When you are looking to purchase a property in Florida, one of the biggest decisions you may have to make is whether to buy a condo or a house. While both may seem like great options, there are some key differences between the two that you should understand before making a decision.
What is a condo?
A condo, or condominium, is a type of property in which multiple individuals own portions of the whole. Typically, condo owners will share common areas, such as hallways, parking garages and swimming pools. In many cases, condo ownership also includes membership to a homeowners’ association, or HOA, which is responsible for managing the shared spaces and enforcing the rules and regulations of the condo community.
What is a house?
A house, or single-family home, is a type of property in which one individual owns the entire structure. There are no shared areas, and homeowners are responsible for all exterior maintenance and repairs.
The key differences between condos and houses
Per condo law, condo ownership typically includes monthly fees that go toward the maintenance of common areas. On the other hand, homeowners are responsible for all exterior maintenance and repairs on their own. Condos are often a more affordable option than houses given that condo owners typically share some of the monthly expenses.
Condo owners are jointly responsible for the exterior maintenance and repairs of their unit as well as any common areas they share. Homeowners, on the other hand, are solely responsible for their exterior maintenance and repairs.
It’s not easy to decide whether to buy a condo or a house since both have their own advantages and disadvantages. Having a good understanding of the key differences between the two can help you make a more informed decision.