Condo vs. Home: What First-Time Homebuyers Should Know 

By Julie Marion, Founder of The First Time Homebuyer Workshop

What Is A Condominium?

The definition: A condominium is a privately owned housing unit within a larger building or community and  you own the interior space of your unit — typically from wall to wall — while sharing ownership and expenses of the exterior of the building structure and common areas (like the roof, landscaping, or parking lot) with other owners.

Is A Condo Right For You?

For many first-time homebuyers, the goal is simple: stop renting and start building equity. But when you begin your search, one big question usually comes up — should you buy a condo or a single-family home?

Condominiums (or “condos” for short) can be a smart stepping stone into homeownership. They offer affordability, convenience, and a built-in community — but also come with shared responsibilities and rules that can surprise first-time buyers.

Let’s unpack what condos really are, how they differ from traditional single-family homes, and the key factors that will determine whether condo living fits your lifestyle.

The key factor between a single family home and a condo is that you share, financially, running of the property where as with a single family home you are responsible for interior and exterior. This shared ownership means you’ll likely pay a monthly condo fee to cover expenses such as:

• Exterior maintenance (roof, siding, landscaping)
• Insurance for shared spaces
• Trash and snow removal
• Sometimes utilities or amenities like a pool or gym
• Landscaping
• Common septic or well (if applicable)

 However, NOT taxes.  Taxes are in addition to a condo fee (typically). 

These fees vary depending on the age and features of the building. Newer or luxury developments might have higher fees but include modern conveniences; older properties may have lower fees but require more upkeep.

At the end of the day everything on the outside is taken care of and you just get to live! 

Why Condo Fees Aren’t “Bad”

One of the most common misconceptions about condos is that the monthly fee is a waste of money. But here’s the truth: if you compare all the carrying costs of owning a single-family home (maintenance, insurance, repairs, lawn care), you’ll often find the condo fee is quite reasonable — and sometimes less expensive

The key is comparing apples to apples. A condo fee isn’t an “extra expense”; it’s simply a different way of managing the same responsibilities that come with homeownership.

Why Condos Appeal To First-Time Homebuyers

Condos often cost less than single-family homes in the same area, making them a popular entry point for first-time buyers. They’re typically located near urban centers, close to public transportation, restaurants, and entertainment — perfect for young professionals or anyone who values convenience over yard space.

Many developments also include shared amenities such as gyms, pools, or clubhouses that would be costly to maintain individually.

The Hidden Factor: Sunlight And Layout

Natural light might not seem like a deal breaker — until you realize many condo units share walls with neighbors. This means one or more sides of your home may have no windows at all.

Before buying, consider when and where you want sunlight in your home — morning or afternoon? East- and west-facing units can feel very different. Take note of how sunlight enters during your visit; it can have a big impact on your happiness in the space.

Condo Rules And Regulations

Condo living means agreeing to community rules. These are typically outlined in two sets of documents:

Condominium Documents – establish legal ownership and how the property is managed.

 Rules and Regulations – cover daily living standards, such as:

•  Pet policies
•  Parking and guest rules
•  Noise and quiet hours
•  Use of balconies, grills, or signs

Before buying, read these carefully. The rules protect everyone’s quality of life, but they can also limit your freedom — so make sure they fit your lifestyle.

Understanding Condo Fees And Assessments

Condo fees can change over time, so it’s important to look beyond the current number. During your visit or review of the financial documents, review of the current and proposed budget is KEY! When touring a condo pay attention to:

• The building’s condition: Is maintenance being kept up?
• The association’s budget: Are they collecting enough funds for future repairs?
•  Any special assessments: These are temporary extra charges to cover major repairs (like replacing siding or resurfacing a pool). The surprise is if the condo association is not collecting enough and a roof is in need of replacement a "special assessment" can be more than the monthly condo feee.
•  Associations that underfund maintenance often have to levy special assessments later — something every condo buyer should anticipate.

How Condominiums Are Managed

Condo communities are typically managed by either a self-run board (made up of owners) or a professional management company. The board handles decisions about maintenance, repairs, and community rules — and you’ll have a say in these matters as an owner.

That’s both a benefit and a challenge: shared decision-making means you’ll need to collaborate with neighbors, even when opinions differ.

Pros Of Buying A Condo

• Lower entry price compared to single-family homes
• Little to no exterior maintenance (no mowing or snow shoveling!)
• Shared amenities like gyms, pools, or community spaces
• Prime location near city centers and public transit
• Built-in community and opportunities to meet neighbors

 Pro Tip 👉I wish I had done this early in my career! A condo can be the first property acquired in your future real estate portfolio.  It can be an asset that you hold on to and rent in the future, then sell at some point - ie for retirement or for college of a child.

Cons Of Buying A Condo

• Less privacy (shared walls and common areas)
•  Limited control over rules and budgets
•  Potential for higher or rising condo fees
•  Possible special assessments for large repairs
• Less natural light depending on unit layout
•  Stricter mortgage requirements compared to single-family homes

Final Thoughts: Is Condo Living For You?

Buying a condo can be a fantastic first step into homeownership — but it’s not for everyone. The key is to go in informed. Review the condo documents, understand the financial health of the association, and think carefully about whether the lifestyle fits your needs.

For many first-time homebuyers, a condo offers the perfect balance of affordability, location, and convenience — the ideal “starter home” on the path to long-term wealth and stability.

 🏠 Ready to Learn More?

Before you dive into house hunting, take time to understand the full process of buying a home. Empower yourself with clarity and confidence —

👉 Start Here Home Buying Chaos Unwrapped!  This 40 minute video will explain all of the professionals you will encounter during your homebuying process and who is in charge (Hint: It's not your real estate agent!).

Common Questions About Condominiums

What if I want to have a garden? Some condo developments have patios where container gardening can be a lot of fun.  There are too, associations that designate "community gardens" where people can grow flowers and vegetables.  It just depends on the association and the layout of the development so there is enough sunlight.

I don't understand how to compare the fees? In our premier class The First Time Homebuyer Workshop we show you how to break down the fees of a development you are considering with the costs of a single family home that is under consideration. It goes in depth because, even utilities will vary greatly (i.e. water, heat, cooling)

  Disclaimer: This content is intended to educate first time homebuyers and let you know there are options. Discussing the issues with the professionals you hire during your home buying journey is prudent. We are not recommending or advising you on your financial or legal situation

Let’s demolish homebuyer remorse together—one empowered buyer at a time.

 Julie Marion 

Founder of The First Time Homebuyer Workshop, homebuyer educator, Urban Planner, Freddie Mac Credit Counselor, Real Estate Broker, Podcast Host, You Tube Contributor.

www.TheFirstTimeHomebuyerWorkshop.com