Buying a Condo vs House: What You Need to Know
Though there are plenty of options when it comes to housing, homeownership has been the popular choice in the U.S. for decades. In fact, around 65% of Americans own a home as of 2022, with 27% living in a condo or HOA property.
Of course, just because homeownership is common doesn’t mean it’s the right choice for you. When it comes to choosing a condo vs house, there are a few advantages—beyond popular trends—to keep in mind. Here’s what you need to know.
Advantages of Buying a Condo vs House
When it comes to buying a condo vs buying a house, you’ll need to consider both your preferences and your financial situation. Juggling the advantages below can help you decide.
Key Advantages of Buying a Condo
Condos may be pretty small compared to the average U.S. home, but they have a few clear advantages for the right buyer.
If you’re hoping to set down roots in a densely populated area, you’ll have plenty of choices available when it comes to condos. Even better, these units tend to be less expensive than a single-family home, though this will depend on the region in which you’re buying.
In addition, condos need far less maintenance than houses do, and your HOA may even coordinate regular maintenance on your behalf. Because you’ll be living in a community, you may also have access to amenities like a pool or gym.
Key Advantages of Buying a Home
If you’re set on buying a home, you’ll have a wealth of advantages to enjoy as well.
Detached houses tend to have more privacy than condos, thanks to the lack of shared walls. You’ll also have much more freedom to decide what you’d like to do in terms of repainting or remodeling as needed.
Unlike condo owners, homeowners may not need to pay fees for an HOA—or follow their meticulous rules—depending on where they live. In addition, houses don’t suffer from the same resale issues that plague condos, and homes tend to increase in value over time, which can make them a good investment.
When to Buy a House vs Condo
If you’re having trouble weighing the benefits above, it might be a good idea to work with a real estate agent that specializes in both. To find one, read more here.
In addition, it’s worth noting that there are a few times when buying a house or condo might be more clear-cut.
Buying a house is better if:
- You see value in owning your own land
- You don’t like the idea of working with an HOA
- You’d like to expand or customize your space for a family
- You want to be able to sell fast
On the other hand, buying a condo is better if:
- You want to live in a place with a strong community feel
- You prefer not to deal with home maintenance
- You can’t afford the investment of a home
- You want shared amenities without maintaining them
Again, the choice will come down to your preferences, but if one of the situations above sounds familiar, the decision may be easy to make!
Find the Perfect Place to Live
Though deciding between a condo vs house can be a huge life decision, keeping the tips above in mind can help. Both of these property types have distinct advantages of their own for the right buyer, so be sure to work with an experienced real estate agent who can help you juggle your preferences and find the right option.
As you consider your next steps, don’t forget to check out our other home and real estate posts for additional tips!