Buying condo or house? This is a common question when a person is in process of buying a living place especially for new buyers. There are options and the buyer must choose only one thus a good decision need to be made.
The lifestyle of living condominium is very attractive to many buyers. The main difference between condominium and house is the type of ownership that you will get. Buying a condominium will give you the interior space of dwelling unit. It’s different with house where you own the land, walls, grounds, fences and facilities. A condominium usually attached to other similar units by a common wall, while a house can be attached or detached.
Let’s see some advantages and disadvantages of both condo and house.
Advantages & Disadvantages of Condo
Advantages
- Secured parking/entrance
- Instant community
- Lower entry cost
- Lower insurance costs
- Shared maintenance costs (cheaper)
- No exterior maintenance
Disadvantages
- Close neighbors
- Unexpected assessments
- Restrictions on usage, pets, modifications
- Can’t control the spending of fee
- Have to share parking
- Usually built on busier streets and environment
- Lower resale value
Advantages & Disadvantages of House
Advantages
- Rights for Land ownership
- Standalone structure
- Greater privacy
- Freedom to modify
- No pet or other thing restrictions
- Higher resale value
- Has private parking
- Usually placed on quieter street
Disadvantages
- Responsible for maintenance, services and various things
- Higher entry cost
- Higher insurance cost
Condominiums are normally less expensive than single-family houses in the same area based on their level and rates. Condominiums are a nice choice for busy busy or single people where they don’t have to pay a high price for a good place to stay. There are also association fees and restrictions for both condo and house. There are just different ways of facing the responsibilities of and maintaining the ownership.
No matter what kind of residence you are buying, whether it is a condo or a house, you should inspect the property by a licensed contractor or professional home inspector. And don’t forget to make a survey and know about the property’s environment and the neighborhood.
33 Comments
The one thing I really dislike about a condo is the homeowners association. It is great for some things but on others they really try to control you and your home.
I agree with you. Some people got issues with the association especially when we are talking about living independently in your own home.
I think that you have to consider, at least here in N. Florida, that some communities that are residential single family real estate also have high fees to live there. That could be a wash when considering one condo community versus a specific single family community. This can especially be the case in communities where the developer took out a CDD fee to be passed along to the end consumer. You can sometimes be looking at annual fees adding into the multiples of the thousands which is definitely something to consider not just when comparing house vs. condo but community vs. community.
What is the difference in owning a condo or townhome compared to owning a house?
I prefer house. It’s just that I like to tell people I own a house seems to be a great place to start my family. But if you’re a type of guy who works regularly and seems to get under pressure from work, would prefer condos.
I do agree. It depends on your lifestyle and how you want to live.
I’m thinking of buying a condo unit but as what I have read, I rather buy a hause. I like the advantages of owning a house especially the privacy. I don’t care about the maintenance expenses as long as I owned it.
Yes, and the money that you have to spend for maintenance is worthy if you can enjoy comforting privacy at your own house. And yes, talking about house is like going into more privacy.
I guess each property needs to be addressed on a case by case basis. There could be advantages to one condo that the other doesn’t have and same with a house. Although, there are some things you can’t get with a condo that you can with a house. I personally prefer a house, because i have a dog and he needs a big backyard! Great post though… very informative.
You got nice points there!
Freedom to have pets and get a big backyard, you should go for a house!
Good point of view. In my own opinion, buying a house is way too good than buying condo. We can also look through this by marital status. If you are single, living in a condo unit is nice but if you are married and with kids, you got to have a real and serious life. Life that is composed of properties, good ownership and security that you can impose on your own. so for me, I’d rather choose buying a house.
Agree. I also have the same opinion. If you’re married, it’s better for you to get a house however it’s depend on you. Some people prefer condo to raise their families.
The post is good & yes even i would like to buy a house instead of condos as the disadvantage is less & we have the freedom to change any thing & the most important pint is its higher resale value.Thanks for the post & let us know the advantage & disadvantage of condos & house.
I think you should add to the house advantage: Chance to really build up some equity and if you have good credit, it’s a smart investment.
Like just about everything: garbage in, garbage out. If you buy a home, you better be prepared to leave it better than you found it.
Agree. You’re absolutely right and thanks for the extra idea!
Also, condo’s usually do not have the as much appreciation as with new homes. You are also subject to a condo board making choices beyond your control.
The advantages of owning a home far outweigh the condo. Although when living in a condo, you do share space like the pool, tennis, and park if they have one and get to know your neighbors and make friends much easier than in a house.
I think buying a house is better idea instead buying condo. There is a good advantages of owning a house especially the privacy. Thanks for the information. Great work!
Yes, the privacy is what we need! – That’s the factor for people go for a house. And welcome! ๐
Before I was looking for condo but now change my mind, house is more comfortable and fun!
nice blog, thanks for the information.
Great article, thanks for sharing such helpful real estate information!
Condos, especially high rise condos in Las Vegas, have some incredible deals right now. Many have areas for you to walk your dog so pet owners do not have to be excluded.
Condo living is not for everyone but those that have a lifestyle where traveling is involved love the convenience of being able to pick up and go at a moments notice and not worry about who will pick up the newspaper and cut the lawn!
Great post. Condos really aren’t for everyone. I remember my parents were thinking about getting a condo but they weren’t sure if they would like it. They actually rented one through a vacation rental site called MetroFlats.com. After that they decided they loved condos and are going to be buying one soon. So I would recommend people try that site to try and see if they like condos before they get one.
As for me its still nice to have a condo but its more comfortable if you stay in your own house and its quite more expensive if your going to buy or rent a big nice condo
We own a condo and a home and I have to say I love the condo living. The only huge disadvantage is privacy but I can deal with that when you take away all the worries of owning a house
if i’m not mistaken buildings such as condominiums have 50 years life span,before its demolition right??? what will happen after on your investment on a condo unit after 65 yrs when the government found that the building needs to be demolished and not safe anymore for residence use.????
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The biggest drawback for me of a condo life is the association fees that are for most part can be expensive which is collected outside the monthly mortgage payment and can be increased when there is an requirement for extra maintenance charges.