Pros and Cons of a Condo vs. Stand-Alone Residence
Potential home and property owners are often spoilt for style and architecture choices.
Depending on their needs, some go for a traditional stand-alone residence, complete with its own lawns, pools, gardens, and so on. On the other hand, many people prefer the community vibe a condo offers.
These two options are some of the most popular in the real estate market, and many are often at a loss in deciding which pick is best for them.
This piece will examine the pros and cons of both to help you make a quick decision. Read on!
Condo is a short form of the term condominium, referring to privately-owned individual apartment units within a larger communal setting of other similar units.
The apartment units are often identical, and specific common spaces such as gyms, parking spaces, and pools are shared.
Pros of condos
Below are the pros of condominiums:
Condos are pretty easy to maintain, especially in the area of outdoor spaces. As several outdoor facilities and other installations are shared with other residents, you’re not alone when it comes to maintenance.
The homeowners association in charge of the condo handles this communally, leaving you more time for other activities.
Lower price tags
Per a National Association of Realtors report in 2021, condos average $289,00, compared to $334,500, the price of stand-alone residences.
With this significant price difference, about 15% less, condos are undoubtedly more cost-effective than stand-alone homes.
Opportunity to build equity
Owning a condo gives you an excellent opportunity to build equity toward a new home purchase. This might make all the difference if you have full home ownership set firmly in your sights further down the line
Cons of condos
Here are some demerits of condos:
Lack of privacy
This is probably the most significant disadvantage of condos. If you’re privacy-inclined, a condo is certainly not for you, given the presence of adjoining units, shared common areas, and walls.
It’s much harder to resell a condo than a stand-alone residence. If the homeowner’s association (HOA) isn’t effectively run, it appeals even less to potential buyers.
Stand-alone homes are single, comprehensive residential dwellings replete with all the facilities and installations. Nothing is shared, as the entire building is designed for the occupation of a single tenant.
Pros of stand-alone residences
Here are some of the advantages:
Freedom to customize
Unlike condos, you have full access to the entire property and have the freedom to tailor the setting to suit your specific tastes.
With a stand-alone residence, you don’t get to share facilities and living spaces with anyone except if you want to.
Any upgrades you make will undoubtedly reflect in its value, should you desire to resell in the future.
Cons of stand-alone residence
Below are some disadvantages:
Because of the additional space, utility bills are often on the high side compared to stand-alone residences.
A stand-alone residence is more expensive to purchase than a condo, so the latter could appeal more if you’re on a budget.
Whether you decide to buy a condo or stand-alone residence, I can help you land it! Get started now.