Video: Purchasing a Condo vs Single Family Home

I’ve been asked a lot recently about the pros and cons of purchasing a Condo vs a Single-Family home. Now for some people, they’ve made their mind up and a single home family is what they’d prefer. But for folks who have been looking to buy and have felt the pressure of rising costs, condos could open up a whole new pool of inventory.

So what are the pros? – The median sales price YTD for a condo is $82k less than a single-family home. – Condo associations often handle the exterior maintenance of your home like lawn mowing, snow removal, gutter cleaning, etc. Get the perks of owning a home without all the responsibilities that come with it – Amenities like a community pool, gym, storage, and more can be very convenient to have within walking distance.

Cons to consider – You may not have as much autonomy as you would in a SFH. HOA rules may limit what you can do – You will have to factor in HOA fees with your monthly payment, but remember the lower price point opposed to single family homes! Because inventory is so tight, condos have also seen high increases in appreciation.

Even just this year, Condos have earned 106.6% of the original list price when they hit the market – up 4.3% from last year! With economists predicting interest rates to level out just below 6% this year, and homes continuing to appreciate due to lack of inventory, perhaps now could be the right time to start building equity.