An issue facing first-time and experienced buyers, the thought “Should I purchase a condo or single-family home?” crosses your mind at least once.

Before you make a definite decision, consider the pros and cons of each:


CondoHomeFor those wanting to live in an urban area, condos prove to be practical. These properties, with no lawns to maintain, are within walking distance of shops and public transit and, in dollars per square foot, tend to be cheaper.

Don’t let that price tag fool you, however. What buyers must factor in is, buildings typically have a condo association, which requires dues. While an extra cost, this service is essential for keeping the building and grounds clean and safe. Expect to pay anywhere from $100 to $1,000 per month.

Along these lines, nearly every complex makes collective decisions regarding the building. Be mindful that any rules could restrict what you can and can’t do to your property.

Outside of the property itself, buyers need to consider the housing market. During the housing crash, buyers defaulted on condominiums more than single-family homes; as a result, lenders now have stricter standards or may only approve a loan at a higher interest rate.

Too, the FHA has implemented very specific standards. If you’re approved for this loan, keep in mind that the building must be more than half owner-occupied, among other requirements.


With a single-family property, you get more square feet and grounds surrounding. Understand, however, all of this area needs to be maintained, and you’ll be responsible for budgeting and performing yard work and repairs – or hiring someone else to do it.

The greater space, too, translates to greater utility bills, but this aspect is often a minor drawback. More grounds often means privacy from the neighbors, full control to remodel or make additions, and greater storage space.

On the other hand, certain developments and neighborhoods come with their own homeowners’ associations. These operate much like the condo association above, with restrictions and collective agreements.

Whether you’re looking at a single-family house or another type of property in Central Connecticut, explore custom home-building with By Carrier. Contact us to learn more.

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