Condos vs Houses

A big question that always comes up when starting a home search is whether to buy a condo or a house. There are some obvious differences between them but I will discuss here some of the not so obvious differences and why it may be best to buy one or the other.

It's important to realize that when comparing condos to houses, in a given area the condos that are available are very different from the homes that are available. So it's not so much a decision of whether you want a house with a yard or a condo with a pool, but about what area you what to live in and what your budget allows.

Typically a condo will be priced lower (or much lower) than the surrounding homes so will allow a buyer to purchase in a more desireable location. Condos are great options for those with a limited budget and who want to live in a certain neighborhood.

As condos usually come in the 1, 2 or 3 bedroom sizes, buyers that don't want or need a lot of space will find a good fit in condos. Less empty rooms means less to take care of and less to heat and cool.

And of course there is the maintenance issue. Much of a house's maintenance is on the outside exposed to the elements. The same is true for a condo building, but it is the HOA's responsibility to take care of it. This means less work for condo owners and less money too.

So to sum up the condo 'pros': better location, pay only for useable space, and low maintenance.

Houses have a lot of pros too. The biggest is that house buyers will own the land their house is on. They are mostly free (subject to zoning rules, etc) to do what they like with it. With that comes a lot of freedom. Want to re landscape the back yard? Do it. Add on to the house? No problem.

This also allows house owners to substancially increase the value of their home. Condos owners can of course increase their value through finish out details, but house owners are able to do that and much more like adding squarefootage and landscaping.

Another thing to think about is the amount of storage a house has. Most houses will have a garage and many owners keep their vehicles outside and use this just for storage. Bikes, grills, canoes, luggage, pet supplies and recreational items are all easier stored if you have a garage. I will note that some condos do have garages as well and there is a premium for them.

These are just a few of the differences, but ones that sometimes aren't realized until further into the house hunt. Hope this helped!