Buying a new home can be stressful but adding on what kind to buy makes it even more difficult. There are so many styles and areas to look at as well as different types of homes. If you are having a hard time deciding whether to purchase a condo or a house, this article will give you the differences and pros and cons of each.
A house usually refers to a single-family detached home. A house can come in all shapes, sizes, and stories. When you purchase a single-family detached home, you are also buying the land that the house sits on. Houses tend to cost more than condos when it comes to purchasing prices, insurance cost, and maintenance. With a house, you are responsible for all repairs and maintenance (this includes both inside and out). If you are planning to start a family or escape urban city life, a single-family home is your best option.
A house is definitely more spacious than a condo because it has a larger indoor footprint. You also have a yard and outdoor living space. There are less restrictions on a as you can basically change everything in your home because it is all yours. If you are a part of an HOA, you will need permission to change exterior colors or add solar panels, etc. A house also doesn’t share any walls with neighbors so it is a bit more private than a condo.
With the good comes the bad when it comes to a single-family house. As mentioned earlier, there are higher costs associated with a house. There is more upkeep that you as the homeowner is responsible for. If you need a new A/C unit you are on your own as you are the sole owner of a house. You are responsible for yard work and all of the exterior maintenance. Amenities are another feature that is lacking in most single-family homes.
Condos on the other hand have their advantages and disadvantages. A condo is a great option for a first-time homebuyer as it is an easier transition from renting to buying. A condo will have shared walls, floors and ceilings and will be part of a Condo Association which will take care of the exterior parts of the building and the shared spaces. A condo owner will own the interior of the unit and is responsible for everything within the four walls. Insurance is at a lower cost but there will be higher HOA fees.
A condo is usually cheaper to buy and has lower insurance costs than a house. It is generally cheaper on maintenance as well because you are only keeping up the interior. The Condo Association or the HOA will take care of repairs, maintenance and things such as snow shoveling. Since condos are usually found in urban areas, they have easier access to work, entertainment venues and public transportation.
A condo is not as private because of the shared walls. Noise can be a potential issue when it comes to sharing a wall with another unit. There are condo fees and restrictions and you cannot change the exterior. Some HOA fees will also have rules regarding pets and what you can do to the interior of your unit. There is also less space for families and for storage.
If you are looking for a place to buy, speak with a local real estate agent in your area. A realtor can also help you to discern whether a condo or single-family home is right for you.