During your home search, you might be wondering whether to steer your search toward detached single family houses or condos. The experience each type of property offers is quite different from the other. So, it is very important to think this decision through thoroughly before you make an offer on either.
Pros and Cons of a House
Pros:
- You own the entire building and the land it is on. You can modify anything you want, whether the interior, exterior, or landscaping, so long as you abide by your HOA’s rules and local building codes and zoning laws.
- You don’t have condo fees (though there may still be HOA fees).
- If you value privacy and autonomy, you can’t beat owning your own detached house. Your neighbors are usually on the other side of a fence, and don’t share your outdoor spaces or walls.
- A detached house can be larger than a condo. It may be more suitable for larger families or multigenerational living in some cases.
Cons:
- You have to pay for exterior maintenance of a detached house and either do the work yourself or hire it out.
- A house usually costs more to buy than a condo, assuming it is in the same geographical area.
Pros and Cons of a Condo
Pros:
- Some people enjoy the sense of community that may come with living in a condo.
- Condos may include access to amenities that most houses do not, such as a gym, pool, tennis courts, basketball courts, etc. Your fees help pay for the maintenance of these features, but you do not personally have to maintain them.
- You also are not responsible for the upkeep of the exterior of the condo or its outdoor spaces.
- A condo generally is less expensive than a detached house in the same geographical area.
Cons:
- You have shared walls in a condo, and there may be less privacy. You won’t have a yard to yourself either. Noise levels may be higher, and neighbors could be nosier. In general, life in a condo environment may look and feel more “crowded,” even though your own living space is private.
- You will have to pay condo fees, and follow the condo association’s rules. This is a lot like dealing with an HOA. But it is common for condo fees to be higher since everyone has to chip in to maintain the public areas and amenities. The rules might also be more strict in some cases since there is less separation between residents than in a neighborhood with detached homes.
- There are limits to how spacious a condo can be compared to a detached home.
- You can’t make much use of the outdoor spaces if you value your privacy. You don’t have a private yard and garden, and you cannot modify the landscaping or add structures. You cannot add a tiny house to rent out to a tenant, etc.
- There may be greater risks living in a condo, i.e. a fire in one unit could spread to others.
Think About Buying a House If …
- You want to have full ownership and control of the exterior of your home as well as the outdoor spaces.
- You want to maximize your autonomy and seclusion, staying uninvolved with your neighbors.
- You are willing to take care of the full cost and maintenance of the upkeep of your exterior and outdoor spaces.
- You want a really spacious house.
- You hope to earn income by renting out an ADU or such.
A detached house is ideal for people who primarily value ownership, privacy, flexibility, and control, but are willing to take on more responsibilities with finance, logistics, and labor.
Think About Buying a Condo If …
- You cannot afford a detached single family house in the area where you are shopping, but there is a condo within your price range that fits your needs.
- You do not really want to take care of a lawn and garden, and don’t care about spending a lot of time outdoors in that context.
- You want to share exterior maintenance costs with other residents, and don’t want to have to manage the maintenance yourself.
- The value and amenities of a condo lifestyle appeals to you.
A condo is suitable for homebuyers who are looking for cost savings, simplicity, and ease, and prefer community over solitude.
Buy a Home in Indianapolis or Beyond
Grandview Lending is based in Indianapolis, and can help you buy a home anywhere in Indiana. To get started with the mortgage application process, or to ask us your questions, please call us at (317) 255-0062 to schedule your consultation.
