Condo or Single-Family House?

Are you considering purchasing your first home but find it challenging to afford a single-family house? Exploring the option of buying a condominium might be a practical step towards homeownership.

Condos generally are cheaper compared to single-family homes, offering a more accessible entry point into the real estate market. While condos provide greater independence than renting, homeowners also benefit from shared responsibility for maintenance and repairs.

Additionally, owning a condo enables the accumulation of equity, facilitating future home purchases.

Pros and Cons of a Condo

It's essential to weigh the pros and cons before deciding between a condo and a house.

Pros of a Condo	Cons of a Condo
More choices, especially in densely populated areas and vacation destinations.	Rules and regulations set by the homeowners association (HOA) may limit your actions.
Typically, lower price compared to single-family homes, especially in costly areas.	Less privacy due to shared walls and common areas, as well as potential short-term rentals in adjoining units.
Reduced maintenance efforts, including exterior upkeep and coordination of mechanical system maintenance.	Monthly HOA fees increase overall costs and may cover amenities you don't use.
Access to upscale amenities like gyms and pools without the hassle of maintenance.	Resale challenges, such as difficulty in financing and longer selling times, particularly if the HOA is poorly managed or the complex has a high number of units for sale.
Potential for cheaper insurance costs compared to homeowners’ insurance.	Stricter mortgage requirements