Should You Buy a Condo or a Single-Family Home? 5 Things to Keep in Mind

“What’s a condo vs. single-family house?”

It’s one of those questions you think we know the answer to — right until someone asks you. Then you may hem and haw about the time you think you stayed at your cousin’s condo in Miami 14 years ago. Or maybe it was a townhome?

Understanding the pros and cons of condos really isn’t important until you’re considering buying a condo vs single-family home vs some other type of residence. And with new condo communities arriving in Greater Richmond, including The Overlook at Hancock Village in Chesterfield, odds are you may be digging into the pros and cons of condos sooner than later.

Here’s a closer look at condos and five things to keep in mind before buying a condo or a house.

What is a condo?

Before we can detail the pros and cons of condos, we first need to establish a working definition for a condo, which is short for a condominium. The following is true of condos:

• Condos are private residential units within multi-unit buildings, projects, or communities.
• Condos can share walls with other residences, but they can also be semi- or fully detached structures.
• Condos may share amenities, such as pools and fitness centers, as well as common areas and facilities.
• The aforementioned common areas and amenities are maintained by a condominium association, which is similar to an HOA. Homeowners pay monthly or quarterly dues to these associations.

We’ve built many communities in the style of condos for various communities above and beyond The Overlook at Hancock Village. These are communities that have technically fallen under the umbrella of “condo ownership.” In other words, we’re probably the closest thing to an expert when it comes to condo development in the area. Check out our other condo communities at Mason Yards in Scott’s Addition and The Outpost at Brewers Row.

Now that we have covered the defining characteristics of condos, let's dive into the pros of buying a condo vs. a house.

Benefits of Buying a Condo vs. a House

1. Enjoy Low-Maintenance Living

With low-maintenance living, condo owners reap all the benefits of well-maintained yards and home exteriors without having to pitch in on the upkeep. This is huge for homebuyers looking at a condo vs. single-family home who may have some anxiety about mowing, weeding, and whacking — maybe for the first time ever. They get to focus on their home’s interior while still enjoying the inviting outside spaces. Better yet, this benefit of buying a condo vs. a house means that there’s more time to indulge in community amenities — whether you’re kicking back solo or bonding with the neighbors. Finally, low-maintenance living means protecting your investment for years to come as well, whether you’re there enjoying your condos just as much as on day one or you’re looking to put it on the market.

2. Inviting Amenities? Check. Prime Location? You Bet.

Sometimes, it’s tough to find both pros and cons of condos. That’s because, sometimes, there are just pros. We just mentioned community amenities, but we didn’t explore all the potential offerings. Take a look at The Outpost at Brewers Row, our condo community in Greater Scott’s Addition. Here you’ll find breweries, museums, restaurants, and more within a mile, as well as a clubhouse, fitness center, and pool - all impeccably maintained by the condo association.

Among the other benefits of condo living, especially when choosing between buying a condo or a house, is the location. Condo communities are typically located within close proximity of all the places in your daily orbit: restaurants, stores, healthcare facilities, highways, and sought-after school systems. They’re right in the middle of it all, but still designed to provide plenty of privacy, peace, and quiet. Such is the case at Mason Yards in Scott's Addition, where you'll find restaurants and bars within walking distance.

3. Modern Features Designed for Convenience

Choosing a condo vs a single-family house — especially a resale home — can become an easy decision when you start taking stock of appliances, countertops, and other features. If a home was built decades ago, for example, you could be looking at original flooring and a dishwasher. Not only should you be running your fingers over granite countertops and checking your reflection in stainless steel appliances, but you should be embracing smart home features, too. For example, with StyleCraft’s LiveSmart suite of convenient features, all new homes come included with Ring doorbells, Schlage door locks, touch-screen thermostats, as well as whole-home wi-fi and connectivity.

4. Condos are Budget-Friendly

One of the biggest benefits of condo living is more jingle in your pocket. Buying a condo vs. a home is a much more budget-friendly move. And when you consider all that you’re getting — amenities, modern features, an ideal location, and more — you aren’t really losing anything, either. And did we mention all that extra time saved by not trimming the grass or pruning the trees? It’s a win-win for you and your bottom line.

5. The Neighborly Thing

Many of the pros and cons of condos we’ve outlined here have to do with things we can put a price on: a smart doorbell, lawn care on the house, and a convenient location that saves you time and gas. And so on. But here’s one more benefit that we can’t put a price on, because it’s priceless: the community. Condo communities bring homeowners together in common spaces and amenities. For starters, they probably wouldn’t choose a condo community unless they liked the idea of gathering with neighbors and friends. And second, often times, condo owners are often traveling in the same lane of life, which helps to build quick rapport.

Find Your Next Home with StyleCraft Homes

Are you ready to take a closer look at condo communities? Check out our current condo communities and contact us today.