Difference When Purchasing a House Vs. Condo
When buying a place to live, there are two options that you can choose from – house and condominium. There are buyers who are sure about buying a house, and they don’t need any more clarification. But there are homebuyers who are confused between buying a single-family detached house or a condominium. People frequently have a question about the difference between these two housing options. Well, there is a significant difference between a detached home and a condo. If you have a similar question, we will help you make a proper buying decision.
What is a Single-Family Detached House?
A single-family house is a stand-alone structure on a foundation. The house structure is available in variations like a single-story house, or it can be a multiple-story house, and also includes additional features like lawn, garden, porch, deck, and others.
A House Provides Extra Space
Compared to the condominium, a house will provide you with more space. You have your personal yard with the house, which you don’t get with the condo. Buyers with family or children can consider buying a home as they get a lot of extra space for various purposes.
You have Additional Responsibilities
When you buy a house, you will have to take care of some additional responsibilities like maintaining the property, snow removal, landscaping, maintaining the house’s HVAC system and others.
You Have Control Over Your Property
When you own a house, you get complete control over it. You can have more building additions or paint the house as you wish to do. And it goes without saying that you have to keep the local laws and guidelines in mind while repairing your home or making any additions.
What Is a Condominium?
A condominium, also referred to as a condo, is a living space within a structure like a large high-rise building. People can think of it as an apartment, but instead of renting, a condo is owned.
You Get Additional Amenities
When you buy a condo, you get additional amenities with it, such as swimming pool, clubhouse, tennis courts and other amenities that are otherwise difficult or expensive to include in a single-family detached home.
You Have to Pay Homeowners Associaton Fees
The owner of the condo has to pay the Homeowners Association Fees (HOA) for the maintenance of the building, common areas and some times the utility cost.
You Need to Follow the Rules of HOA
Owning a condo comes with some rules and regulations from HOA that you will have to follow. Rules are like the number and weight of pets allowed for each unit, can you dry laundry outside, can you install satellite dishes or the type of landscaping owner can use.
Now that you know the difference between the ownership of both of these options, you can select the right one for yourself. If you are opting to buy a new living space and can’t choose between a condominium and a house, then, you can contact us. We will make the selection process easier for you.