Condos can be an option for anyone who wants to keep home maintenance to a minimum, including first-time homebuyers, singles, older homeowners or people who travel frequently. Some condo buildings also have door guards and offer an extra level of security, particularly in large cities.
Additionally, condo association rules can be highly restrictive, meaning you may not be able to customize your unit the way you want. Those who value exclusivity and privacy might find the community areas less than ideal, as well. If you want to make an income from your property or need a tenant to help pay bills, check the HOA rules before you buy.
In addition, condos come with HOA fees. These dues help pay for a property management company and cover maintenance costs. When most people talk about buying a house, they mean purchasing a single-family home , which is a standalone structure on a foundation. Single-family homes can be single-story ranch homes or have multiple stories, as well as a basement or attic space.
Many single-family houses also have yards, so you get more outdoor space to enjoy. Although you get all the space when you buy a house, that also means a higher sticker price. Think lawn care, keeping the gutters clean, servicing the furnace and other routine maintenance. Those tasks can add up to significant time and money. Here are more differences between a house vs.
Most modern townhouses , which are technically considered condos, have small footprints, multiple floors and shared exterior walls with neighboring homes within the community. Some townhouses might have small yards or patios, and can be much cheaper to buy than a single-family home. For homebuyers debating between a house or condo, a townhouse might be the best of both worlds. You get multiple levels, often more space like a single-family house with less exterior maintenance a major perk of condos.
Pet owners will also like the fact that their townhouse may have a small yard for their four-legged friends to enjoy. Townhouses usually come with HOA rules and dues. You might even look for a rent-to-own condo, where the monthly rent is slowly paying of a seller-financing loan. Christopher Williams has owned and operated his own small business since , and has a wide range of professional experience in retail, sales and insurance industries.
He's been writing professionally since Share It. References SuperPages: Apartment vs. Rent Lingo: Condo vs. When it comes to choosing your preference, Gary Malin puts it the following way:. Real Estate Investing. Home Ownership. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile.
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Table of Contents Expand. Co-ops vs. Condos: An Overview. The Buyer's Preference. Condos: An Overview Condos and co-ops share similarities but also have unique characteristics that offer a variety of options for residents. If you plan to live there for five or more years, compare how much you are paying to rent with how much you could be paying to own. The biggest outlay will be for the down payment. The amount required for this depends on the type of mortgage you get and potentially even where the home is located.
Most government-backed mortgages insured by the Federal Housing Administration FHA call for a low down payment of at least 3. These pay for the survey, appraisal, home inspection and title insurance, among other costs. You may be able to include closing costs in the loan amount, although this will obviously increase your mortgage payments. Start by figuring out your debt-to-income ratio.
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