What's your style: Condo or House?

When you think about the differences between a condo and a single-family home, you may think that one is contained in a building and one is its own building.  Pretty straight forward.

However, if you're shopping for a new home, you might want to weigh on ALL the differences between the two so you know what's right for you.

What IS a condo?

First, the definition of condo is up for debate.  The term “condominium” refers to a type of ownership.  The actual, physical condo can be either a townhouse or an apartment-style condo.  These are the styles of condominium.

What’s best for you comes down to your lifestyle, your budget and examining the differences between what you want and what you really need. For example, if you have a family with one or more children, do you want a yard for them to play in or do you need a yard?  Do you enjoy your privacy and would you rather have full control over all decisions affecting the care and maintenance of your home, such as whether you should replace your shingles or not.  Or, are you a busy person or older adult who wants a simple lifestyle with no regard as to whether there’s ice on your sidewalk.  Questions like that, along with honest answers, can help in your decision.

While condos are not exclusively for single people or couples, many more family condos are being built.  Family life doesn’t have to be synonymous with a single-family detached home with a backyard.  And living in a condo doesn’t mean you have to give up planting flowers in the spring.

Not ready to buy a house?

First time home buyers can look at a 1,500 square-foot home with a garage on a 40 foot lot and panic.  It can be intimidating to have to look after all that property.  A good first step into home ownership can be a condo, either in a building or townhouse with your own private front door.  One can always upgrade to a house when one’s lifestyle changes.

Once upon a time, the real estate market was driven by the single-family home market.  Townhouses and apartments were something you rented.  In the last 40 years, condominiums have provided unique, unprecedented options for home buyers.  Older apartment buildings are being converted into condos and new developments are being constructed in every area and in every town.   Apartment-style condominiums will always have a place for home owners that don’t need a lot of space.  Buildings typically offer parking, sometimes underground which some people love for the security and comfort during inclement weather.  Townhouse-style condominiums are for those who want or need more space and a layer of privacy.  They have a bit of a garden or terrace and often have a front door.  Some have private front-drive garages with two and three floors of living space on top of that.  

Where your condo fees go

The operation of condominium properties are governed by a condo board comprised of volunteer residents of the property.  Participation on these boards is voluntary but a good idea if homeowners want a say in how condo fees are spent and allocated.  They also set rules regarding pets, parking, noise and other important issues such as who you can rent your individual property out to.  Most condo boards have restrictions on owners renting out their units as a vacation property.  Investors need to familiarize themselves with this aspect of condo ownership.

Like life, home ownership and condo ownership are a mix of give and take.  Only you can decide what works best for your lifestyle.