Should You Buy a House or a Condo?

Whether you’re a first-time homebuyer, empty nester, or someone in between, looking for a new property can seem daunting.

One of the first questions you’ll likely ask yourself in the start of the process is likely to be around the type of home you should purchase.

One common consideration for home buyers is whether or not to buy a house or condo. The property types offer their own characteristics, pros, and cons. Here’s how to determine which one is a better fit for you.

Why Choose Between a House or Condo?

There are critical differences between purchasing a single-family home versus a condominium. Choosing between a house or condo comes with key distinctions to consider to help you decide which is a better fit for you.

First and foremost, the biggest difference between a condo and a house is that a condo is a unit within a building that has other units, while a house is a free-standing property on its own land. In a condo, you might share a wall with neighbors who are renting out or own other units — not unlike an apartment.

Condos offer the appeal of a typically lower price tag than a home. Condos also usually have an HOA, or homeowners’ association, which ensures the neighborhood and property you live in adhere to strict standards for cleanliness and curb appeal.

To accomplish this, HOAs charge a monthly fee. This can be a benefit for living in an aesthetically-pleasing and consistent neighborhood, and also having help with other ongoing maintenance needs.

Considering Condos

The Pros

• Price: Like we shared, the cost of condos tends to be the biggest attractor for this option. There are other key areas to consider besides price, but the smaller likelihood of sticker shock from a condo is usually buyers’ biggest pro in considering condos.
• Amenities: The HOA and building aspect of a condo comes with benefits, like having access to amenities like fitness centers and pools that are included in your fees. If you purchased a house, you’d be responsible for installing and maintaining these types of features.
• Maintenance: Speaking of maintenance, the beauty of condos is that upkeep and maintenance is enforced and consistent across units. Purchasing a condo means things like roof repairs, snow shoveling, and tree trimming are taken care of.

The Cons

• HOA fees: While HOAs offer plenty of benefits, these perks come with a price — literally. HOA fees vary by community, but the average nationwide falls between $200 to $300 a month. If tacking on this monthly expense stretches your budget, you may want to take more factors into consideration.
• Limited privacy: Usually, you’ll be sharing a wall with your neighbors in condos since the units are typically built side-by-side. If privacy is an important element of your future home, keep this in mind when choosing between a house or condo.
• More rules for your living space: HOAs have limitations on things like modifications, upgrades, and even outdoor decoration and features. While HOAs typically have an approval process, some will outright decline certain updates to units in their building. If these are areas you’re aspiring to customize as you envision homeownership, a house may be a better fit for you.

How About Houses?

The Pros

• Space and privacy: Houses tend to offer more space, like a garage and front and backyard. While you’ll most likely have neighbors, having a house means having a free-standing property with some distance between you.
• Make it your own: When you own a house, you can customize it any way of your choosing (so long as it’s up to code and aligned with local jurisdiction). There’s no HOA to approve any upgrades or renovations — it’s completely up to you.
• The selling process: Did you know that an HOA has to approve the sale of a condo? Owning a home can mean a simpler selling process down the line since this is one less barrier to overcome.
  

The Cons

• Possibly pricier: On the flipside of the first pro for condos is the fact that houses often cost more than condos. With more square footage in the property and on the lot, you can expect to pay a higher price in comparison to condos.
• Maintenance is all on you: Leaky pipes? Broken window? Branches growing out of control? When you purchase a house, the maintenance of the home is your responsibility alone. This includes all costs, sourcing the right people for the job in question, or doing it yourself.
• Community may be lacking: While distance may be a good thing for privacy, a lack of closer quarters that condos offer can make building community with neighbors a bit of a tougher effort.

How to Decide Which is Best for You

With important distinctions between houses and condos, there are a handful of additional ways to determine whether a house or condo is the right type of home for you to purchase.

Here are three key areas to keep in mind to help you decide:

#1. Consider Your Budget for Buying

Condos tend to be on the lower end of the pricing spectrum in comparison to houses. This can make them a great option for a starter home or future rental property opportunity.

#2. How Much Space Do You Really Need?

When choosing between a house or condo, consider your own unique living situation in its current state. Do you have kids, pets, or other needs for multiple bedrooms or an outdoor space? In scenarios like these, a house may be a better option.

On the other hand, if it’s just you, or you’re cohabitating with a partner or roommate, a condo may be a better choice if your needs for space indoors and outdoors are on the smaller side.

Lifestyle factors aside, keeping an idea of the amount of space you want versus the space you need can help you determine whether a house or a condo will be a better fit for you.

#3. Your Taste in Living Space

If you fancy yourself a DIY-er, or have aspirational hopes for home improvement projects, you may want to err on the side of caution when it comes to condos.

HOAs have limitations on things like modifications, upgrades, and even outdoor decoration and features. While HOAs typically have an approval process, some will outright decline certain updates to units in their building. If these are areas you’re aspiring to customize as you envision homeownership, a house may be a better fit for you.

Still Unsure? A Trusted Agent Can Help!

If your pros and cons list for a condo or house is neck-and-neck, a professional real estate agent can help be the tiebreaker.

A trusted real estate pro can understand your unique needs and buying power deeply, and help you make the strongest and most informed decision for whichever property type you choose.

Don’t wait — top-tier agents in your area are here to help. Get in touch with them on RealEstateAgents.com today!