, typically has property, and is usually more popular, the price tag for a house will be higher than for a condo.
When buying a home, there are several things to consider. If you are choosing between a condo or house, contact us today! Our Realtors at Snyder Realty Group are ready to answer any questions you have and to help you find your next home.