Finding your next home, whether it be for a small amount of time or for the foreseeable future, requires a lot of decision making. The last thing anyone wants is to make a major purchase that the regret almost immediately after close, which is why exploring all options is so crucial. When it comes to finding a new home, there are a variety of different types of options to consider. However, the two most commonly looked at by potential buyers include houses and condos.
These two housing types differ drastically in what they offer, making them ideal for certain types of people and not for others. Learn everything you need to know about homes and how to choose the one that’s right for you.Â
Houses vs. Condos: The Key Differences
For those confused about what exactly a condo is, it is essentially a housing complex where there are separate units that share walls. Each unit is owned by a specific person who owns the entire interior of the unit, but they do not own other units in the complex. Additionally, the ownership of each person’s unit makes up the entire complex, with each person technically owning a small portion of the overall residency.
The Price of a Home vs. The Price of a Condo
With the end of the 2022 being calculated, the median home price in the United States was sitting at just under $450,000. This changed in just two years from 2020 when the price was $329,000. Meanwhile, the average price of a condo in 2022 was just $370,000 in the United States, going to show how much lower it actually is. This price is variable depending on the state a person lives in along with the amenities and location. Moreover, when considering these costs, it’s important to account for the potential difference in insurance premiums, as homeowners insurance for a single-family home can be more expensive than condo insurance, which may be a significant factor when planning for a new insurance policy.
The Space of a Home vs. The Space of a Condo
The median home size across the United States sits at just over 2,000 square foot, but this can vary drastically depending on the state a person is in. On the other side of things, a condo tends to only have an average size of just around 1,000 square feet, and typically doesn’t have more than one to two bedrooms, whereas the average home has two to three bedrooms.
The Amenities of a Home vs. The Amenities of a Condo
When a person makes the potential decision to purchase a home, the amenities they receive tend to be greater in number. The space in a house doesn’t stop once a person opens their door, as houses also come with front and backyards, regardless of how big or small they may be. Kitchens typically come with all amenities installed as well, though a fridge almost always has to be purchased. The tradeoff for this when purchasing a condo is that the entire condo will have amenities included, but there will not be an outdoor area.
5 Main Benefits of Purchasing a Condo
For those considering aruba condos Daytona beach or condos that are more inland, it’s worth looking at the primary benefits that come from purchasing a condo instead of a home:
- More flexibility in where you live
Given that condos are cheaper than homes, they tend to be the type of home that a person purchases if they are not sure they will remain in a certain area for the long-term. While people tend to stay in condos for multiple years, they tend to move out when they are looking to start a family. Therefore, choosing to purchase a condo provides greater long-term flexibility in terms of living options.
- Maintenance costs are covered
A major benefit that comes with many condos is that the maintenance costs are often covered by body corporate services, which manage the entire complex and ensure a hassle-free living environment for residents. All a condo owner needs to do is contact their maintenance center and someone will be sent to resolve the issue. On the other hand, a person who owns a home is responsible for handling all maintenance on their own, including any costs incurred from the job.
- There is a greater sense of community
For those just moving to a new town, choosing to live in a condo can be a great way to meet friends or other people around your age. Condos are similar to apartments in that they foster a sense of community among those in the complex, which is one of the primary benefits. Those who have a social side should certainly consider purchasing a condo. With that said, homeowners can also find a sense of community with others in their neighborhood, but this effect tends to be more prominent when groups of people are living together.
- Proximity to entertainment centers
Given that condos are residential centers with multiple people, they are often centrally located in town in walkable areas. Therefore, it can be worth choosing to live in a condo if it is extremely close to nightlife, restaurants, schools, or anything else in the area. While neighborhoods with homes will often be close as well, condos tend to be just slightly closer.
- Cheaper insurance and overall cost
Finally, the largest benefit of owning a condo is the fact that it will cost a person less money in the long run, meaning they don’t have to worry as much about their budget. From a cheaper insurance, due to less space being protected, and an overall lower cost, purchasing a condo can be an extremely financially smart decision while saving up in the long-run for a house.
Find your new home today
While a house may be the right choice for one person and a condo the right choice for another, neither is truly a bad option. So long as the decision makes sense based on your budget and specific interests, then either option can be the best for you. Rather than choosing to make a quick decision, take the time to evaluate all the options on the table before finalizing on your choice.
