More than 73 million people in the United States today live in condos. These are popular home purchase options for so many reasons.
If you’re a first-time homebuyer trying to learn the ropes of real estate, you’re likely weighing whether you should purchase a condo or a single-family home. This condo buying guide will teach you some major differences to help you as you decide.
Use the points below when you’re considering buying a condo vs. house.
A Condo Is Generally Less Expensive
First off, what is a condo? A condominium is a residence found in a multi-unit building that often features luxurious amenities and communal services. Though these are similar to apartment communities on the surface, each occupant owns their unit, rather than rents.
Buying a condo is typically cheaper than purchasing a house, so you can become a homeowner with a smaller investment.
Houses Have Backyards and Are Detached Structures
Buying a house means you get some land for your money. This option is ideal if you prefer a detached structure that stands alone. You’ll be able to grill out, install a basketball hoop, plant a garden, or do anything else that you want with the exterior property.
This also means that you’re responsible for the upkeep of your lawn, while condominium ground maintenance is covered by the community.
Condos Are Covered by the Homeowner’s Association
Buying a condo requires you to sign up for the community’s homeowner’s association (HOA). This is the association that governs the property and is responsible for communal grounds, community services, upgrading the property, repair work, and more.
Everyone who lives in the community adds an HOA fee to whatever they pay each month or year in mortgage costs. By buying into the HOA, you will also get a vote and say in the way that the community is governed.
Houses Have Privacy, While Condos Have Community
When comparing condos to houses, consider whether you value privacy or community more. In a condo, you don’t have as much privacy because your wall is connected to your neighbors, and you’ll likely have people living upstairs and downstairs from you.
However, the condo experience is a community where you’re more likely to mingle and interact with your neighbors daily. The HOA often puts on communal events for every holiday and to celebrate the changes in seasons.
A detached house lacks this sense of community, but you might enjoy the privacy of having your own yard and living space that is undisturbed.
Take time out to view condos for sale in your area when you’re interested in shopping. From there, you can apply some house buying tips and place a reasonable offer on a listing.
Consider Buying a Condo vs. House
These points are helpful when you’re considering buying a condo vs. house. It’s a matter of preference, and there are plenty of real estate pros that can help you with whichever you choose.
Use us as a resource and touch base when you need answers on any business or real estate matters.
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