The decision to purchase a condo vs. a single family home is one that should be determined based on a few factors. For those who wish to own a home but don’t want to deal with all the extra maintenance that is involved with a home that has a large yard, a condo might be the best choice. Including in your monthly condo fees, usually through a homeowners association, are exterior maintenance around your home and the surrounding neighborhood. Some internal maintenance such as HVAC, plumbing and electric are also covered in the fees.
For those who have a family or are just married and about to start a family, you might opt for a single family home for the yard space and additional rooms that can be turned into playrooms or an extra living room. If you wish to have a pet, a house might be a good option as well because some condominium associations have restrictions on pets.
Looking at your overall budget, condos might be less expensive than a single family home but you also need to take into account the monthly association fees. And for resale, condos can sometimes be harder to sell down the road, especially if there are a few other condos for sale in the same complex. Condos, however, can be a good investment if you wish to purchase as an investment. Just remember to make sure the condo you’re looking at allows subletting.