Buying a house VS a condo: this is the question many first time buyers and first time investors ask. Aside from location, housing type is the most important decision a buyer will make. When you buy a house, you own the land underneath it, whereas a condo ownership includes the air space inside of a unit and some portion of the common area. Both housing types have its advantaged and disadvantages, but it is a lifestyle that determines which one is better for you.
Below are the 8 factors that can help you decide
1. Location
Location is the deciding factor. Condominiums are often located at city centers, near shopping, restaurants, schools and transportation. Condos might be a good option for young professionals who want to live in the middle of everything, close to action, with walking distance to restaurants and bus stations. You might have to sacrifice on the center location to have a lrage yard when you buy a house.
2. Space
When you own a house, you own a structure as well as the land underneath. You are free to expand, add or modify your property. On the other hand, when you own a condo, you only own an air space in between walls and a percentage of the common area, which you will have to share with other condo owners.
3. Maintenance, Repairs and Renovation 
You have full control of your house maintenance and repairs. If your roof leaks - you are responsible. If the fence falls down - you are responsible. A condo is a convenient option for those who don't have enough skills or time to take care of a fully detached house. This may also be a good option for first time home buyers, because HOA (home owner association) will take care of all the exterior maintenance and repairs.
4. Price
A house is typically more expensive than a condo. So if you have a set budget you can find a better condition/size condo for this money. Houses will probably need some updating and they will be located in less desirable neighborhoods.
5. Privacy and Security
If you own a condo part of your HOA dues will go to ensuring safety and security of all condo owners. Some condo buildings have a 24/7 doorman screening every person entering the building. A video surveillance system can add to a safe condo lifestyle. Houses can be as private and secured but it will depend on a house itself as well as the neighborhood where it's located.
6. Amenities 
A lot of condominiums have a variety of amenities: from swimming pools and recreational areas to tennis courts and movie theater rooms (all included in your monthly condo fees). Having all this in a house will be close to impossible, although some subdivisions have shared swimming pools and club houses.
7. Fees
Owners of condominiums and townhome have little control over HOA fee increases. In addition, if something major happens and a condo association does not have enough money in their reserves, each home owner will be charged a special assessment in addition to monthly fees. Things likes these can not be predicted, therefore, when buying a condo it is very important to look at their reserves. On the other hand, when buying a house you are 100% responsible for any major repairs. Although you don't have to pay monthly condo fees.
8. Resale
Usually condominiums have less resale value than houses. When a housing market changes, condos are first to take a hit and last to recover.
Overall there are a lot of factors to consider when choosing a condo vs a house. The most important question you should ask yourself is what kind of lifestyle are you the most attracted to.
If you need help making a decision, feel free to contact me. I will be happy to sit down with you and analyze each factor to determine whether a house fits your needs better or a condo
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