If you’re like most people looking for a new home, you know the main differences between owning a condo and owning a single-family home. Condos are attached; single-family homes are not.
But what about the nuances of ownership?
Condo or House: What’s Best for You?
The fundamental differences between a condo and a house are pretty apparent. For example, a house will likely:
- Have a private yard
- Require outdoor maintenance (including yard work, unless your homeowners’ association hires a lawn maintenance company)
- Give you a fair amount—or complete—control over customizing your home
A condo will likely:
- Cost you monthly in association fees
- Not require you to do any outdoor or exterior maintenance
- Give you access to shared common spaces
When it comes to actual ownership, though, there are some key differences you need to know about before you buy.
With a home, you enjoy exclusive ownership of the home’s exterior and the property it’s built on, as well as the interior. When you own a condominium, you own the interior walls and the space between them. The rest of the building and the areas outside are typically part of a “shared ownership” deal.
A Word of Advice if You’re Buying a Condo
If you’re buying a condominium, you’ll be part of a condo association. The condo association will be responsible for maintaining the grounds, the building, and shared common areas—but they’ll also have rules you’ll have to comply with in order to remain in good standing. (A condo association is a lot like a homeowners’ association, which many Charlotte neighborhoods have.)
Read the condo association’s CC&Rs before you make an offer on a home. CC&Rs are covenants, conditions, and restrictions, and they tell you what you can and can’t do in the community. Some may be too restrictive, while others may not be restrictive enough. Talk to your Charlotte Realtor® about the CC&Rs in any neighborhood you’re interested in; he’ll be able to help you find the information you need.
Are You Looking for a Home for Sale in Charlotte or the Surrounding Communities?
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