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The Condo Or House Dilemma: A Couple’s Guide To Making The Right Choice

 Choosing between a condo and a house is a significant decision influenced by lifestyle, finances, and long-term goals. As of late 2024, the U.S. homeownership rate is 65.6%, reflecting shifting preferences. Condos appeal to urban dwellers and those seeking low-maintenance living, offering amenities like pools and gyms. 


HOA fees and restrictions can be drawbacks. Conversely, houses provide more privacy, space, and freedom for customization, though they come with higher costs and maintenance responsibilities.


Photo by Vladimir Kudinov on Unsplash


Trends show increased condo demand among millennials and retirees favoring city life, yet rising costs and new regulations in regions like Florida have led to higher HOA fees, impacting affordability. For couples, factors like budget, commute, future family plans, and potential resale value are key. A thoughtful assessment of these elements ensures a housing choice that aligns with their current needs and long-term aspirations.

Condos

Condos are a popular choice for couples seeking low-maintenance living, often located in urban areas with access to shared amenities like gyms, pools, and security. They typically involve homeowners association (HOA) fees, which cover maintenance of common areas, but also come with rules and restrictions. Condos are ideal for those prioritizing convenience and proximity to city life.

Maintenance Responsibilities

In a condominium setting, maintenance responsibilities are typically divided between the condo association and individual unit owners. The condo association manages and maintains common areas such as lobbies, hallways, elevators, and amenities like pools or fitness centers. These services are funded through monthly condo fees paid by the owners. 


According to HOA Management, typical maintenance and repair services included in condo fees encompass landscaping, groundskeeping, snow removal, trash collection, exterior wall repair, and roof maintenance. 


Individual owners are generally responsible for the upkeep of their own units, including interior fixtures, appliances, and plumbing within their unit boundaries. It's vital for owners to review the condominium's governing documents, often referred to as Covenants, Conditions, and Restrictions (CC&Rs), to clearly understand their maintenance obligations. 


As noted by Square One Insurance Services, owners must maintain everything inside the walls of their unit, while the condo corporation maintains the common property. 

Types Of Condos

Condos come in various forms, catering to diverse preferences and lifestyles:


  • Apartment-Style Condos: These are individual units within a multi-story building, sharing walls with neighboring units. They are prevalent in urban areas and often offer amenities like security services and communal spaces.


  • Townhouse Condos: Resembling traditional townhouses, these units are typically multi-level and may include a small yard or patio. Owners might have more autonomy over exterior modifications compared to apartment-style condos.


  • Detached Condos: Also known as site condos, these are standalone units that offer the privacy of a single-family home but with the benefits of a condo association handling common area maintenance.

Condo Prices

The cost of purchasing a condo varies widely based on factors such as location, size, age of the building, and available amenities. In urban centers, condos often present a more affordable entry point into homeownership compared to single-family homes. 


It's key to consider monthly condo fees, which cover maintenance and amenities. These fees can range significantly; for instance, in South Florida, median monthly HOA fees increased from $567 in 2019 to $900 in 2024, as reported by the New York Post. 


New regulations can impact costs. In Florida, legislation enacted after the Champlain Towers South collapse requires condo associations to maintain sufficient reserves for major repairs and conduct regular inspections, leading to increased association payments for owners.


Houses

Houses appeal to couples looking for more space, privacy, and the freedom to customize their property. While they offer autonomy and potential for long-term appreciation, they also require full responsibility for maintenance and repairs. Houses are well-suited for those planning to grow their family or seeking a quieter, suburban lifestyle.

Maintenance Responsibilities

Owning a house entails full responsibility for all maintenance, both interior and exterior. This includes routine tasks like lawn care, gutter cleaning, and servicing HVAC systems, as well as major repairs such as roof replacements or structural fixes. 


According to the U.S. News Real Estate homeowners can expect significant expenses for major components; for example, replacing a furnace can average around $3,500, and a new roof may cost approximately $14,000. 


Regular maintenance is necessary to preserve the home's value and prevent costly repairs. Homeowners are advised to budget annually for maintenance expenses. A common guideline is to set aside 1% to 4% of the home's value each year for upkeep. 


For instance, with the median home price in the second quarter of 2024 reaching just over $400,000, owners should expect about $4,000 in annual maintenance costs. 

Types Of Houses

Prospective homeowners can choose from various types of houses, each offering distinct features:


  • Single-Family Detached Homes: Standalone structures that provide maximum privacy and space, often accompanied by a yard. Owners have full control over modifications and maintenance.


  • Townhouses: Multi-floor homes that share one or more walls with adjacent units. They often come with small yards and may be part of a homeowners association that manages certain communal aspects.


  • Duplexes: Structures divided into two separate living units, which can be side-by-side or stacked. Owners might occupy one unit and rent out the other, providing potential rental income.

House Prices

The price of houses varies based on location, size, age, and market conditions. Generally, single-family homes are more expensive than condos due to the larger space and land ownership. 


They often appreciate more over time, building greater equity. It's important to factor in additional costs such as property taxes, insurance, and maintenance. According to a Wall Street Journal article, hidden costs associated with homeownership can average around $1,180 a month, in addition to an average monthly mortgage payment of $1,770. 

WSJ


Homeowners should be prepared for unexpected expenses. As highlighted by the New York Post, the average homeowner spends over $18,000 annually on home-related expenses outside their mortgage, underscoring the importance of budgeting for repairs, maintenance, insurance, and property taxes. 


Photo by Alice Donovan Rouse on Unsplash

Wrapping Up

When deciding between a condo and a house, couples should also consider the potential for lifestyle changes, such as remote work, which could shift priorities for space and location. 


Exploring energy-efficient options or smart home technology can impact long-term savings and convenience in either choice. Ultimately, selecting the right home comes down to aligning current needs with future aspirations, ensuring a balanced approach to comfort, cost, and flexibility.


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