What is the difference between a house and a condo?

A house is a free-standing residence with four outer walls while a condo which is the short form of a condominium is an apartment in a shared building or a complex. The condo is very popular amongst first time buyers or investors.

A condo is a lot less expensive than a free-standing house. Condos are smaller in square footage and are cheap to maintain. Condo living is like a public living because it is surrounded by a lot of people while a free-standing house has a lot of privacy. Condos do not have yards while the house has a yard.

Condominium requires a legal document This typically includes a document called a Master Deed, Enabling Declaration, Declaration of Conditions, or Condominium Document, while house regulations and choices are made by the house owner.

A house and a condo can be well differentiated by looking at things like the payment of association membership fee. When you purchase a house, you have become the rightful owner of the house, and every responsibility to be taken on that property now becomes your business.

If you are purchasing the house on loan, the mortgage, insurance, annual taxes are what to be paid by the owner. In the case of a condo, you can only be the owner of a unit or an apartment of a bigger building. This means you will not be the only one in that building as there will be other unit owners.

There's a homeowner’s association for all the unit owners, and that is why each unit owner will have to pay an association membership fee together with other payments like escrow payment and mortgage. Another differentiating feature is the price of owning a condo and a house. Definitely, a condo will cost less than a house; although, this also depends on the location of the house and condo.

Condos and houses are two of the many places that people can live. One of the differences between them is in regard to ownership. While you can own both, most people rent condos and then invest in a home to live in.

For those renting condos, it normally comes within a close location to a restaurant and shopping locations. They also have public free resources, like a pool or a gym. With a home, you normally live nearby other neighborhoods, as well as schools. Another difference between them is in regards to space, where homes are more spacious than condos.

Condos are generally located in urban areas that are close to shops and restaurants. Some even boast free public activities, such as fitness centers and pools. The condo offers a very convenient solution to the high cost of paying to go to a fitness facility or swimming pool. Condos are also very low maintenance, as not too much upkeep is required. One disadvantage of living in a condo is association fees, which assist with building maintenance and services.

Homeownership has advantages and disadvantages. One significant advantage is that you have total control of the property to do with it, whatever you feel looks best. There is also extra indoor and outdoor space, which is beneficial to families. However, the homeowner has the responsibility to pay for the upkeep of the house, yard, and trees. Also, utility bills are often higher because of having significantly more space.