Buying a House vs. Buying a Condo: 5 Considerations

Buying a condo vs. house. There’s a good chance you’ve had this thought before if you’ve ever considered purchasing real estate here in New Hampshire, or anywhere really. There are unique benefits to both, and really, you can’t go wrong with either depending on your situation. Buying a condo vs. a house is a question that arises at a few different times in your personal buying cycle. Some people wonder if a condo is the way to go as their first property – to ease themselves into the responsibility of owning real estate.

Some view condos as an ideal means of “downsizing” when that point in their life presents itself. There are also those that want to have a “getaway” spot in addition to their home and wonder if a condo is ideal for that type of engagement (and while you’re not in the midst of a getaway, you can always rent/Airbnb as a potential net new revenue stream). We’ve even heard of parents buying a condo for their children’s boarding needs when they’re in college which then turns into an investment property once they’ve graduated.

Again, depending on your unique situation, buying a condo vs. a house is an interesting and exciting line of thinking.

Quick general lines of thought when it comes to buying condos vs houses: 

• Depending on the town/area you’re looking in here in NH, condos are often less expensive than houses.
  
  
• Newly constructed condos tend to have more upgrades than older homes. If you have your heart set on granite counters, stainless appliances and an open floor plan, a newer condo will fit those requirements – and, as mentioned above, will likely come at a lower price point than a new standalone house.
  
  
• Some condos offer certain amenities that you can take advantage of, such as swimming pools, spas, clubhouses, BBQ areas, volleyball courts, tennis courts, basketball courts, jogging trails, laundry facilities and more. With regard to the question of condos vs. houses, these are amenities that would cost you a large sum of money up front to implement as a working piece of a house.
  
  
• People may generally feel more secure living in a condo environment because others reside in close proximity to their own unit. In gated complexes such as condos, it's often more difficult for those who don't belong there to come and go without scrutiny. Depending on your location, a house may not have this same sense of security due to placement, neighbor logistics, etc.
  
  
• Less maintenance and upkeep are a huge benefit favoring the condo side of the condo vs. house conversation. When you’re in a condo you generally are subject to an annual association fee which are dues paid out that cover tasks such as mowing lawns, raking leaves, replacing broken windows, removing snow in the wintertime, and upkeep on the amenities listed above. You are generally responsible for only the interior of your property, which is a feature many condo owners relish in.

There is no right or wrong answer when it comes to deciding the end result of buying a condo vs. a house. Both offer perks that the other does not. Both are a roof above your head. Both are an investment to add to your asset portfolio that will hold strong value as the years progress. And hey, who’s to say that you can’t have both? Only you can decide what (or which) works best for you.

If you have questions or would like to have a conversation about condos vs. houses here in New Hampshire, give us a call today. We LOVE talking about this very subject and can outline a lasting pool of beneficial information regarding both sides of the equation.