Pros Of Living In A Condo Vs. A House
When does buying a condo rather than a house make sense? Let’s review some of the perks of investing in a condo versus a house.
Amenities
When living in a condo, you might gain access to several amenities available for use without having to worry about helping to maintain them. Common areas – like parks, pools, parking garages and even restaurants or pet services – may be available to you when living in a condo community.
While some single-family homes can share community amenities, this generally isn’t common.
Community Living
You tend to live near your neighbors in a condo, and in many cases, this can foster a sense of community. If you’re someone who wants to make new friends and live among potentially like-minded individuals, a condo might be a great choice. Not all condo neighborhoods will have a tight-knit community, though, so be sure to research any neighborhood before moving in.
Traditional homes may not offer this same type of community, since you can create privacy between you and your neighbors and avoid shared spaces.
Less Maintenance
While condo owners have to pay for maintenance through HOA fees, they typically avoid doing a lot of work and upkeep that other homeowners might get stuck doing themselves.
When you own a home and the land around it, you’ll have to maintain the lawn, schedule services for your A/C units and furnaces, deal with flooded basem*nts or other property damage, clean gutters and much more. In a condo, you’ve got a maintenance team that will usually take care of these things for you.
Cheaper Insurance Likely
Condos are often cheaper to insure than single-family homes. This is because homeowners who own their house and the land it sits on must insure both the interior and the outside of their home, whereas condo owners only need to protect the inside of their home.
Rather than paying for homeowners insurance, usually, you’ll only need to pay condo or renters insurance when living in a condominium. The condo association likely has a master policy that already covers your home's exterior.
