Condo or Home: Which One is Cheaper?
August 21, 2018 |
Are you debating whether to buy a condo or home? Is your decision based off costs or other factors? We will walk you through the cost differences in homes and condos as well the pros and cons that go with the cost of each to help you make the best-informed
If you are comparing square foot to square foot of the same quality build, a condo will often be cheaper than a home. This is because when you own a condo you likely do not own the land surrounding it. The lower price also includes less maintenance, which
to many is a factor that leads them towards choosing a condo. Condos are part of Home Owners Association (HOA), so most maintenance issues are resolved by HOA, but this means on top of your mortgage you will also be paying HOA fees. The fees on top of
the mortgage will often be less than owning a comparable home, but again you are paying for the lack of privacy.
As we mentioned above, a home will likely cost more than that of a comparable sized condo. But, with the larger purchase you will be getting a yard that you can call your own. You yard is your own private space that you can do what you want with – add
a deck, landscape, build a shed and so on. Because of your yard surrounding your home, you will have more privacy than you would living in a condo. The larger payments towards your house can be attributed to the privacy you are paying for and no HOA dues.