Should I buy a condo or house?

Sammamish Mortgage
Post Date: February 11, 2021Updated: April 30, 2021

Wondering whether a house or a condo is the best choice when making your home purchase? Each option has advantages and disadvantages. Find out what there is to know about buying a condo vs. buying a house as your new residence before you go looking for your next home.

Buying a Condo

Condominiums are typically less expensive than detached houses, because the cost of the actual land is split between condo owners. In a lot of markets, this can make a significant difference in how much you will pay overall for your home.

However, there are other factors that can actually increase the cost of home ownership with a condo. Interest rates and down payments can be slightly higher, and the condo will have to meet certain parameters to qualify for many first-time home buyer loan programs, such as those offered by the FHA.

You’ll also need to come up with homeowners association (HOA) fees every month if you buy a condo. The tradeoff for this is that many maintenance requirements for the condo (such as landscaping, roofing, and other exterior repairs) will be taken care of, whereas with a single family home you’re responsible for everything.

Condos often have shared resources, such as a playground, pool, or other conveniences. They are also typically located close to local amenities, making it fast and easy to get to shopping, dining, and medical facilities or schools.

Buying a House

A house gives you a lot more independence than a condominium does. You’ll have more space from your neighbors, more control over the exterior of your home, and most likely more room indoors (square footage of a three bedroom condo vs. a three bedroom house is almost always in the detached home’s favor.)

A mortgage for a detached single-family home may be easier to get, since there aren’t as many regulations as there are with mortgages. You may also be able to get a lower interest rate. Your mortgage payment might be a little higher due to a bigger price tag, but if you are in a neighborhood with no HOA it can balance out.

Finally, a house can be a lot easier to sell than a condominium, if you later decide you need to move on. Detached houses are more liquid than condominiums, which tend to be at a premium in more robust markets and can be difficult to unload in a housing slump. They include the value of the land they sit on in contrast to a condo unit.

Before looking at condos or houses, it’s wise to get preapproved for a home loan. This will help you know what you can afford, and what the specific benefits might be foer you in choosing a house over a condo or vice versa.

Today’s Mortgage Rates Jun, 15, Tue, 2021

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