Condo Vs. Single-Family Home

Condo Vs. Single-Family Home

If you're in the market for a new home, you may be deciding whether to purchase a condo or a single-family property. Both are great choices, but what's the best option for you? We've compiled a shortlist of common purchase goals to help you decide.

  • Small Budget Benefits
    When you purchase a condo, you're buying everything inside of the unit, not the land. For this reason (and a few others), most condos are less expensive than single-family homes. If affordability is a priority, you may prefer a condo's lower price tag and monthly payments.

  • Less Elbow Room
    Condos generally have less square footage than single-family homes and are controlled by a Homeowner's Association (HOA). This means in addition to having less space, you may have less control of what you can and can't do inside of your unit. The flip side is that the HOA takes care of exterior maintenance.

  • At-Home Amenities
    Depending on the community, a condo may offer fun amenities like pools, tennis courts, jogging trails, and/or gyms. This is a major perk for active people who want to connect with their neighbors.

  • HOA Fees vs Insurance Cost

    Condos will have a higher monthly HOA Fee since the HOA is responsible for the maintenance of the exterior of the building, landscaping and amenities. HOA fees often include water, trash, natural gas or other utilities. The cost of insurance is usually lower for a condo because you are only covering the inside of the unit and your belongings. The HOA is covering exterior of the building.

It's important to look at the needs of your family as well as pros and cons of a house versus a condo. A condo will give you more of a "lock and leave" lifestyle with less required maintenance. Homes will give you more space and privacy. Lower cost of a condo might be offset by the higher cost of monthly HOA fees depending on what is included in the HOA fee. If you want more info, please contact Lisa today.


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