condo vs house pros and cons

Any one do both? at a glance it appears condo may be less money but when you add up the common charges is it really less compared to a small home?

What does common charges include?

Re: condo vs house pros and cons

I don't think condos are any less expensive than a house and in many ways you pay a premium to have the condo style of living (less maintenance to deal with).

Re: condo vs house pros and cons

I lived in a townhouse on LI for many years before I got married. I was a single mom and having very little home maintanence was ideal for me. My snow was shoveled, lawns and gardens perfectly manicured and sprinklers included, gutters cleaned, powerwashing done, etc.

we bought a single family house on 1/4 acre after we got married. While my property is small there's always something to do. We have a circular driveway which is pretty large and it seems I'm clearing snow everyday this winter, the deck needs to be stained again this spring, my house needs powerwashing again, I was breaking ice out of our gutters this morning so we don't get ice damming. However I love our yard, it's extremely private and quiet and really becomes an extension of our house in the summer. I'm a big animal lover and i have chickens and rabbits that i could never have at my townhouse. I love that we can make improvements inside and out without needing to follow the rules I had in my townhouse. There are some benefits to the sense of community in a homeowners association, our house is pretty unique in that we have a homeowners/ beach association that doesn't provide any upkeep for the homes, just our beach areas but we have a lot of community events.

We also own a condo in Manhattan that we use part time, because it's in a building there is nothing to worry about when we leave. We just lock the door and go.
With our house if we go on a long trip we have the mail, the newspapers, the lawn, ect to worry about, not to mention security risks. Some condo communities are on LI which does add a slight layer of security.

As for the fees and what's included, it's really specific to each community and what their by laws say.
It's really a personal decision on what lifestyle you're looking for.

Re: condo vs house pros and cons

For us, the house was the better way to go.

We started looking at co-ops and condos in central Nassau. There weren't many. Somewhere along the line, we reevaluated. Though the monthly payment worked out to be a little more, we bought a house. Privacy, parking, and the number of options available in our price range were all better with a house. If we wanted to stay long term and build onto the existing house, we could have done that. I like having a private yard for my kids. When we wanted to sell a few years later, we felt that selling a house was easier than a co-op/condo.

Re: condo vs house pros and cons

I think the cost factor depends in part on what type of condo you are talking about. A one-bedroom, apartment style condo will be less expensive and have lower taxes than a single family home, but a 2 or 3 bedroom town home style condo will likely cost as much, and in some cases more, than a starter home in the area.

Common charges can be low if there are virtually no amenities. The more the condo does and offers, the more the common charges will be.

The trade offs with a condo are usually less privacy overall, and lack of private yard space, but also less maintenance and sometimes more amenities (club house, gym, pool, playground, security).

I do think that there is less potential for appreciation with a condo than a single family house, and they can be harder to resell (especially if there are restrictions on pets and it's a big development with a lot of inventory available).

Re: condo vs house pros and cons

I have done both.

I miss my condo everyday.

My first home was a townhouse (pics in album lol) that's how much I miss it.

Here's the good and the not so good about it...

Good: NO maintenance, no shoveling, no landscaping (you can add whatever you'd like) but the annoying stuff like mowing, fertilizing, weeding, etc. is DONE. So, it's fun to just add flowers that I love when you don't have to worry about everything else. The clubhouse is another plus - gym, place for large parties, the pool where I was was amazing. It was salt water, heaven on earth. There were also two tennis courts I used a lot. I had a little yard in the front and back so I didn't feel like I didn't have land but some people will say they want more. I don't! LOL! Gated community - it was nice because you never get solicitors coming door to door.

Bad: The taxes, in my particular community, were a lot. You can find ones that have cheaper taxes, I'm sure. This particular community, you owned the land that your condo sat on so it was a higher amount in taxes. Most are not like that so I'm sure you won't run into that issue. The common charges - again, this varies based on the community but mine were $400 a month. That's a lot - definitely on the higher end. I have friends and family that live in places with $250 common charges. It covers a lot, don't get me wrong, but there are communities with cheaper ones and if I had to do it over I think I would prioritize finding one with cheaper ones. If you want land, privacy and to be desolate then it's not for you - you have neighbors on each side and such. For me, I loved it - I became SO friendly with my neighbors. I would see people all the time and we would wave and chat. It was wonderful. I miss it all the time. But some people are not into that or aren't social so then they may not like having neighbors all around.

I moved from that to a house about over two years ago - it is a ranch and I love it because of the location and it's pretty updated so I have less to do because of that. The taxes are cheap because the home is older and small... it's just a two bedroom ranch, bungalow. No common charges obviously so that's a plus... But, yesterday I was shoveling seven inches of snow by myself... saying the whole time, I miss my condo!! For a lot of people, they want the house for the garage, the space, the basement, storage, etc. But for me, I had ALL of that with my particular condo... not every community does but mine did. So, I felt like I actually gave up more leaving the condo for the house but I had to -- the situation I was in at the time, when I was still married, made it so I had to. But I miss it!

For me, now that I'm a single mom I'm considering selling the house and going into a cheaper condo or a co-op... it's just because of the upkeep. My son will still have room to run around because I'll just take him to the park -- For me, I don't feel I "need" a yard. Where I live there are parks EVERYWHERE.. and they are much nicer than my yard.

So, I think it boils down to your situation and what you want/need.

Re: condo vs house pros and cons

I think it is personal choice and you should look at both. I also think it depends on how much you like to entertain.

My BFF and his wife bought a condo in Suffolk. It is 2200 sq.ft, attached on both sides and pays $10K a year in taxes. On top of that HOA fees which does include garbage pick up and snow removal of his driveway and sideway. He does have a garage too. they paid $400K for it. I felt like they overpaid and should have kept looking. They have child now and they both feel like it is getting cramped and they really don't have company over. The backyard is someway private though.

DH and I like to entertain, we could have never have a small common yard like that.