Darin and Christina Cunningham | Re/Max Elite
278 Franklin Road Suite 190 | Brentwood, TN 37027
Office: 615.661.4400 | Fax: 615.661.4115
Christina: 615.394.4168 | Darin: 615.456.4086



Which is Better, a Condo or a Single Family Home?

One of the most important decisions you have to make when buying a home is what type of home you want. Both housing types (condo and single family home) have their advantages and disadvantages. Let’s take a look at which is better for your lifestyle, a condo or a single family home.

 Condo

Pros

  • Condos are generally less expensive compared to homes. The difference mostly depends on the geographical location, but in high cost markets, a condo is a generally a better bargain. You may be able to afford a condo in the neighborhood you like, even if a single family home is too expensive for you.
  • Low maintenance. The cost of maintaining a condo is lower as compared to a single home. No landscaping, repairing roofs, snowplowing and pool cleaning costs required to maintain a home.
  • Easier city access. Urban living is trendy and practical too. It’s easier to find a convenient condo near or inside the city as compared to finding a single home there. You get to live near urban hot spots like restaurants, shops, train stations and more.
  • Safety and community. Buyers generally help build a better community than renters do. Condos have lower turnover as compared to apartment buildings and you get to know your neighbors and build a caring community. There are sometimes more opportunities to socialize and you can become more familiar with residents and you have someone to turn to in case of trouble.

Cons

  • Harder to sell. Condos don’t appreciate in value the same way single family homes do. When you want to sell, you may even take a loss.
  • Association fees. Since building maintenance is outsourced, you have to pay association fees every month.
  • Less privacy and space. Condos have little or no room for storage or growth. There are also many restrictions that can inhibit your social life.
  • No freedom. Living in shared spaces means rules. You can’t do renovations on your house unless you get consent from the association even though you own the property.

Single Homes

Pros

  • More space. With single homes, you have more storage and room for growth. Items won’t pile up on you as much and you have a yard to yourself.
  • With a single house, you can do all renovations you like without restrictions from the HOA association. You can also have parties and barbeque with no questions asked.
  • You have your own compound and generally no one else intrudes in your business.
  • Easier to sell. Single homes tend to appreciate in value and if you are selling, you can sometimes make a profit if the house is well maintained.

Cons

  • No amenities. With a condo, you sometimes have a pool, gym and other social amenities readily available though you may have to pay a fee for them.
  • Higher maintenance costs. Who will do the trimming, landscaping, mowing, snowplowing and much more? You will have to take care of these tasks yourself or hire people to do them for you.
  • More expensive. A single home is more generally more expensive to buy compared to a condo. This generally means higher monthly payments and a higher down payment.

Both of these two housing types offer advantages and disadvantages. Which housing type suits your life better at this season of your life is ultimately up to you.

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