Condos and single-family homes — there are many reasons people prefer one over the other. Here is a condensed guide to help you determine which dwelling best suits your lifestyle. There are pros and cons to owning each type of home, so let’s take a look at some of the advantages and disadvantages of each.
When searching for that perfect dream home, aside from location, the type of home is probably the most important decision you will make. A major difference between condo and home ownership, is homeowners purchase both the house and land on which the house is built. Condo owners purchase the indoor living space and a portion of the common areas. Here are some benefits and drawbacks of condo ownership vs home ownership to help you determine which dwelling is more suitable for your lifestyle and finances.
Having total control over your property in a significant advantage to owning your own house. Whether you want to remodel, or create magnificent landscaping, you can make these changes without seeking consent from others. Houses also tend to have more space and privacy. Growing families or couples with pet find owning a home more accommodating to their needs. In general, houses have significantly more storage space as well. In terms of privacy, you don’t have to share a wall with your neighbors, which can be a huge advantage.
Urban living is making a comeback and as a result, the popularity of condos is on the rise. Usually located in more urban areas, condos are often within close distance to restaurants, shopping, and other attractions. Easy to care for, with someone else tending the landscaping and maintenance, condos are an attractive option for many. Amenities are also a benefit, with access to pools, fitness centers, and other services too cost prohibitive to put in many houses. With minimal maintenance and maximum convenience, condo living is an attractive option. Condos also cost less than single family homes, making it a practical option as well.
One significant disadvantage to purchasing a condo is association fees. These are extra costs owed outside of the mortgage payment and used to maintain the building and extra amenities. These can be costly and often increase with the cost of maintenance. There are also rules and regulations put on condo owners by the homeowner’s association, reducing the amount of control one has over their property.
To summarize, here is a list of the pros and cons of buying a condo
vs a single-family home.
Homes – Pros and Cons
- More privacy
- Home and yard maintenance is owner’s responsibility
- Homeowner has control over changes made to property
- No condominium fees
Condo – Pros and Cons
- More restrictions and less control
- More amenities such as pool, gym, clubhouse
- Less privacy
- Central location
- More affordable