pros/cons: house v. condo

so far this is what i have...

house -
have control over land/space

condo -
easier to maintain


what else? thanks!

Re: pros/cons: house v. condo

I think a house is always going to be better for resale value, and will be quicker and easier to sell. Co-ops and condos were hit harder by the downturn of the housing market and have not retained their value as well. You can build a lot more equity with a single family home.

Also, you have a narrower market to sell to with a condo - usually limited to first time buyers or downsizers. And certain areas have been flooded with new construction condos (e.g., Central Islip), which makes resale harder. Some condos have restrictions (e.g., no pets) that makes resale harder.

In a house, you do have more privacy, in general, because you have more space from neighbors (no shared walls, or no one above or below you). And you have a private yard v. common space.

A house is generally going to be larger than a condo, although not always.

On the maintenance front - yes, in a condo you don't need to worry about things like maintenance and snow removal and exterior maintenance. But you are responsible for everything in the interior of your unit, which often includes not just appliances, but major systems such as heating, hot water heater, and central air. So how "maintenance free" your lifestyle is would vary based on the particular condo.

Taxes on a condo are often comparable to taxes on a small to medium-sized home in the same area. So that, combined with common charges and a mortgage may not make a condo that much more of an affordable option.

On the pro side, with a condo you may have amenities and benefits that you wouldn't have in a home, such as a pool, clubhouse, gym, 24 hour security, etc. Of course, the more amenities you have, the higher you common charges.

If you are considering a co-op as well as a condo, there are differences that bring other pros/cons into play.

Re: pros/cons: house v. condo

thanks christine! i guess we'll just need to crunch some numbers and figure out what works best. :-/

Re: pros/cons: house v. condo

We're in process of selling our co-op now to get a house. Although we've loved the maintenance free aspect of it, there's things that we really want in a house we can't get into a co-op:

> Land/more independence
> Not having to worry about financials of management company or their rules
> Not having to deal w/ certain neighbors - it's easier when they're not literally next to you and attached to your apartment

Re: pros/cons: house v. condo

We bought a condo in 2007 at the height of the market and just bought another house. We have to rent out the condo bc we would have lost 40k....if you are able to do a house or wait a bit to buy a house...I would completely buy a house over a condo!!!!! Good luck!!

Re: pros/cons: house v. condo

Hey you!!

When Jon and I were house hunting (we're taking a break for now) we didn't even really consider condos until we had struck out with houses so much. For us, our reasons for really only wanting a house are:

No shared walls for noise/privacy etc.
Easier in/out access (no elevators or stairs or halls, just direct access)
Yard space for entertaining/dog
More space
And for some reason, probably because we were both raised in houses, a house with more than one level or more than one 'area' just feels more like a home and less like a transitional space, if that makes sense?

Good luck!

Re: pros/cons: house v. condo

I would go with a house hands down. Yes you have to maintain it yourself but atleast if something needs fixing you have the choice of how and when.
Condos are much harder to sell. Plus you have to pay maintence fees and sometimes the $$ isnt going toward where it needs to and you dont much of a say. Also, you never know about your neighbors...in our old condo comuuminty you could rent your unit out, and the person below us had some people in there who were horrible! I will never buy a condo or townhouse again

Message edited 8/11/2012 6:52:25 PM.

pros/cons: house v. condo

In a Condo, people who smoke will do so and the disgusting smell will waft over to your unit and actually interfere with your enjoyment of your meal of your enjoyment of anything else. In a house with even a minimum of property, there is enough distance so that you don't have to breathe in carcinogenic substances.

Re: pros/cons: house v. condo

I think there are pros and cons to both.

With a condo, maybe I am being stereotypical, however, I see this as being more for either someone who is single or a couple who doesn't want children, or an older retiree/retired couple.

I also see condos for people who prefer more of an "urban" kind of lifestyle if that makes sense.

DH and I were in Long Beach last night (and used to live there in a bldg primarily condo) and this is the vibe that I get there.

We have a tiny home, however, there is room for multiple kids if necessary, we have a huge yard, which we LOVE and can upgrade as necessary.

I also feel that we will have a better chance of being able to sell dtr if we have to.

It seems like on here even, people who have a hard time selling are the posters who own condos.

In the end though, there is no perfect choice. I think everyone once they buy, finds things they don't like about it.

I also think you can have bad neighbors anywhere.

Re: pros/cons: house v. condo

we've owned both

From 2008-2011 we owned a brand new, beautiful condo in Massapequa. It was awesome. Everything was state of the art, didn't have to worry about outside maintenance, we had a pool, playground, "walking trails" etc. We never had to shovel or mow, rake etc. We loved it but there were some down sides. Condos can be "political". For instance, our neighbors hung a sign from their balcony welcoming their twin girls home when they were born. They got a warning letter because of that. There are rules about outside "common" areas regarding what you can plant, outdoor decorations etc. Can be annoying with parking when people have parties if there is not assigned parking. Also, usually pay an HOA and maintenance fee.

From 2011 - present we own a home. The freedom of home ownership trumps every pro listed above. We can do what we want, when we want without worrying about a board. We have our own private yard and can make chnages to the exterior without worry. Sucks to pay taxes but there is no HOA. We do have to shovel and maintain the lawn but its not too bad.