When you are planning to buy a home for your family, you will certainly come across recommendations to get a condominium or a house. Houses have always been considered as the conventional choice for families although condos have also become increasing popular nowadays. There are many similarities and differences between condo and house and here, we will explore the differences.
By Laws And Restrictions
The laws pertaining the ownership and responsibility of a house owner are quite clear and less complicated. A house owner has all the rights and takes responsibility of anything that is within the boundaries of the property. The owner can make all decisions concerning that house and can only be questioned when they violate the law.
A condo on the other hand requires a number of legal documents such as the master deed or the condominium document in order for it to be established to minimize the chances of a possible lawsuit. The document contains provisions such as the establishment of a homeowners association, rights and obligations of the owners and their restrictions, voting procedures for the board of governors among others. Condo owners mostly face many restrictions on what they can do with their properly while house owners have all the liberty.
The Membership Association
Houses are mostly stand-alone structures and the owner becomes responsible for everything that is within the property line. The owner enjoys all the amenities in that property all by themselves and one is responsible for all the maintenance and any other expense that pertains to that house.
Condos on the other hand, are more like an apartment and it is just a part of a bigger structure. The owner’s property only extends as far as the walls of their unit go and any other common amenity such as the swimming pools, car parks, the walkways and elevators is to be shared by all.
Condos are mostly managed by a homeowners association led by a board of directors who are chosen by the condo owners. The owners pay certain amount of money every month for the maintenance of the property, especially the maintenance of the shared amenities.
Closeness With Neighbors
This may be considered as a good thing or a drawback when it comes to a condo. The condo owners are bound to share walls and other amenities with their neighbors. This may create a strong sense of friendship or community, or become a major disadvantage for people who value their privacy. A house owner on the other hand enjoys more privacy and less disturbances from neighbors.
Generally, the initial cost of purchasing a condo is much lower than that of a house when holding factors such as size and location constant. However, a condo owner must pay a monthly fee to the homeowners association which might make it an expensive option in the long run.
Most houses have a yard that contains all the elements of the house. Within the property’s boundaries, the house owner has a right over everything in that space including the land. Therefore, any garden, lawns or trees are considered to be owned by the house owner. However, condos do not feature yards.
In case some owners wish to have a yard, the decision must be agreed upon by all the condo owners through the homeowners association. This request may or may not be approved by all condo residents.
Both regular houses and condos come with their own set of advantages and disadvantages. You can buy whatever suits your budget, requirements and other things. I personally think condos are better option than renting when you can’t buy a regular house in a city center like Los Angeles. If you want to buy a condo in Los Angeles, check out this listing of Los Angeles condo sale. If you are looking for a condo in more specifically in Santa Monica, you should visit Santa Monica Realtors. You should love to see the condos on sale on these websites.