Buying a Condo: 4 Reasons It's Better Than a House
Homebuyers are faced with lots of options! Many people might feel stuck when choosing between condos, townhomes, and single-family homes. Detached homes are often the go-to, which causes buyers to overlook many of the amazing condos for sale in their area. Condominiums offer many unique advantages in the great house vs condo debate. They're often highly affordable, despite being located in desirable areas ranging from downtown skyscrapers to mid-rise buildings in the best suburbs. On top of that, they're low maintenance, energy efficient, and full of amenities. Still on the fence? Here's why you should buy a condo instead of a single-family home.
Lower Entry Price Point
Every home buyer has a budget. Despite their size, condos pack a punch when it comes to value. These homes are almost always listed for less compared to similar single-family houses in the same location. For example, a three-bed, two-bath condo is typically priced lower than a three-bed, two-bath single-family home. This difference means that condo buyers can often get the size they need at a lower price than single-family houses. Inflation is another factor to consider in terms of home prices. In times of high inflation and a hot real estate market, single-family home prices usually increase rapidly. While condos aren't immune to rising prices, they offer an affordable alternative. People who are deterred by the prices of single-family homes can still own property and build equity by investing in a condo. When they're ready to upgrade, they can hold onto the condo as a rental property or sell the property for a profit.
One of the most significant advantages of buying a condo is that owners typically aren't responsible for maintaining exterior areas or common areas. Instead, the condo owners' association (COA) takes care of outdoor areas, common areas, and exteriors. This means condo owners can enjoy the best landscaping without mowing lawns, removing weeds, trimming trees and bushes, and handling similar outdoor maintenance tasks. This can lead to more free time for condo owners, and less stress about ensuring their property stays in good condition. Single-family homeowners need to either handle outdoor maintenance and upkeep or hire landscapers. They're also responsible for having their roof and other exterior areas repaired or replaced. Remember that condo owners aren't entirely off the hook regarding landscaping and other exterior costs. They have to pay COA fees regularly, which helps cover these expenses. Depending on how much maintenance is needed and other factors, such as location, COA fees can vary widely. Those considering a condo should consider COA fees when calculating their budget.
All the Amenities
Condo communities typically offer fantastic amenities! The types of amenities can vary greatly, depending on the type of community. For example, some condo communities offer several luxurious amenities, such as on-site spas, business centers, and gyms with state-of-the-art equipment. Other condo communities offer simple amenities, such as a swimming pool and grilling areas. Even in condo communities with fewer amenities, these tend to be above and beyond the amenities that come with single-family houses. Some houses might have an amenity, such as a built-in pool, but owners are solely responsible for the costs and upkeep. Single-family homeowners usually have to add amenities they want to their homes or make use of local amenities. Condo buyers share ownership of all communal spaces, meaning they get a greater variety at a lower cost. Remember that single-family homeowners are often responsible for maintaining amenities that the home comes with, such as cleaning a pool. COAs are responsible for keeping amenities in good condition in condo communities. Condo owners can enjoy these amenities without the added worry of spending time and money maintaining them.
Community & Security
Living in a condo comes with a built-in community. Since these buildings have multiple units, neighbors live closer to each other than many single-family home communities. Some single-family homes have wide spaces between properties, so neighbors don't see each other as often. Condo communities have common areas where neighbors can run into each other frequently while coming and going. The presence of community amenities in condo communities also encourages a tight-knit environment. Neighbors can enjoy getting to know each other while sitting by the pool or using the gym. Condo communities tend to have built-in home security systems. For example, condo owners might need a security code to enter their buildings. This helps lower the risk of intruders and other security risks. Since condos have multiple people living in one building, the community typically watches out for each other. This sense of community and security can give condo owners peace of mind. Single-family homeowners are responsible for installing security systems on their own. Depending on how far apart houses are, they might not have the advantage of having neighbors nearby to keep an eye on their property.
Condo Vs House: Which One Would You Choose
Buying a condo comes with a few essential advantages to consider. Home buyers leaning toward getting a more affordable home with access to on-site amenities should keep these benefits in mind. Having a built-in community and more time to enjoy amenities thanks to minimal upkeep can make condos a wise purchase. Ultimately, the choice to purchase a condo or a single-family house is up to the individual home buyer based on their budget, desired amenities and features, housing needs, location, and other factors.