Pros and Cons of owning a house versus a condo

By
Real Estate Agent with Real Estate One 6501304423

Michigan Home buyers tips

 

Condo Pros
  • *Don't have to worry about hiring contractors to take care of outside maintenance or building problems.
    *Generally More Affordable
  • *Often Offer Amenities (community pool, community club house etc.)
  • *No Outdoor Maintenance
  • *Earn Equity (like a house)
  • *Get to Deduct Interest Payment
     from Taxes (like a house)
    *Insurance is usually cheaper because you are not insuring outside of condo (though this is included in your association dues)
    *You often get more for your money. A detached home in the same neighborhood will usually cost at least 20 to 30 percent more. Not owning your own roof or land gives you the ability to increase your buying power. A two bedroom condo can cost up to 25 percent less than a two bedroom detached home and also include a swimming pool, tennis court and fully-equipped exercise room. 
 Condo Cons
  • *No control over when or how much outside maintenance cost
    *Less Control Over Space
  • *Must live by rules and regulations of the condo association
    *Condo Fees
    *May have unexpected special assesments 
  • *Generally don't appreciate as much or as fast as a single family home (in Michigan)
    *Shared decision making.  You have no control over the decisions on the complex. You are just one vote of many people.
    *Generally More Difficult to Sell than Single Family (In Michigan)
   
 Single Family House Pros
  • *More family friendly
    *Generally Appreciate in Value Faster Than Condo (in Michigan) 
  • *More living space normally
  • *usually bigger yards
    *Total Control Over your Property
  • *Can decorate the way you want
    *No Association Fees
  • *No By-Laws
 Single Family House Cons
  • *You Do All House Maintenance and Yard work or have to keep track of the contractors to do it
  • *You May Have Limited On-Property Amenities such as pool or clubhouse
  • *Does Not Offer the Security of Community Living
  • *Not Always as Affordable

For more Michigan Buyers tips go to www.RussRavary.com or www.DetroitMichiganRealEstateHomes.com  Search over 60,000 Michigan homes for sale free!!! 

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Real Estate One

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Rainer
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Bobby Stevens
Windermere Real Estate/Lane County - Eugene, OR
Realtor, Eugene, Oregon

Thanks for your concise post Russ. In Oregon we have land use laws that control growth past urban boundaries, so I'm betting that condos and other infill developments will appreciate more and sell faster as available bare land gets used up. So far the well-maintained buildings seem to be an excellent value vs. single family homes at the same price.

Jul 25, 2008 03:19 PM #1
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