House or Condo…what’s the next best move for you?
So you’ve just started your search for a new home, or maybe your first home, and the options seem endless. Every listing has different features, amenities, square footage. Should you purchase a house? Should you invest in a condo? Each have pros and cons, of course.
One may be in a suburban community with a big, fenced yard, while another has a pool and is close to downtown. The choice is between a condo and a house. How do you decide which option wins?
In this article we’ll review both types to see which is the better fit!
What defines a house or condo?
Silly question, right? While you may have a good idea already of the differences between the two, it’s important to define our terms for comparison.
A house is defined as a free-standing residence that is not connected to any other residential structure. It’s usually on a lot with a yard in the front and/or back, and the owner of the house also owns the land the house sits on as well as any other structures like a detached garage or in-law unit.
Houses will generally offer more room and storage, and usually a yard that is great for entertaining friends or fun play space for kids and pets. You have more control over the design and modifications of your home.
We define a condominium as an individually owned unit that is in a shared building or complex. More like an apartment, but you own it instead of rent. A board or and HOA owns and maintains the exterior part of the dwelling as well as any common areas, such as community pools, a clubhouse, parking areas, open green space, or maybe even a fitness center.
Condos are usually found closer to larger cities and may even have added security. There are no lawns for you to mow on the weekends, gutters to clean, or siding to paint.
Some points to consider –
- More Space/Storage
- Easier to Sell
- Can modify as you like
- Larger upfront expense
- Exterior maintenance; yard, roof, siding, major systems like HVAC
- Lack of built-in community
- Typically less expensive to purchase
- Shared amenities – maybe a pool, dog park, gym
- No exterior maintenance
- Great for being social
- Build some equity
- Less private
- Less storage space
- No personal yard area
- Restrictive rules
- HOA fees
There’s no right or wrong answer when it comes to choosing a condo vs. a house.
If you prefer apartment style living, from it’s convenient location to less maintenance responsibility, then a condo may be the right choice for you. If you value having more privacy or room to grow, and want the freedom to control your own space, a house might be the move to make!
Either way, when you are ready to buy a home of your own, whether it’s a condo or a house, don’t go it alone! Talk to a Coldwell Banker real estate agent who’s an expert in your local market and can help find you the perfect home at the perfect price.