Savvy real estate shoppers investigate all options before choosing a place to live. While most people tend to think of houses when they consider buying real estate, condominiums can offer a compelling alternative to single-family homes at very competitive prices. So when it comes to purchasing, which property is right for you?
Learning the differences between houses and condos can give you the insight needed to make an informed choice when looking to buy your home in Southeast Michigan.
The Pros and Cons of Owning a Single-Family Home
Single-family housing is popular among people looking to purchase a home. These dwellings come with a plot of land as well as the structure(s) on it. This specific home type affords excellent privacy, as the house stands alone without any shared walls with other buildings. Customization of a single-family home is as easy as deciding you’d like to make a change and executing it, as long as there’s no homeowner’s association (HOA) where the property sits to check with first. Selling a house may be easier than selling a condo.
This privacy and freedom comes at a premium. Not only are home prices higher than those of condos, but maintenance costs can also be far more. Homeowners are responsible for the entire upkeep of their structure(s) and property, and costs to insure single-family home properties in Metro-Detroit are often more than condominiums.
Pros:
- Single-family homes offer greater privacy.
- Houses offer more customization options with an easier path to modifications.
- Houses tend to sell more easily than condos.
- Single-family homes generally offer a better return on investment.
Cons:
- All maintenance on a home is the homeowner’s responsibility.
- Houses often cost more to buy and maintain than condominiums.
- Houses may not offer a built-in community the same way a condo does.
The Pros and Cons of Owning a Condominium
Condos are wonderful options for people just entering the real estate market. Condo units trend toward greater affordability than houses. They offer new homebuyers the opportunity to climb onto the property ladder and begin building equity. For people looking to downsize, both in the size of their home and their home maintenance responsibilities, condos provide an ideal balance between ownership and chores.
Where buying a home includes buying the land it sits on, the purchase of a condominium means you buy the unit you live in only. Because outdoor spaces are communal and upkeep is the responsibility of the condo association, both upkeep costs and insurance costs are often lower. Additionally, condos present more social opportunities, as communities often offer great amenities like gyms, business centers, pools, playgrounds, and meeting venues.
The trade-off for these benefits can be privacy. Condominiums typically have common walls with other units, which can mean more noise from neighbors. Amenities are shared, thus there are rules and policies to follow, and fees to pay for the upkeep of your shared spaces. It can be a bit more difficult to sell a condo than a house.
Pros:
- Lower prices when compared to houses.
- Lower insurance premiums and less cost for upkeep.
- Less responsibility for maintenance and fewer outdoor chores.
- Available amenities, such as gyms, playgrounds, business centers, and more.
Cons:
- Shared walls and closer-set units mean condos have less privacy than houses.
- More rules and less freedom for renovating.
- Condo associations require residents to pay fees and special assessments.
Conclusion
The differences between buying a house or condo are few, but noteworthy. Whichever property type is the right housing for you, contact Kime Realty where prompt proficient service is guaranteed to explore southeast Michigan real estate and learn more!
