Buying a Condominium Vs Buying a House

Typically a house is a free-standing unit, while a condominium is attached to similar units by a common wall or walls. When you buy a home, you are purchasing the entire structure and the designated land upon which it resides, When buying a condominium, you will have exclusive ownership of the interior space of your unit, but will have joint ownership with the other owners of the common walls and the land involved. This will include any amenities, such as a pool, clubhouse, tennis courts, and golf course.

If you are a homeowner, you are relatively free to remodel the home to your preferences. As a condominium owner, you are governed by Covenants, Conditions and Restrictions, commonly known as CC&Rs. Depending on the development’s homeowner’s association, the CC&Rs and bylaws can be fairly lenient, or quite restrictive. Before you considering buying, you will want to review these documents thoroughly, and discuss any concerns with suitable legal counsel.

There are many advantages to condominium ownership, including yard maintenance and the amenities available. Condominium living can give you the freedom to travel and pursue other interests. On the other hand, owning your own home, while it typically requires more of your time and attention for maintenance and upkeep, can give you more freedom to use your property as you see fit.

On the other hand, perhaps the sellers are unreasonable or difficult, and are not willing to work with buyers to meet a common ground. If that is the case, you may also want to walk away from this house.