In 2019, more than 99.4 million United States residents were renters.
We all dream of owning our own home, and a condo vs house decision is one you need to make as well. Some people love owning a condo and even living in a condo community.
Others see the appeal of a house but are unsure if a condo is better or worse.
Let’s look at the features of a house and a condo and help you decide which is best for you.
Number of Options Between Condo vs House
When buying a house, you’re usually limited to a single-family home in a specific neighborhood. But when you’re buying a condo, you often have a more comprehensive range of options.
For example, you might be able to choose from a high-rise condo with great views of the city or a more suburban-style condo with a private backyard.
And because condos are often part of more significant developments, you’ll usually have access to various amenities, like swimming pools, fitness centers, and tennis courts. So a condo might be the better choice if you’re looking for more flexibility and options.
Buying a pre-construction condo can also be a good investment. They are usually sold at a low price that would appreciate in just a short period. There are a lot of things to know about pre-construction condos that can make it a better choice.
Which Requires Less Effort to Maintain
Generally, a condo requires less effort to maintain than a house. It is because the condo association is responsible for maintaining the common areas and the exterior of the buildings. Additionally, many condos include amenities such as a swimming pool and a gym, which the association supports.
On the other hand, houses may require more effort to maintain than a condo and cost more. It is because the homeowner is responsible for maintaining the property, including the landscaping, painting, and repairs.
The Difference in Amenities Between Condos and Houses
The main difference between a condo and a house is who owns the land the dwelling is built on. When you purchase a condo, you are buying the air space within the walls of your unit. The condo corporation owns the building, land, parking, and common areas, and you are a shareholder.
When you purchase a house, you own the land it is built on and are responsible for its upkeep. Both properties have many different amenities that can appeal to buyers.
Condos usually have amenities such as pools, gyms, party rooms, and guest suites that are available for use by all residents. Houses do not have these amenities; if they do, they are usually maintained by a homeowner’s association.
Homes also tend to have more outdoor space than condos, although some newer condo buildings are starting to include private outdoor areas for residents.
Which Has Lower Insurance Rates
A condo will have a location in a close-knit community with other condos or houses. It means that if something happens to your unit, it’s more likely that your neighbor’s insurance will cover the damages. On the other hand, your house insurance will likely be the sole provider of coverage.
Another key difference is that a condo usually has shared walls, while a house does not. It means that a fire in your condo is more likely to damage your neighbor’s unit, and their insurance will have to cover the damages. A condo is more likely to have lower insurance rates than a house.
Rules and Regulations Between a House vs Condo
Houses have more lenient rules and regulations than condos. It can benefit you if you want more freedom in using and maintaining your home. However, it is essential to consider that condo rules and regulations are in place for the benefit of all residents and to ensure the common areas are well maintained.
If you are unsure about which type of home to purchase, it is always a good idea to consult with a professional in the real estate market.
Which Can Offer You Better Privacy
A condo is a smaller, more intimate community where neighbors are more likely to know each other and are involved in each other’s lives. A house offers more privacy in terms of the physical space and the neighbors.
If you have a large family or often entertain guests, a house may be a better option for you as you will have more space. Deciding which to buy depends on your specific needs and preferences.
Resale Value of Condos and Houses
When it comes to resale value, both condos and houses have the potential to appreciate or depreciate over time. In general, houses tend to appreciate more than condos, but both types of properties can be suitable investments.
Because of the increased flexibility and amenities of owning a house, they typically have a higher resale value than condos.
However, condos can be a wise investment for those looking for a low-maintenance property or looking to live in a desirable location. Ultimately, the property you should buy depends on your specific needs and preferences.
HOA Fees for Condos and Houses
Whether you’re paying for a condo or a house, HOA fees can add up. But what’s the difference between the two, and which one should you buy?
Condo fees cover the costs of the common areas and any amenities the complex offers, like a gym or pool. House fees cover the property’s maintenance costs, including garbage pickup and snow removal.
Condo fees can be higher than house fees, but you may get more for your money in terms of amenities and location. It’s essential to research what’s available in your price range and what will best suit your needs.
Being a Homeowner is a Good Investment
If you’re trying to decide between a condo vs house, you should consider a few things. Think about your needs, what you can afford, and the amenities necessary. Consider the downsides of each option and decide which is best for you.
If you’re unsure, contact a real estate agent to get more information. Have this article helped you? If you’re looking for more tips and advice, you can find more on our blog!