As towering condominiums continuously rise, housing projects also flourish. What are the defining features of each? Aside from the overall aesthetics, a condominium and a house greatly differ in a number of ways.
A house has been an investment of top priority to families. Basically, a house is fundamental to one’s survival. It is a building intended for human habitation, and it functions as a home for families and groups of people.
With a wide array of roofing systems and housing configurations now available in the market, potential buyers can conveniently select the type of house they need. Moreover, single-family houses provide limitless freedom and privacy to the owners.
A condo (also known as condominium) is a type of multi-owner dwelling centered on co-ownership. They are individual apartments designed as a single building. Although owners reserve the right to their privately-owned apartment, they share common areas including lobbies, hallways, elevators, porches and recreational rooms.
Condo vs House
So what’s the difference between a condo and a house? First, condos are usually located at city centers, where as houses are more often on the outskirts of cities, in towns, or in rural areas. Condos’ close proximity to churches, establishments and shopping centers can reduce transportation costs in the long run.
Houses differ from condos in terms of privacy and ownership. Owning a house means that people are exclusively in charge of expansion and modification plans. Condo owners, however, often face ownership issues. They must ask permission from the building’s administration office. Common areas within a condo are managed and maintained by the building, so people cannot make alterations on them.
Condos offer amenities like basketball courts, swimming pools and recreational rooms. These amenities are generally more expensive to install in a privately-owned home.
In terms of cost efficiency, a house is typically more expensive than a condo unit. There is a wide range of condo prices to meet the budget of prospective buyers. While there are low-cost houses available for families, on the other hand, they are usually situated in suburban areas and in less desirable neighborhoods. Nonetheless, even though the up front cost of buying a condo can be lower than buying a house, condo owners are required to pay monthly fees. Also, condominium units have a lower resale value than houses.
|A high range of prices are available for prospective buyers||A house in an ideal location is usually more expensive|
|Owners must deal with restrictions on expansion, modification, repair and maintenance||Owners have unfettered freedom and exclusivity to make modifications and repairs|
|Usually in prime locations||In a huge variety of locations|
|Smaller than houses||Bigger than condominiums|
|Maximum security to owners||Security depends on the house’s location|
|Resale value is usually low||Resale value is usually high|