Condo or Single Family

The difference between buying a condo for sale and a single family home for sale

The main difference between buying a condo for sale or a single family home for sale is the type of ownership.

What is a condo?   A condominium is a type of ownership although commonly mistaken as the style of a building.  With condominium ownership, you own title to the interior space of your unit, combined with joint ownership of commonly used property or "common elements" (such as sidewalks, hallways, stairs, etc.).  The land below the property, the air space above the property, the front, the side, the backyard, the exterior of the unit, any stairs outside of the unit (i.e., common elements), are all owned collectively by all the unit owners within the complex.

What is a single family home?  A single family home is a detached structure which may have several levels, typically with a front and back yard.  The most common type of ownership for single family homes is fee simple. Homeowners in a single family home with fee simple ownership own the home as well as the land that the property sits on and is subject only to government limitations (eminent domain, escheat, police power and taxation.  Fee simple ownership provides the greatest amount of personal control.

Another difference between buying a condo for sale and a single family home for sale is the lifestyle.  Different buyers have different lifestyles and buying a condo for sale or a buying a single family home for sale offer different lifestyles. 

The questions below outline the lifestyle difference between buying a condo for sale and a single family home for sale. Use it as a guide to determine your lifestyle and if buying a condo for sale or buying a single family home for sale better suits you.    

• Location - Where do you want to be? Are there options for both condos and single-family houses in this area?
• Privacy - Is it important to you to have complete privacy or do you find close neighbors to be a comfort?
• Responsibility - Do you need total control over decisions affecting your home or are you attracted to the idea of sharing decision-making with your neighbors?
• Maintenance - Are you a homebody who enjoys getting dirty in the yard or are you delighted with the idea of never having to cut a blade of grass again?
• Budget - How much do you have to spend? Depending on where you want to live, a condo may be the only option that meets your budget.

I hope this shed some light on the difference between buying a condo for sale and buying a single family home for sale.  Only you can decide which type of ownership and lifestyle is right for you.  Remember that if you choose to buy a condo for sale or a single family home for sale, should your lifestyle change in the future, you can always sell your condo or single family home. 

Just as the value of any one single family home for sale is dependent on property values in the neighborhood, the value of any one condo for sale in a condominium complex depends on the condition and desirability of the entire complex.  The best way to get information about a condominium complex is the same as in a single-family house neighborhood, contact Your Essex County Real Estate Agent Gina Chirico.

What are the Advantages and Disadvantages of buying a condo for sale or single family home for sale?

There are advantages and disadvantages of buying a condo for sale, as well as advantages and disadvantages of buying a single family home for sale. 

Advantages of buying a condo for sale may include:

Maintenance: Do you lead a busy life?  Condos typically offer you a comfortable home free of yard-work and home-maintenance responsibilities. If you're not a hands-on, do-it-yourselfer, having a maintenance crew take care of the upkeep is a definite plus.

Security:  Having neighbors around make it a lot easier to lock up and leave for vacation or an extended period of time.  Many condominium complexes have a master exterior door and any guests coming will have to be buzzed in.  Some complexes also offer a doorman or guard service.

Amenities: Most condo complexes offer a range of amenities in the common areas such as, club house, swimming pools, tennis courts and fitness centers.

Condominium Association: Every unit owner in a condominium complex is a member of the condo association (Homeowner's Association). The association serves to enforce bylaws, handles maintenance and repair issues, and deals with disputes with developers or between unit owners.



Disadvantages of buying a condo for sale may include:          

Condo fees: Monthly maintenance fees goes toward the collective upkeep and development of the property. There are occasionally additional assessment fees to handle larger repair jobs. Your fees may also be paying for amenities, such as a swimming pool or gym, that you may not use.  Combine these fees with monthly mortgage payments and taxes and you can sometimes end up paying more per month for a condo than a house of equal value.

Rules: Condos are governed by a set of rules called Covenants, Conditions and Restrictions (CC&Rs). This can include restrictions on noise levels, pet ownership, renovations, and even what kind of curtains you can put in your windows.

Community living: Shared walls and common areas mean that you are more likely to hear your neighbors, next to and/or above and below your unit.

Financing:  Not all condo complexes are FHA approved so if you are approved for FHA financing, buying a non-FHA condo can be problem.   

Advantages of buying a single family home for sale may include:

Family friendly: With their own yards and generally more square-footage, houses tend to be more family friendly. A fenced-in backyard for children to play in can be a big benefit in your single family home.

Extra living space: Not only do kids need space, so do most grown-ups. If you're a couple, you have to determine how much time you will be spending together at home and whether or not you need quiet, private rooms. The same is true if you work from home or have a hobby that requires dedicated space.  

Improvement:  To a certain degree, your space is your own and you can modify or improve as you wish. 

Pets: A single family home can be a pet-friendly home.

Disadvantages of buying a single family home for sale may include: 

Upkeep: When you own your own house, you're responsible for all the maintenance. The bigger your property, the more time and money you can end up sinking into it. The upside is that money you put into home improvements will likely pay off in terms of a higher resale value.

Additional items: All the extra space a house provides can have a downside. You need to fill that space with additional furniture. You also need to buy extra items to maintain the garden. And you can expect to have higher heating and/or cooling costs with a single family home.
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Always remember that just like one man's garbage is another man's treasure, one's advantages of buying a condo for sale may be another one's disadvantages of buying a condo for sale and vice versa.