CONDO VS HOUSE: Everything You Need To Know

While some individuals use the terms “condo” and “home” similarly, there are significant distinctions. It’s a matter of how much commitment you’re willing to take on. But the real questions are; Do you look forward to mowing the property on weekends? Do you desire additional elbowroom? Perhaps a house is more your style. This post will serve as a guide when it comes to deciding the best option among a condo, a house, or a townhouse (a condo vs a house or townhouse), especially if you’re thinking of buying or owning one of them as an investment.

Condo vs House

A home is a self-contained dwelling unit with four exterior walls that is unattached to any other residential structure. It’s typically on a large lot with a front and/or back yard, and the owner of the house also owns the land on which it sits and any additional structures such as a detached garage or in-law unit.

Condo vs House: Condo(Condominium) Definition

Between a condo and a house (condo vs house), a condo (condominium) is more viable than owning/buying an apartment/house. It is located in a communal structure or complex and is often significantly smaller in size than a house.

A condo board or homeowners association (HOA) owns and maintains the building’s façade as well as all common areas such as parking garages, swimming pools, the clubhouse, and sometimes a gym. Different condominium complexes have varying amenities based on their size and location.

Condominiums are extremely popular among first-time buyers, downsizers, and investors. While they are often less expensive than houses, you must keep an eye on those annoying HOA fees.

How Much Does a Condo Cost?

A condominium is typically less expensive than a detached property. Condos often have smaller square footage and require less care because you are only responsible for the interior of your home.

Typically, condominiums attract HOA dues. This is one area in which the cost of a condo can skyrocket. Bear in mind that the fewer amenities provided by the condominium complex, the lower the HOA costs should be. All of these services cost money: doormen, swimming pools, dog parks, gyms, parking garages, storage units, and security.

How Much Does a House Cost? 

For a variety of reasons in buying between a condo vs a house, a detached, single-family home will normally be more expensive than a condo. Additionally, when you own a home, you own the entire structure, inside and out.

Insuring a house is considerably more expensive than a house. In choosing between a house vs a condo; also put into consideration the entire structure as well as the land on which it rests. Additionally, you’ll be responsible for landscaping and gutter and roof maintenance.

Living/Owning Between A Condo vs A House: Benefits & Drawbacks

The following are the advantages and disadvantages of owning/living in a condo vs a house.

Condo vs. a House: Advantages For Living Or Owning Them

#1. Additional Options 

While condominiums account for a very tiny fraction of the overall US housing market, in some places, such as densely populated, high-cost cities and vacation destinations, condos can account for a sizable portion of for-sale listings. Additionally, condos are frequently less expensive than single-family homes, a discrepancy that can be even more pronounced in expensive neighborhoods.

#2. Less Effort To Maintain

In owning either a condo vs a house, you are not responsible for outside upkeep such as mowing, snow removal, or gutter cleaning when you own a condo. The homeowner association may also manage the maintenance of certain mechanical systems, such as HVAC, electrical, and plumbing.

#3. Additional Luxuries

Depending on the development, you may have access to amenities that you would not be able to buy or maintain on your own (such as an on-site gym, a pool, or a heated parking garage). These are also included in monthly HOA dues, so Stern advises choosing complexes with amenities you’ll actually utilize.

#4. Less Expensive Insurance 

Condo insurance premiums may be less than homeowners insurance, as you are primarily insuring your personal property. It’s critical to review the HOA’s insurance policy when owning either a condo vs a house to ensure that your own policy covers any coverage gaps.

Condo vs a House: Disadvantages For Living Or Owning Them

#1. Regulations And Rules 

You will not have the same degree of independence as you would in a house. HOA rules may impose restrictions on what you may do both inside and outside your house, such as whether pets are permitted and when you can access shared spaces.

#2. Inadequate Privacy 

Condominiums, by their very nature, offer less privacy than detached houses, due to shared walls and common amenities. Not only are your neighbors close by, but if an adjacent unit is rented out on a short-term basis, you may not have consistent neighbors.

#3. Fees Are Charged By The Homeowners Association 

HOA dues will boost your monthly costs above your mortgage payment, but it’s critical to analyze how these costs compare to those associated with owning a single-family home in your neighborhood. For instance, if your HOA costs cover utilities such as water and garbage pickup, they are also bills you would have paid in a house.

However, if you’re paying for facilities you’ll never use inadequate external updates, you could be better off in a house or at the very least in a different condo community.

#4. Resale Issues 

It hurts to consider resale when purchasing especially given how difficult condos can be to sell. If the HOA is poorly managed, purchasers may have a more difficult time financing a condo due to lenders’ reluctance to intervene. A complex that constantly has a large number of units for sale at the same time will raise red flags for buyers and also means you’ll be sitting on an unsold condo for an extended period of time.

Condo vs. House vs. Townhouse

As result found in a condo vs a house and a townhouse, Condos are usually less expensive than townhouses, in part since they do not include land. However, the difference between a townhouse and a house is way more costly than a condo. Therefore we will be looking into the differences between a condo vs a house and a townhouse.


Below are the differences between a condo, a house, and a townhouse. Let’s look at them individually.


A condominium (condo) is a unit that is for sale within a larger community, which may be a high-rise building. Also, condos can be an excellent choice for anyone looking to minimize home maintenance, including first-time homebuyers, singles, senior homeowners, and those who travel frequently. Condos and apartments are similar in that they both share numerous walls with their neighbors.

Condos “need the least amount of maintenance” of all the house kinds on the market for sale. Additionally, some condominium complexes employ doormen, which adds an additional layer of protection, particularly in large cities. Additionally, condominium association rules might be quite restrictive. You may be unable to customize your property to your specifications and may be restricted from renting it to others.

Advantages Of Condo
  1. Low maintenance
  2. Additional security
Disadvantages Of Condo
  1. Monthly charges
  2. Public spaces


When many people refer to buying a house, they are referring to a single-family home, which is a self-contained structure built on a foundation. A house lacks the common walls and spaces, as seen as the difference between a condo vs a townhouse, and it may also include a large amount of land to enjoy.

Two of the most compelling reasons to purchase a home are seclusion and the ability to design and maintain it as you like. Also, single-family homes are typically the most spacious housing option, and their cost reflects this.

Along with spending more upfront, you’ll almost certainly pay more in the long run. Owning a house entails responsibility for lawn care, maintenance, and repairs, which can be significantly more time-consuming than with another form of residence.

Advantages Of A House
  1. Terms of design
  2. Additional room, both outside and within 
Disadvantages Of Houses
  1. Increased cost 
  2. You are responsible for all maintenance.


Single-family homes can be significantly less expensive to purchase than townhouses. Additionally, some have modest yards or courtyards. However, the majority of modern townhouses have compact dimensions and share external walls with adjacent properties.

Additionally, townhouses are typically subject to HOA rules and fees. When it comes to making your own choices, you may have a bit more liberty than condo owners, but your selections must normally be authorized by the HOA.

A townhouse may be the best of both worlds for homeowners looking to rent between a house vs a condo. You gain additional space, frequently on many stories, while incurring less outside maintenance (like a condo).

Advantages Of Townhouses
  1. Reduced price
  2. Additional space
Disadvantages Of Townhouses
  1. Monthly charges
  2. Walls that are shared

You can also click here to find out the differences between a condo and a townhouse. Done with condo vs townhouse vs house, next in the post to read is condo vs house investment.

Condo vs House Investment

There are differences between a condo and a house in their investment. Below are some of the points to consider in studying their differences.

Condo vs. House Investment: Comparison

When deciding between a condo vs a house as an investment, there are numerous factors to consider. Consider factors such as cost, maintenance, location, limits, and improvements. Considering all of this, as well as your financial situation, might assist you in choosing between these two residences. Today, we are seeing an increase in the cost of purchasing a condo vs a house. Prices of detached houses are falling, providing people with what they’ve always desired: complete ownership of a property. With this market challenge, you must consider all pertinent elements. 

A long-term investment between a condo vs a house in Toronto can appear to be a difficult choice. However, here is the list of things to check out when considering condo vs house investment differences.

#1. Prices

The primary reason why so many individuals opt to purchase a condo over a house is cost. Because they are smaller and you do not own the land, condos are typically less expensive than houses because they are typically less expensive than houses. Additionally, a condo frequently has a communal room that you share with the other tenants. Even when condos are less expensive than detached houses, their pricing is location-dependent. The average price of a condo in a city like Toronto is $636,663. For residences, the GTA has a higher average price of roughly $1,022,138.

#2. Cost Of Insurance

In contrast, between a condo and a house investment (condo vs house), it makes no difference whether you choose a condo over a house investment or vice versa; this factor is necessary. Purchasing insurance is frequently a requirement of your mortgage. This means that you must consider the cost of insurance.

A house will cost more to insure since you must secure everything you possess, including the land. Condo insurance is less expensive because common areas are shared, which means you only need to ensure your property.

#3. Management

As you’ve thought, purchasing a condo rather than a house means that you are not fully responsible for maintenance. Like the other residents, you will be required to pay a monthly maintenance fee. This money will be used to repair the driveway, plan the landscape, and clear snow throughout the winter.

A house requires more maintenance since you, as the owner, are totally accountable for everything that occurs on your property. The advantage is that you will not be required to pay a monthly maintenance fee, which may save you hundreds of dollars.

#4. Requirements

On any property, recurrent expenses such as electricity, water, heating, and even waste collection are necessary. However, investing in a condo rather than a house allows you to save money on basics. These are bills that you will share with your neighbors in a condominium. In comparison to a house, where you will also have to pay for your own needs. This results in monthly bills that are greater.

#5. Comfort

When the majority of people are looking for their next investment property, convenience is a top factor. Due to the fact that the majority of residences are individual properties, some of them are placed far from vital assets. If you opt to purchase a condominium, this type of issue will be resolved. You’re likely to have access to indoor gyms and pools if you live in a condo. Additionally, a good portion of them is placed near schools and supermarkets.

#6. Restrictions/Amendments

If someone chooses a condo over a house in Toronto, it usually indicates that they do not wish to spend money on improvements. Additionally, even if you wanted to make any alterations to your apartment, you might run into plenty of other restrictions.

With a house, you have complete freedom to do whatever you want, as you control the entire property. You can modify the kitchen, demolish a wall, rent out your underground, or modify the design. Everything is completely up to you.

#7. Renting

Purchasing a condo as opposed to a house for investment purposes may limit your ability to earn revenue from the property’s rental. Because the majority of condo communities do not allow rentals, your only choice is to sell.

The options are limitless in a house. You can rent out the entirety of your home, a portion of it, or even convert your basements into a small bedroom. If you play your cards well, you can effectively live in your home for free.

Condo vs. House Investment: Benefits and Drawbacks

Condos might be a wonderful alternative for folks who are just getting started in real estate investing. The rationale is that buying a condo is less expensive than buying a house, so you need less money for a down payment.

Because condos are newer than houses, their maintenance costs are lower. There is no need to clear snow or leaves from the roof or to check for leaks. The majority of condos are one-bedroom units, which can command a high rental fee.

Due to their larger size and, in many circumstances, the presence of multiple rental units, houses can generate significantly more money. The expense of operating a house is higher since yard maintenance, snow removal, and house maintenance must be done by the landlord, which is extremely time-consuming. You may either supervise tradesmen or hire a property manager to manage the trades.

Condo vs. House Investment: Distinctions and Similarities

The most obvious distinction is that the condo has a separate legal definition; it includes maintenance fees, condo corporation bylaws, and, more frequently than not, taller buildings. Not all condominiums are located in buildings; you can also acquire condo townhouses that resemble private homes. Single-family homes are often more modern than condo investments and require less maintenance on the part of the landlord.

Houses are often detached, semi-detached, row or townhouses in more tranquil neighborhoods. Only a few residences remain on important roadways since most have been turned into commercial structures and condominium developments. Homes are often wider than condos, providing for additional family members and many student renters. Additionally, due to the large size, it is necessary to detect houses with two, three, or four separate rooms. However, we will be reading about buying a (condo vs a house. Which one is profitable?

Condo vs House: Which One Is Good For Buying/Owning

When acquiring a home, buyers have the option of buying a standard house or a condo. Apart from location, the style of housing you choose is critical. Homeowners own both the home and the land on which it rests, whereas condo ownership entails simply the living space contained within the rental unit plus a share of the condo building’s common areas. When buying between a house and a condo, both types of housing have their pros and limitations, and factors such as lifestyle and budget can help identify if a single-family house or a condominium is a better match for the job.

The Advantages Of Condominiums

Due to a renaissance in urban life, more purchasers are opting for condominiums over houses in recent years. Condominiums are typically located in urban areas, close to shopping, restaurants, and other points of interest. Additionally, some include resort-style amenities, like pools and fitness centers, that would be too expensive to have in a house. With people’s lives becoming more hectic, condos are an appealing option due to their simplicity and moderate lifestyle. Because the association payments cover the outside and many of the building’s most expensive components, upkeep is limited to the within of the dwelling.

Disadvantages Of Condominium

One significant disadvantage of condo living in is the association fees, which are collected separately from the monthly mortgage payment and used to maintain the building and its facilities. The fees can be substantial, and they may escalate if further funds for maintenance are required. Another disadvantage is that all homeowners are involved in the condominium building’s decision-making process. While many owners value the sense of community and security that condos provide, some buyers dislike the rules and restrictions that come with them.

Advantages Of A House

A significant advantage of purchasing a home is that you have complete authority over the property and can remodel or make changes without obtaining permission from others. Another advantage of a house is that it provides additional interior and outdoor space, which is ideal for hosting families, children, and pets. Additionally, houses have extra storage space in the form of closets, attics, and basements. Houses provide greater privacy than condos do since neighbors are not as near as they are in condo towers.

Disadvantages Of A House

Additionally, homeownership has significant drawbacks. A homeowner is entirely responsible for all maintenance on the property, both inside and out, including the care and maintenance of the yard and trees. When buying a home, you should also consider purchasing additional equipment and tools for maintenance. While any renovations you make will almost certainly raise the home’s resale value, they will need time and money. Another disadvantage in buying is that utility bills are often greater in houses than in condos.

Buying/Owning A Condo vs House: Self-Assessment Questions

Because everyone’s experiences are unique, having a condo is not simply better or worse than buying a home it all depends on your stage of life and the type of property you require. If you’re still unclear whether owning a condo or a traditional single-family house would be a better fit for you, here are some questions to consider before making a decision.

#1. How Much Time Do You Have Available For Housekeeping?

You may not have the time to care about keeping your home and yard, depending on your profession or lifestyle. Consider how much time you have (and desire) to spend each week on house maintenance while deciding on the style of home you want.

#2. Do You Intend To Rent Your House While You Are Away?

If you travel frequently or for extended periods of time, whether for personal or professional reasons, you may want to consider renting out your property while you’re gone. If you want to lease your property to a tenant in order to earn some money while you’re gone, keep in mind that this may not always be a possibility.

#3. Are You A City Dweller?

If you live in a crowded city and are a first-time homebuyer, the alternatives available to you may vary significantly depending on whether they are classified as homes or condos.

Is Living in a House Better than Living in a Condo?

Condominiums are extremely popular among first-time buyers, downsizers, and investors. While they are often less expensive than houses, you must keep an eye on those annoying HOA fees.

What Are the Disadvantages of a Condo?

One significant disadvantage of condo living in is the association fees, which are collected separately from the monthly mortgage payment and used to maintain the building and its facilities. The fees can be substantial, and they may escalate if further funds for maintenance are required.

Is Buying a Condo a Waste of Money?

Condos do, overall, rise over time. However, if you’re deciding between a condo and a house, remember that a single-family home will often appreciate in value faster than a condo.

Are Condos a Good Investment 2023?

With people’s lives becoming more hectic, condos are an appealing option due to their simplicity and moderate lifestyle. Because the association payments cover the outside and many of the building’s most expensive components, upkeep is limited to the within of the dwelling.

What Is the Difference between a Condo and a House?

A condo is a housing unit that is owned by a single person. Condos are usually more affordable and require less maintenance than single-family homes. These units could be houses on their own or units that look like apartments that are joined together.

Do Condos Appreciate as Much as Houses?

Even though a property’s value can rise faster if it’s in a good neighborhood, most condos still rise in value more slowly than single-family homes.

Related Article

  1. CONDO: Definition and Comparison of Condominium With Other Housing Types
  2. FHA APPROVED CONDO: The updated list & How to get one (+ free tips)
  3. HOA FEES: Considerations Before Buying
  4. CONDO VS COOP: Understanding the Differences

Originally posted 2023-09-30 08:39:00.