Should you buy a condo or a house? Condos are known to be luxurious, conveniently placed, and come with enticing extra services. Houses have more space and personal independence for your lifestyle. For any homebuyer in the market, the decision between house vs. condo is an important choice to make. Are you looking in the suburbs or the city? Are you comparing floor space or acreage?
The question of condo or house has a unique answer for each person. Which would be best for you? The answer lies in how your lifestyle and finances will fit into the style of a single-family house or a cozy city condo.
Living in a House: Pros and Cons
House and Land
A single-family home title includes both the house and the land it sits on. Your lot is yours to enjoy, but also part of your responsibility. From the top of the roof to the sewer main under the house, it is the complete property of the homeowner. If this makes you happy, you’re on the right track.
More Space, More Upkeep
The basic comparison for homes is that you balance space with maintenance. You have more room to play outdoors and more distance from your neighbors, but you also take on 100% of the upkeep for the building and even the landscaping.
Full Maintenance & Surprise Expenses Responsibility
In terms of maintenance costs between a house vs. condo, owning a home puts the whole weight on each individual homeowner. Regular maintenance and mindblowing surprise maintenance (ex: storm damage and new roof installation) make homeownership a calculated financial risk in terms of maintenance costs.
HOA or No HOA
Many homes are inside HOA communities, meaning homeowners must follow neighborhood rules and pay annual (or monthly) dues as part of owning the home. In return, homeowners take part in local parks and services and can join the managing council.
However, your home might not be in an HOA, in which you do not have to pay dues and you will rely on local city parks and amenities instead.
Owning a home also has the curbside experience. Girl Scouts and trick-or-treaters will come to your door. You can decorate your porch and roof every holiday. You can landscape and enjoy your garden. For many, these are the real perks of homeownership.
Living in a Condo: Pros and Cons
Interior Home Unit Only
In a condo building, owners each buy a piece of the building and support the building costs mutually. In return, each homeowner is only personally responsible for maintenance inside their home unit. Your title is for the interior unit only.
Higher Quality, Close Neighbors
The common comparison for the house vs. condo question is that you live closer to neighbors in return for luxury-level home quality at a good price. Condo owners may share a pool, spa, park, sport courts, dog park, and even a lobby shop as part of their deal in co-owning the building with the other condo owners. While you may be only one wall away from your neighbors, everyone shares a higher quality of life.
Shared Building Maintenance Costs
At the same time, condo owners also share the cost of building maintenance. Annual dues cover predictable maintenance costs and should slowly put together a rainy-day fund. However, new projects and surprise repair needs (ex: cracked plumbing in the shared spa) can result in Special Assessment costs for every condo owner in the building.
Condo Association Membership
Unlike homes, every condo is part of a Condo Association. The member council collects dues and handles managing non-unit expenses like maintenance, services, improvements, and event planning. Every condo owner is a voting member, pays dues, and can run for council.
The Condo Neighbor Experience
If you enjoy being close with your neighbors, condo life may be especially appealing. Condo neighbors often greet each other in the hall and form friendships while sharing building amenities.
House vs. Condo, Which is Best for You?
Which should you go with – house vs. condo – for your new home? The answer lies in how you want to live. Would you rather share a luxurious building with homeowner-neighbors or have complete control over your own house and grounds? Would you like potential friends down the hall or a yard with plenty of space to stretch out and make noise? The choice is up to you.
Denver is host to thousands of homes and condos available for buyers today. If you’re looking for a house or condo in the Denver area, call Denver Dyllan. Find the perfect home for your needs that accommodates each of your personal priorities.