September 23, 2022

Condos vs Single Detached

You’ve made the decision to buy a house! Congratulations! Now comes the tricky part- do you want a condo or single-detached?

A condo is typically less expensive than a detached house. Condos are typically smaller in square footage and require less maintenance because you are only responsible for the interior of your home. You don’t have to be concerned about the landscaping, roof, or exterior walls. Those are covered by the condo board or HOA. And because you’re only responsible for the interior, homeowner’s insurance will cost a lot less than it does for a single-family house.

For a variety of reasons, a detached, single-family home will typically be more expensive than a condo. First as previously stated, they are larger than condos. And when you own a home, you own it completely, inside, and out. Insurance is also more expensive for a house because you’re ensuring the entire structure as well as the land it sits on. You’ll also oversee things like landscaping and gutter and roof maintenance. Do you enjoy mowing your lawn? Great! If not, you may have to pay someone to do it, which you should factor into your monthly budget. Usually, cities and counties do not tax condos and houses differently. Property is property, and they value it accordingly. But if you own a house, you probably own a lot more property, so expect your property taxes to be higher. 

Here are some pros and cons to living in either:

Pros

  • Usually less expensive upfront
  • No required maintenance outdoors
  • Many condos include amenities such as a gym or indoor pool

Cons

  • Additional monthly fees
  • Neighbours on all sides
  • Less parking
  • Smaller space

Pros

  • Total freedom
  • Completely customizable
  • More space and land
  • No monthly fees
  • No shared walls with neighbours

Cons

  • Total freedom
  • Completely customizable
  • More space and land
  • No monthly fees
  • No shared walls with neighbours

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