Why get a condominium when you can just buy a house?

Question

Don't you have to put a down payment like a house and buy it?

Answer 1

Condos are mintenance free exteriors. The association cuts and fertilizes the lawn, repairs the roof, shovels the snow, repairs the driveway, all the exterior stuff. If you are too busy to think about all that stuff, its better to have a condo. And yes you still have to put the same amount (percentage wise) down payment on either

Answer 2

We live in a condo and like the idea of no snow shoveling, no grass cutting, etc. There is a maintenance fee which covers, heat, hydro, and a very good cable system. It also covers a lot of work that needs to be done. And if it doesn't, you are assessed. We had to pay $5,000 as our part of repairing the garage. Now, if you live in a house, you foot the entire bill. If you are thinking of getting a condo, do a lot of checking, find out how good the Property managers are {we have the best}, and anything else you can think of. We have our own appliances--washer, dryer, stove, fridge and large upright freezer. There is a locker downstairs. I don't know what other places supply. Remember one thing, the more luxuries the higher your condo fee. We have a party room/meeting room/birthday party room--you get the idea. If we had an exercise room we would pay more and some places also have pools. You need to take all of that into consideration.
Yes, we did put a down payment on it, and paid it off every month. that was 1984 and the condos have appreciated. You
also have to pay taxes on the condo at whatever the powers that be assess it.

Answer 3

A condo is basically and apartment that you own; it's normally in a building complex just like an apartment building. There is an association fee that you pay monthly; which is nice because it will cover your hazard insurance (fire), and all exterior care. They make sure that anything on the exterior is kept clean and maintained. A town home also has an association fee and are in my opinion better then a condo; since they're normally bigger and only share one wall with your neighbors. They're normally two stories and again are maintained from the exterior.

The only negative thing about living in a condo/town home is that you have to have permission from the association to do anything; you couldn't paint it for example a different color; everything has to be standard. You can't make too much noise because your neighbors will complain to your association and they can fine you. For the most part it is always better to buy a home; the privacy and freedom are worth having to deal with making sure your landscaping and maintenance is kept up.

The down payment is the same; there is no difference. One thing to keep in mind is that if your association has too many units being rented or in default, some lenders will not lend on it. Some lenders will also not lend to an association that has current litigation pending.

Good luck.

Answer 4

It is usually better to buy a single family home than a condo in which to live. Financially the loan requirements are similar.

You have no control over increases in monthly condo fees, you have to obey all the rules of the association and some people have nothing better to do than make sure everyone is obeying the rules! Someone else decides when to paint the exterior, make repairs on the driveway, negotiate for roof repairs etc. etc.

But, you don't have to clean the pool, mow the lawn, make outside repairs because the association takes care of that.

Answer 5

A lot of people can't afford a house and the only option for property ownership for them is a condo.

Also, lots of people prefer the idea of living in a condo where they don't have to worry about any maintenance outside of their condo walls. If the roof needs repairing or the outside needs painting, either that is covered by the association fees or it is distributed among the owners of the building. Landscaping is done by the association. And, a lot of people do like the rules & regulations that condo associations impose on the owners.

Personally, I think condo living is like apartment living. People are all crammed together, it's noisy, parking can be problematic, etc. A house might be a lot more work. But, it's worth it to me to have a piece of dirt that I can call my own.

Answer 6

Yeah, but with a condo you don't have to deal with taking care of outdoor stuff like a yard, winter plowing/shoveling, and often exterior painting and other maintenance. Besides, it may come with shared benefits like a pool, rec room, tennis courts, etc. When you're climbing the real estate ladder, a condo is a good transition from an apartment to a conventional house. In your later years it's a good transition from a house to the grave. Condos are also generally smaller and cheaper with lower taxes. On the downside, they don't appreciate like a regular house and you'll have to pay a condo association fee for amenities and common area maintenance.

Answer 7

Yes buying a condominium is just like buying a house. People buy than because they are less expensive (usually), & they do not have time or knowledge to maintain a house & yard. Location is also a BIG factor. Many dondonimiums are located in downtown areas less commute time to work & play.

Answer 8

Some people prefer the low maintenance as opposed to owning a single family home. Yes you have to do all the same things for financing as you would on a single family.

Answer 9

Condo-- You do not have to worry about mowing the lawn, or shoveling the sidewalk.

House-- all outside maintenance is your responsibility

Answer 10

Simplicity and more practical for some people, spc the professional...