Differences in Condos and Homes

What’s the difference between owning a House or Condominium?

Deciding whether to buy a single family home or condo can be a challenging decision to anyone in the market looking for a new place to live.   There are different structures that appeal to different lifestyles.  There are positives and negatives to both owning a house or a condo.

Condos are known for having easier upkeep.  While paying the homeowners fee every year can be an added expense; having no yard work, maintenance, or snow shoveling can save a lot of time.   Since condos are often built in large cities, their location can be extremely beneficial for homeowners working in downtown areas.  Single family homes do not exist in downtown areas.   Having a location close to work saves time and money that would otherwise be spent commuting.
Fees are often the major complaint of living in a condo complex.  Association fees month after month can be a significant cost to living in a condo.  Fees increases can be the outcome of the shared decision by a community.  Living within a homeowners association gives each owner a vote in each association meetings.   Often, meeting’s decisions can require an increase in fees to help cover the added expense of maintenance or new projects that the association deem necessary.
Houses are the most common choice in the United States as a place to live.  There are no association fees to be paid for maintenance. It is the homeowner’s choice to spend as much or as little money and time on exterior and interior maintenance.    Single family homes are friendly for families with children and pets.  Single family houses have potential for growth for expanding families by renovating an old living space, finishing the basement, or putting an addition on the house.   Houses offer a lot more freedom than condos or apartments do.
While houses usually allow for plenty of space and the right to free choices, there are many responsibilities homeowners have that would otherwise be taken care of living in a condo or apartment.  A homeowner can often choose to hire companies to maintain a house, but the majority of people find it cheaper to do the work themselves.  The work entails yard work, snow shoveling, cleaning windows, cleaning gutters, and many other maintenance issues within the house.   These maintenance costs get higher and higher as the square footage of the house rises.  The time spent on house upkeep can be significant.   Since most houses have bigger square footage than condos, there is more hot water, more electricity, and more heat needed to keep the house comfortable, which ultimately creates higher utilities cost.
There are many similarities and differences that need to be reviewed before deciding on whether to buy a house or a condo.  A person in the market for a new place to live needs to take the time to establish his or her necessities  in a new living space in order to determine the most suitable place to live.

Source:

http://www.lendingtree.com/smartborrower/buying-a-home/finding-a-home/buying-condo-versus-house/