When building a condo, the contractors enjoy a huge discount due to building many units simultaneously. This subsidized cost of construction is passed on to the final buyer. Buying a condo is relatively cheap when compared to what it costs to buy a house. Hiring the necessary labor for a construction that is meant to be subdivided into condos for sale is cheap compared to hiring workers to build a house. It is cheaper to hire labor for an extended period to build a big project on a contract basis. Hiring labor for every single project and subscribing to a specific design inflates the cost of building a house.
Houses have to be built on a private plot of land, and land is a huge expense when building your house in a prime location. The nearer the location is to amenities such as schools and hospitals pushes the construction cost upwards in urban settings. In urban regions, people are after the greatest convenience; proximity to amenities is a huge factor in influencing how far up prices rally. With a condo, the units are built on a single plot. Condo owners hardly feel the cost of buying a plot as all owners share it.
Big houses come with a huge utility bill since they have to be maintained often. Large houses require a professional cleaning crew handling the maintenance due to their massive structure. Hiring workers to maintain a house can be inconvenient, especially for owners who often do not reside in the houses. Condos are relatively cheaper to maintain. They are not that huge in space and hardly require a crew of cleaners. Maintaining a condo by yourself is not a strenuous task. Many condo owners hardly ever hire people to handle cleaning.
In the design of a house, you have extra spaces designed to be a front porch or a backyard. Depending on what an owner chooses to do with the yards, maintenance can go up significantly. If a person chooses to go with a well-trimmed hedge and a lawn, the person has to hire a professional landscaper. Hiring a landscaper poses a challenge as it is recurrent expenditure. Live hedges have to be trimmed, just as the grass has to be trimmed often. This regular maintenance inflates the cost of maintaining a house when compared to a condo. Condos have no outside maintenance cost as the compound outside is taken care of by the larger community.
To a homeowner with a limited amount of time, condos make for a more convenient option. Owning a house comes with the added responsibility of running repairs on the exterior. Due to exposure to harsh weather, fences have to be repainted or the snow shoveled during winter. As a condo owner, everything that is outside your door is not a concern of yours. Time can be a costly asset if your occupation is time-sensitive. Owning a condo allows a person to focus on more pending matters.
Condos cut down on the commute cost because they are often built close to city centers to maximize convenience. If you intend to build a house, you will be forced to move further from the city center to purchase a private parcel of land. The high cost of real estate pushes house owners to the suburbs, where land prices are lower. Owning a condo means the owner will be closer to basic amenities. This means you will spend less time traveling to a person with a car, and the fuel cost will be reduced. Traveling for extended distances daily can pose an economic challenge since the cost of fuel has risen steadily.
While condos present a cheaper and convenient option to a homeowner, they carry a host of limitations. A condo is limited in terms of external appearance, and you cannot customize the exterior to meet your preferences because the units are built uniformly. A house can be expanded in the future as it stands on a private parcel of land. Walls can be knocked down to create more habitable rooms or storage spaces. A condo cannot be structurally manipulated as it is part of a larger structure. Living in a condo does not encourage privacy since most of the facilities are shared.