There are many decisions that a buyer needs to make when purchasing a home but maybe none greater than the choice of a condo vs a home. There are certainly pros and cons to each which is why we are going to break down them here so you can make a sound decision for which one is right for you.

Some Differences Between the Two

Cost

One of the biggest differences will be the cost of the home. Detached homes are typically more expensive than the cost of a condo. For that reason, condos are an option for first-time buyers or buyers looking for a stepping stone property.

Size

The size of the property is why a home is usually more expensive than a condo. Not just the living square footage but also the lot size. You also have complete ownership and access to the lot area whereas condo living is a shared living space also known as common areas.

Maintenance

Condos are easier with maintenance, You will typically pay into an HOA that can handle items like landscaping, water, trash, etc...An HOA may seem like an added cost but keep in mind you will be paying a similar fee as the HOA when buying a home, it will just be separate accounts such as your landscaper.

Control

A major advantage when owning a home over a condo. You are essentially only bound by city zoning with regards to what you can build or add to the home. Everything else is free reign. With a condo and HOA comes CCR's for the property. You must usually get approval from the HOA even with doing small upgrades to the home.

Location

Condos have an advantage if you're looking for city living. As they are smaller and denser, they are usually closer to business districts and therefore are attractive for people looking for great walkability. 

Appreciation

In recent years, especially in San Diego, detached homes have shown a much better appreciation. The majority of buyers want a detached home and so where there is more interest, there is more money.

Are you in the market to buy buy, sell, or invest in real estate? We would love to be your real estate resource. Contact us HERE so we can get working for you today!