Condo or House? The Pros and Cons of Each

There is no denying that the preferences of home buyers can vary widely. One person might be looking for a quiet single-family home with a big private yard for gardening and entertaining, while another person might want to be in a more walkable area in the hustle and bustle of a city. 

Luckily, the housing market in St. Louis offers a variety of houses and condos to choose from — in a variety of locations. The best home for you will depend on your needs and preferences. 

To some people, a condo might seem too much like an apartment since it’s in near proximity to other units, but there are quite a few differences. Most notably, a condo comes with ownership – just like buying a house. But there are some things that set a condo apart from a house.

Cost. Condos are cheaper than a house on average, which can be great for a first time homeowner. Home insurance for a condo is often cheaper, too. 

Less maintenance. Most condo associations hire someone to do any landscaping and lawn mowing, so the owner is not responsible for any yard work. 

Amenities. Condos often have convenient amenities, like pools, gyms, playgrounds, and even security. And again, it’s not the condo owner’s job to maintain these areas. 

Urban setting. For those who like the city feel, there are generally a lot more condos vs. houses in densely populated areas.

Less privacy. Condos are close to neighbors and often share walls. They also don’t usually have a private outdoor space for entertaining guests, and if there is a patio or pool, it’s often shared with the residents of other units. 

Smaller appreciation. The price of a condo does not typically appreciate as quickly as a house. That said, the property value is unlikely to go down and is still a good investment.

Extra fees. Amenities come at a cost. There are usually HOA fees associated with condos to pay for amenities and services, like landscaping. Condo owners in Clayton pay up to $1,450 per month in HOA fees, and downtown, pay around $500 per month depending on the complex. If owners don’t abide by the HOA rules, there can be hefty fines. To avoid surprises, it’s best to become familiar with the HOA rules before moving in. 

More restrictions. Many condo associations impose restrictions on pets, decorations, noise, and making any changes to the building. So, those with a quirkier sense of style may prefer owning a house over a condo.

When choosing between a condo or a house, it is pretty clear that a condo would work best for someone who values convenience and amenities over a lot of privacy and stylistic choice. 

This can be great for retired people who want to relax without having to worry about maintenance, or for a first home of a busy young professional who needs to be close to the city center.

Many people prefer the traditional route of buying a house instead of a condo. However, it’s still good to consider the pros and cons of owning a house before jumping into it.

More privacy.  Of course, this can depend on the location and population density of the area, but houses don’t share any walls with neighbors.

Fewer rules. Owners of houses have more autonomy to make changes to the exterior, interior, and yard. They may also be able to have a set number of vehicles in the driveway, or a certain number of pets. Of course, this depends on whether the neighborhood has an HOA, or where in St. Louis the home is. For instance, St. Louis city homeowners can have only 4 domestic animals per parcel of land, while St. Louis suburbs each have their own regulations regarding pets. 

Higher appreciation. While the housing market can fluctuate a lot, the property values of houses appreciate more than condos.

Constant maintenance. House ownership comes with a long list of maintenance needs, like cleaning out the gutters or mowing the lawn. Of course, there are businesses that offer these services, but homeowners have to arrange this themselves. Maintenance requires extra time as well as money.

Less walkable. There usually aren’t any houses in busy city centers or downtown areas. Some people prefer being close to the action or able to walk or bike to work. This is usually less of an option for those who own houses compared to many condo owners.

Higher priced. Houses are more expensive–usually. Houses, on average, tend to be bigger to accommodate families, and the extra space comes with a price.

As of last fall, the St. Louis housing market was the fastest selling in the country. Home prices are up, overall. The median price of condos in St. Louis is around $250,000, while the median price of houses is a little higher, at around $280,000 for a single family residential house.

At first glance, it might seem like condo and house prices are pretty similar. However, a lot of this has to do with the areas that have condos or houses available. A quick search for homes on the market will show that the vast majority of condos are in more expensive neighborhoods, like the Central West End or downtown St. Louis. In these areas, either there are no houses for sale or they are harder to come by, and are easily around half a million dollars. Meanwhile, cheaper houses are widely available in the rest of the city, where condos are harder to find. And, overall, there are far more houses for sale in St. Louis than condos.

When trying to make a decision between a condo vs. a house, there’s a lot to think about. Either way, it’s a big decision. A good realtor can help walk home buyers through the decision and all the steps to making it a reality. The realtors at Berkshire Hathaway Home Services have offices throughout the St. Louis area and experience in finding the right homes for a variety of preferences. Call one of our nine offices in the area today to get started.