What is the difference between a condominium and a house

Difference between a house and a condo. Difference Between Similar Terms and Objects. MLA 8 Roehrich, Rikki. Name required. Email required. Please note: comment moderation is enabled and may delay your comment. There is no need to resubmit your comment. Notify me of followup comments via e-mail. Written by : Rikki Roehrich. On Wikipedia.

On US News. User assumes all risk of use, damage, or injury. You agree that we have no liability for any damages. Association membership When purchasing a traditional house, it is generally thought to be a stand-alone structure that is all-inclusive and in which everything from the beginning of the property line until the end of the property line would be considered the responsibility of the owner.

Bylaws and restrictions The ownership and responsibility of all aspects pertaining to a house are fairly clear-cut. Presence of a yard A traditional house will typically feature a yard, that contains all of the property on the parcel in which the house is located. Price When discussing the price of a house or condo, there are many variables to take into consideration, such as size, location, and property values of the neighborhood. Rikki Roehrich. Latest posts by Rikki Roehrich see all.

Help us improve. A condo can also be a smart buy for someone who travels frequently or who wants to be right in the middle of a coveted part of town where single-family homes would be out of their budget. However, you must be prepared to handle — physically and financially — all of the interior and exterior maintenance and repairs.

How We Make Money. Jennifer Bradley Franklin. Written by. Jennifer Bradley Franklin is a multi-platform journalist and author, often covering finance, real estate and more. Edited By Suzanne De Vita. Edited by. Suzanne De Vita. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters.

Share this page. Key Principles We value your trust. What to consider Cost: The cost of owning a house vs. Owners of single-family homes must insure their entire structure, from the foundation to the roof, as well as any detached buildings like a garage or shed. Maintenance: In a condo community, the HOA is responsible for exterior maintenance, while condo owners must maintain areas inside their unit like the HVAC, pest control and appliances. A house owner is responsible for all that and more, including yard care and exterior maintenance.

Here are top tips for avoiding pricey home repairs. Amenities: In a condo community, the cost of amenities like a pool, gym or business center is shared among all the residents, making them more affordable for each individual. However, the owner of a house is solely responsible for the cost of installing similar perks on their property. Location: Condos tend to be located in densely populated city areas, so owners can be within walking distance to local restaurants, shops and cultural attractions.

Houses, on the other hand, sit on their own pieces of land, so they can be in less dense areas. HOA rules : When considering a condo vs. Most condo communities have a governing HOA that can dictate what kinds of pets residents can have, where they can park and whether they can sublet their units, for example.

While some single-family home neighborhoods have HOAs, they are typically less restrictive and allow for greater autonomy among homeowners. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.

We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site.

Therefore, this compensation may impact how, where and in what order products appear within listing categories.

Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site.

While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Your real estate search is likely to include a range of options: condo vs.

No matter where you are in life, consider this your primer on what types of housing can fit your needs. A condominium or condo for short is a salable unit within a larger community, which could be a high-rise building. There is one major point of distinction, however: You own a condo, and you rent an apartment. Condos can be an option for anyone who wants to keep home maintenance to a minimum, including first-time homebuyers, singles, older homeowners or people who travel frequently.

Some condo buildings also have door guards and offer an extra level of security, particularly in large cities. Additionally, condo association rules can be highly restrictive, meaning you may not be able to customize your unit the way you want. Those who value exclusivity and privacy might find the community areas less than ideal, as well. If you want to make an income from your property or need a tenant to help pay bills, check the HOA rules before you buy.

In addition, condos come with HOA fees. These dues help pay for a property management company and cover maintenance costs. When most people talk about buying a house, they mean purchasing a single-family home , which is a standalone structure on a foundation.

Single-family homes can be single-story ranch homes or have multiple stories, as well as a basement or attic space. Many single-family houses also have yards, so you get more outdoor space to enjoy.

Although you get all the space when you buy a house, that also means a higher sticker price. Think lawn care, keeping the gutters clean, servicing the furnace and other routine maintenance. Those tasks can add up to significant time and money. Here are more differences between a house vs. Most modern townhouses , which are technically considered condos, have small footprints, multiple floors and shared exterior walls with neighboring homes within the community.

Some townhouses might have small yards or patios, and can be much cheaper to buy than a single-family home. For homebuyers debating between a house or condo, a townhouse might be the best of both worlds.