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I've owned both. It was nice as young condo owners for my husband and I to be spending time with friends on a nice summer afternoon, knowing we could go home and enjoy our evening while they complained about all the yard work they had to do. As an older SFH owner, I figured out that I actually enjoy yard work. And I really appreciate not sharing walls.
They both have their pros/cons. I can my husband and I choosing a condo again as we age and don't want to do all the heavy lifting ourselves.
Maintenance for a house is lumpy, maybe you replace a roof every 20 years, maybe a furnace or water heater goes out, maybe it doesn't. In a (well-run) association these lumpy costs are paid from reserves. If you have a house...you keep your own reserve fund, or you use credit cards, or you cash-flow. Cash-flowing a new roof can be challenging.
Routine care (lawn and gardening) you either do yourself if you own a house or you pay someone. Paying someone tends to cost a lot, a significant fraction of HOA fees.
Sometimes the HOA fee includes things you pay separately for a house (maybe taxes? some utilities? some insurance?).
It's quite difficult to make a cost comparison. Also focus on your desires (do you WANT to spend Saturday fixing things/ gardening?)
If your water heater breaks in a condo that's on you, not the HOA to fix.
Maintenance for a house is lumpy, maybe you replace a roof every 20 years, maybe a furnace or water heater goes out, maybe it doesn't. In a (well-run) association these lumpy costs are paid from reserves. If you have a house...you keep your own reserve fund, or you use credit cards, or you cash-flow. Cash-flowing a new roof can be challenging.
Routine care (lawn and gardening) you either do yourself if you own a house or you pay someone. Paying someone tends to cost a lot, a significant fraction of HOA fees.
Sometimes the HOA fee includes things you pay separately for a house (maybe taxes? some utilities? some insurance?).
It's quite difficult to make a cost comparison. Also focus on your desires (do you WANT to spend Saturday fixing things/ gardening?)
A condo owner would be responsible for his own water heater, and a homeowner can patch a roof where it's leaking and save to buy it or even add a second layer of shingles himself. A condo owner has no say as to when, how or how much a roof repair will cost.
One upside with a condo is that you are only responsible for the plumbing and water in your unit, outside of that they use your reserve funds to fix it where a homeowner is responsible from the street all the way in. Generally a water line does not fail for for most owners from the street to the house.
I am considering buying a home or condo, but am not sure which to get. I am a single guy, and don't need a large home. If I got a home, utilities, repairs, insurance, upkeep, etc would cost more. But condos have about a $200 HOA where I live. As far as costs, what is better? I prefer responses from people who have owned both.
I own both, I live in a condo, have a sfh as a rental.
The condo is going to be very, very dependent on the age, deign, and association of the building. I have known people to get hit up for thousands of dollars a year in special assessments on their condo building. Condo buildings have pretty high maintenance costs. What comes in as a reasonable condo fee comes back at you with special assessments for repairs.
The big difference is you have about zero choice in the special assessments, whereas for a home, as a home owner, you can defer repairs to a alter date. The condo building if needing its facade replaced, will ding you for it, whereas if your house "needs" repainted, you generally can plan pretty good in regards to finances when to do it. The condo gives zero care you just had a large financial expenditure and are short at funds at the moment.
Overall, I find no advantage to living in a condo versus a sfh, other than location. I live in a pricey area, and a great location, but absent that, a sfh wins out every single way. The point in my opinion about condo living is you can live in a highly desirable area for less money than a sfh, if any sfh are even available in the area.
As far as yard work/snow blowing relief of a condo....there are places where townhomes (two levels or one level that might feel more like a regular house) and single family homes have a similar situation re paying a monthly fee and getting all the outside work included. Some places, water included as well. And yard care, sometimes putting in flowers seasonally.
When the inevitable water damage to everything in your condo happens because the upstairs condo's plumbing cut loose, you'll wish to hell you weren't living in a condo when you have to fight with the HOA and the upstairs neighbor and your insurance company to figure out who pays for what. While all that is taking weeks, mold is growing and your family is getting sick from it.
Here's something that no amount of money can replace: Freedom. Live in a condo and you are at the mercy of HOA Nazis who like nothing better than to make owners goose step to the HOA rules and regulations.
Live in your own sfh and you are in charge.
(Well, unless you're married. Then, maybe not so much. LOL.)
When the inevitable water damage to everything in your condo happens because the upstairs condo's plumbing cut loose, you'll wish to hell you weren't living in a condo when you have to fight with the HOA and the upstairs neighbor and your insurance company to figure out who pays for what. While all that is taking weeks, mold is growing and your family is getting sick from it.
Here's something that no amount of money can replace: Freedom. Live in a condo and you are at the mercy of HOA Nazis who like nothing better than to make owners goose step to the HOA rules and regulations.
Live in your own sfh and you are in charge.
(Well, unless you're married. Then, maybe not so much. LOL.)
That's another plus when you own your own home no one can tell you what to do with it or in it or if you can rent it or who can park where or how loud you are, etc. Plus the HOA will gladly pay for lawyers to fight you with the HOA's money but you have to pay money to hire your own.
If your water heater breaks in a condo that's on you, not the HOA to fix.
Almost everything has an exception. I have seen big-city condos with central hot water and central heating.
Gotta check the details when you buy. SFH or condo.
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