When purchasing a property, buyers can choose between a traditional house or a condominium. Aside from location, housing type is one of the most important decisions to make when buying. Homeowners purchase the house and the land underneath, whereas condo ownership includes only the living space inside of the condo unit and a portion of the common area of the condo building. Even though there are advantages and disadvantages to both types of housing, lifestyle and cost can help determine whether a single-family house or a condo is a more suitable dwelling for your needs.
More buyers are deciding to purchase condos over houses in recent years due to a resurgence in urban living. Condos are usually located in urban areas and within walking distance to shops, restaurants and other places of interest. Some also have resort-like amenities, such as pools and fitness centers, that would be cost-prohibitive in a house. With people living busier lives, condos are an attractive choice because of their convenience and low-maintenance lifestyle, according to HGTV FrontDoor. Since association fees cover the exterior and many of the expensive components of the structure, maintenance is limited to the interior of dwelling.
One major drawback to condo life is association fees, which are collected outside of the monthly mortgage payment and used toward building maintenance and amenities. The fees can be expensive and increase when extra money for maintenance is needed. Another con is that all homeowners share in the decision making process in regards to the condo building. While many owners seek the sense of community and safety found in condos, some buyers do not like the homeowner’s rules and restrictions associated with condos, according to the National Association of Realtors.
Home ownership has some drawbacks opposite from those associated with owning a condo. The homeowner is completely responsible for all maintenance inside and outside of the property, including care and upkeep of the yard and trees. When purchasing a house, you must also consider buying extra equipment and tools for maintenance. Even though any improvements will likely increase the home’s resale value, they require an investment of time and money, according to LendingTree. Another con is utility bills are generally higher, because houses have more space than condos.
A big advantage to buying a house is that you have total control over the property to remodel or make changes without the consent of others. Another house advantage is that it allows for extra indoor and outdoor space, which is more conducive to accommodating families, children and pets. Houses also feature more storage space in closets and the attic or basement, according to the National Association of Realtors. Furthermore, houses have more privacy, because neighbors do not live in as close proximity as in condos.