15 Oct How To Decide Between a Condo and a Standalone Home in Atlanta’s Market

So you’re thinking of purchasing a home in Atlanta’s real estate market. How do you decide between purchasing a condo and a standalone home? Is there any particular advantage to choosing one over the other?

Truly, the answer will be different for everyone. It depends on your lifestyle, your long-term intentions and what you value the most. Here are a few differences between houses and condos, and the advantages and/or disadvantages of each.

HOUSES RETAIN LONG-TERM VALUE BETTER THAN CONDOS

Condos typically do not appreciate as quickly as standalone homes (unless the location in Atlanta is in high demand), and if the market dips, condos tend to lose their value more quickly. If you are looking at your home purchase as an investment to sell for a profit later, a standalone home might make more sense.

CONDOS ARE MORE CONDUCIVE TO URBAN LIVING

If you like the idea of having shops, restaurants and public transportation located a few steps from your door (like in midtown Atlanta, for example), a condo might be more suited to you than a standalone home. Also, condo communities are more likely to offer amenities like pools, fitness facilities, game rooms and other luxuries that would cost much more to have in a standalone home. Condo owners share costs for these amenities through a monthly condo fee on top of the mortgage, which is still less expensive than paying for these luxuries yourself.

HOUSES USUALLY OFFER MORE SPACE AND MORE AUTONOMY

If you have a larger family requiring more square footage, you’re more apt to find it in a standalone home than in a condo. Also, if you own a house, you have more freedom to modify or remodel the property—plus, you won’t be dealing with noisy neighbors separated from you by only a wall.

CONDOS REQUIRE LESS MAINTENANCE THAN STANDALONE HOMES

If you own a home, you’re responsible for all maintenance, upkeep and repairs—from mowing the lawn to replacing the broken water heater. In a condo, maintenance and property upkeep are usually shared, paid for by the monthly condo fees. If you enjoy working in the yard and handling your own repairs, you might prefer a standalone home in one of Atlanta’s historic neighborhoods or in the suburbs; if you prefer not to bother with these details, a condo might be the best choice for you.