Which is a better purchase option, house or a condo?

Question

and what are their pros and cons? I'm currently living in an apartment.and planning to buy my own house or condo. I like condo more than a house, because condo is the nearest to the city here, but speaking of practically, i also think of a house. Im a little bit confused. Can u help me?

Answer 1

This is a common dilemma for first time buyers. The decision is really based upon your priorities. Generally, but not always:

1. houses appreciate in value faster than condos.
2. Condos are harder to sell when it comes time to move on
Condo pros:
1. NO YARD WORK or snow removal (if applicable)
2. Often include amenities (like a pool and tennis courts)
Condo Cons:
1. Not completely your property and being subject to a condo assoc rules, monthly fees and special assessments
2. Privacy issues can arise from living so close to your neighbors.
House Pro's:
1. Your property to do what you desire at your own discretion
2. Privacy
3. Pride in ownership
House Cons:
1. Sole responsibility to maintain, but it is your choice to do so or not.
2. Yard work, but you can likely pay someone else to do it for you
3. Higher home owners insurance

I am a Realtor and I ALWAYS suggest a house over a condo if my client can afford one in the area they desire to live.

Answer 2

Condo is like owning your own apartment. Unless it's a luxury condo will be noisy similar to an aprtment.
Condo appreciation is much less than a house.
You are charged for common area maintenance via a fee.

House provides more space generally and less noise from neighbors, generally. Exceptions to every rule.
Appreciation in equity is significantly greater that a condo, so it's a better investment. But you have to maintain a house fully including the landscaping which may include sprinklers, outside lighting, whatever.

You say you like a condo better than a house. A house long term wise is a better investment, but requires more time to keep it maintained. If you like condos, then in spite of the investment advantages, maybe you should go the condo route. Sounds like you would be happier there. Money isn't everything.

Answer 3

I believe that buyin a house would be the better cost efficiency. It would be easier to sell and have a greater appreciation than a condo. If you are a first time buyer and you have good credit, go to your local bank or let the real estate agent recommend a loan agent. You can also apply under HUD as a first time buyer. The condo has some not necessarily bad features; you end up having to pay an association fee as well as upkeep fees every month. These can amount to a few hundred dollars extra that you don't ever recoup.

Answer 4

Actually, the value of a house does not always exceed the value of a condo. It depends on your location.

Condos have association fees to cover the costs of maintenance and amenities. Houses do not, but you may end up paying just about the same amount of money for maintenance on a house anyway.

Condos have less privacy, houses tend to have more.

Condos tend to be located closer to shopping, buses, train lines, restaurants, etc. The lifestyle might be better for young singles and young couples who like to go out and walk around. Houses tend to be located in more residential neighborhoods and may require driving to get to the downtown areas.

Answer 5

Condo - less maintenance , but with High HOA fees .
House - more maintenance but no HOA .

Condo - noise & privacy about the same as an apartment .
House - often quieter with more privacy .

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Answer 6

House. Houses, in every market, overall, outperform condos in equity building.