Housing choices are plenty, especially in towns, posing a dilemma to many first-time homebuyers regarding the type of dwelling to buy. Both condo and single-family detached dwellings have their upsides and downsides. The type of residence you end up with will depend on several factors such as budget, lifestyle, and commitment towards maintenance. All these dwellings are a great source of satisfaction for the occupants.
With that in mind, here is an in-depth overview of the condo, single-family detached home, and their pros.
What’s a Condominium?
Condominiums abbreviated as a condo offer a hands-off approach to homeownership. Condos typically resemble rental apartments making it difficult for buyers to separate them from rental apartments. Some constructors tend to build condos that resemble multilevel townhouses. Condos are more affordable than detached homes since they come with no land. The protruding exterior units, alongside land and any renovations, are viewed as no man’s land and instead owned entirely by all condo owners in a particular area.
Monthly payments and maintenance are the defining aspects of condos. Condo owners are obliged to remit monthly fees to the homeowners’ association, though the amounts are extremely higher. The fees paid are devoted to offset the cost involved in exterior unit maintenance, the insurance premiums designated to cover valuable items like elevators, roofs, and even parking structures. The fee also covers waste and snow disposal. A condo is suited for persons looking to own real estate at an affordable price and close to their workplace.
So, what are the pros of choosing a condo over a single-family detached home?
Condos can be more affordable than houses
Houses are expensive to own, unlike pretty affordable condos. To build a house, you must buy a piece of land, acquire a construction permit from relevant construction authorities, hire an inspector, all of which come at a cost. Unless you’re financially stable, owning a home is a bit costly. On the other hand, condos are less expensive to own since you’re exempted from land payments, inspection expenses, seeking permits from authorities, all of which can be very expensive.
National Association of Realtors recently revealed that the current market value for houses exceeds that of condos by over $10,000, and the gap is anticipated to widen over the coming years.
An affordable price translates to a reasonable down payment and a lower monthly payment.
Condos provide exemption from exterior repairs and maintenance
This is one of the main benefits of residing in a condo. Homeowners are liable for maintenance and keeping both their interior and exterior units in good condition. Some of these responsibilities include mowing the lawn, decorating the house, pruning trees, cleaning gutters, disposing of trash, etc. This leaves homeowners little time to hang out or relax at their homes’ comfort, unlike condo owners who have all the time to relax and even take weekend trips.
It’s the onus of the homeowner’s association (HOA) to maintain exterior condo units. The occupants are only responsible for interior repairs and maintenance. This saves them time and money to pursue other interests.
Condos provide flexible locations
Since condos are small in size and closely packed, they are typically situated near the amenities. This is usually the case for downtown areas with a handful of shopping, job opportunities, cultural activities, and entertainment. Condo owners often make short trips to the market hubs, unlike homeowners who more probably reside in distant outskirts and rural areas.
Maintenance free public amenities
Enormous condo neighborhoods are densely packed with public amenities. They include pet parks, swimming pools, park areas, tennis courts, etc., which are open to all. Those living in condos have to make short commutes to shared facilities to get access to those amenities. A condo owner can even access them without stepping out of the property.
Social Links
Unlike densely packed condos, detached single-family homes are far apart. Condos are somewhat close to the apartments. Other units most probably neighbor your home, and perhaps other people may be residing below or above your unit. Density is another factor to be considered. For instance, if a locality has one home for every acre in a detached home locale, there can be 25-35 units per acre in a condo.
This results in a level of rapport that can’t be found in large subdivisions. And because condos have a trend of luring people with similar interests and backgrounds, there is a good prospect of co-mingling socially. The presence of shared recreational amenities like gymnasiums and swimming pools offer a platform for socialism.
Traits of a single-family detached home
A single-family detached home, also referred to as a detached residence/dwelling, is a freestanding house building. Such as dwelling is situated on its parcel. Detached homes don’t restrain owners when it comes to refurbishing structures or the parcel that comes with them. There is no definite square footage for detached homes since they can range from small to medium. However, the defining aspect of this style of dwelling is simply the freestanding structure. Therefore, there is no sharing of walls with neighbors.
Like condos, some detached homes, particularly those situated in towns and outskirts, are subject to homeowner’s association fees. However, the fee is small and only directed to snow and garbage removal alongside collective road maintenance. Numerous single-family detached homes are situated in urban, suburb, and rural areas in HOA’s exemption. This renders homeowners the freedom and privacy they envy.
Detached homes are suited for persons who crave extensive yards for their kids to play in outdoor space. These homes are also ideal for people who are unbowed by yard work or crave a large garden.
Since most detached residences are not part of a community, they are unlikely to have amenities associated with condos like a gymnasium, swimming pool, tennis courts, etc.
So, what are the pros of buying a single-family detached home over a condo?
Room for expansion
Here the land is the defining factor. As your family grows, you can choose to extend your house. You can demolish the walls and make the necessary additions. You can even choose to set up a deck in your yard. In some city outskirts, you can construct a guest room on the property. All this can never be achieved with a condo.
Easy to find buyers
As a matter of fact, selling a condo in an ailing housing market can pose a serious challenge. That’s because a condo is viewed as a temporary refuge. They are the type of dwellings that people mainly buy in most robust markets. However, single-family detached homes positioned on privately owned plots tend to be highly marketable in all housing markets.
There’s also a bit of individuality. Every house is distinct, especially after its owners have personalized it. There are higher prospects that it will attract several potential buyers. On the other hand, condos are homogenous, meaning they all resemble one another. That’s why they are less appealing to potential buyers because they lack the aspect of uniqueness. Since condos are hard to sell, owners, in most cases, opt to transform them into rentals.
Become a land owner
Literally speaking, you can’t own a house without a piece of land, whether small or medium-sized. Condos are located on community land. The same applies to single-family detached homes that cannot exist without land ownership. Though you will be responsible for maintenance, you have the freedom to set up any structure you wish in your backyard. You can even choose to set aside a venue for playing football. Therefore, owning land is a great advantage as it guarantees privacy. For instance, you can choose to fence your backyard to enhance privacy as well as safety.
Flexibility to accommodate life changes
Unlike houses where you have complete control, condos have restrictions on things you can or can’t do. For instance, if you want to venture into the plumbing business, you can frequently do it from your house. However, this isn’t applicable if you dwell in a condo.
Condos, just like rental apartments, have restrictions on who and the number of people a unit can accommodate. For instance, condos impose tough penalties for anyone caught breaking the accommodation rules. Sometimes you may find it impossible to accommodate your beloved friend due to such restrictions, but you can accommodate whoever you want since you’re the boss with a detached home.
Greater self-determination and self-expression
One of the intrinsic downsides of a condo is homogeneity. Since your home exterior isn’t under your ownership, there is little you can do with it. A house differs from a condo in that you can customize it to suit your needs, setup flowerbeds over the property, or even construct a playhouse for your children. With a condo, occupants lack self-determination and self-expression since they have no control over the dwelling.
Final Verdict
From the above, it is evident that each type of housing has its pluses and minuses. Here your choice will depend on your personality, among other factors. You may discover that each type of housing renders special benefits at different stages of your life. For instance, during your early life, you can opt to reside in a condo when you’re not married. When you have a family, owning a house is ideally the best move. However, when no one depends on you for a livelihood, a condo can render the most suitable lifestyle.
So, there is no definite answer to the question since the two types of housing have their pros and cons. The type you choose will be influenced by your budget, lifestyle, and preferences.