It is important to figure out what home best meets your needs for the next 3-5 years. In order to accomplish this, it is essential to understand the types of homes. 

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A condo is more like an apartment that you own. It is in a shared building or complex and it is usually much smaller in square footage than a house. A condo board or homeowners association (HOA) owns and maintains the exterior of the building and all the common areas like the parking garages, swimming pools, the clubhouse and gym. Different complexes have different amenities depending on size and location. Because of this condos typically charge HOA fees.  

 

A Single Family Home is a free-standing residence with four outer walls that are not connected to any other residential structure. It is usually on a lot with a yard in the front and/or back, and the owner of the house also owns the land the house sits on. Also the owner owns the garage (if detached) or in law-unit (if applicable).

 

Condos are unusually less expensive than a free-standing home but are much smaller in square footage. They are in a community while houses are in neighborhoods. Houses have more privacy since you are not in a community complex.