The moment when you decide to buy a home for yourself, the question arises – which is better, a house or a condo? No one will give you an unambiguous answer to this question. You need to understand the advantages and disadvantages of the house vs condo. That’s what this article is all about!
In this article, we’re looking at all the pros and cons of condos vs single-family residences (SFR) or what we’ll simply call houses. After reading everything, we feel confident that you will make the right choice. Of course, you need to be guided by your own feelings and desires, but you need to know the main points before buying your own real estate.
Pros of a House vs Condo
For those who like large, open spaces, the best option will almost certainly be a house. This is one of the advantages of houses again condos.
Another advantage of homes is the land outside the structure. You can grow herbs, fruits or vegetables, and even flowers. Near the house, you can arrange a place to relax or spend active time. There can be a barbecue, a swimming pool and in general everything that you only wish for and for which there is enough money.
Parking is also a consideration. Houses are much more likely to have a garage while condos will force you to a parking lot or street parking.
In the event, your house is too small, you have to the opportunity to build an addition. Whether up or out, that’s up to you. All this, of course, requires additional funds, but it’s not something possible with any condo.
There is also the proximity to your neighbors. Owners of condos have shared walls with neighborhoods. While most of the time, single-family residences are free-standing structures. These are certainly points to take into consideration.
Disadvantages of a House
Of course, there can be no advantages without disadvantages. A house also has them. The main disadvantage is the higher cost. Here we’re talking about the total cost to purchase.
You also will need to cover all the exterior maintenance costs. Condo owners don’t need to worry about the roof or the outside grounds, because they pay a monthly fee to take care of those things. But houses don’t have that luxury.
Not always, but often condos may have greater security than houses. Just one more item to consider when looking at the house vs condo debate.
Pros of a Condo vs House
One thing to understand is that a condo is a method of ownership, not a description of the building. The condo owner owns the interior portion of the structure. While the person who owns a house owns the entire thing and the land it rests on. When someone purchases an apartment they are actually owning it as a condo.
Now to the pros! We’ve already talked about the lower prices generally associated with condos, now let’s look at the location. Typically condos are built nearer to amenities than houses that can be found farther out in the suburbs. So finding a store, pharmacy or market is easier.
In most cases, it will cost less to repair a condo compared to a house. After all, they’re generally smaller and the condo owner is only responsible for everything within the walls.
Condo or House, Which is Cheaper?
Many first-time buyers go the condo route. Less to worry about and lower prices for the most part. You definitely want to include the monthly dues in with the mortgage for your calculations.
Naturally, the cost of real estate directly depends on its location and area. Both a condo and a house in more desirable areas will cost more than those in worse areas.
One of the most important things you can do is connect with a local, real estate expert to give you real-world examples of both condos and houses. Then you can look at both and evaluate which makes the most sense for your situation. Happy hunting!