house maintenance
Here's my point of view, having owned both a house and a condo. (apologies in advance for the long post)
I think over the long-term, condo maintenance is cheaper (providing the building is well-managed).
I made the mistake of thinking that maintenance costs in owning a home would be cheaper because I wouldn't have some yahoo down the hall who cranks up the air conditioning, yet at the same time has all his windows open to allow for fresh air. Without question, this is a total waste of money, but net/net it's a small factor in calculation of the total maintenance cost.
CONDO Example:
Fully one-third of the maintenance in my condo building went to the reserve fund, which covered roof repair, maintenance of water pipes, siding on the building - among other things. NOTE: Maintenance costs seem high, but they are evened out over time because one pays the same amount each month.
House Example:
Now that I own a home, it's true that in one month my maintenance costs that relate to Utilities might be lower as a percentage. But I have more house to heat (3 bedroom ~ 1400 sqft). Therefore the saving is not as much as one would have previously thought.
In three years of living at the house, I've had the following costs: Roof replacement (~$6000), Basement crack and foundation repairs (~$800), Repairs to siding and new windows (~$750). Within the next few years, the concrete sidewalk to the street will need replacement, plus the wooden deck on the back porch needs to be repaired or replaced. Eventually new siding or brick repairs will have to be done to replace worn out brick.
In addition Insurance costs are much higher (about $900/yr higher). In the condo, I simply had to pay for contents insurance, because the maintenance fees covered building insurance. Also, taxes are higher because I've got more house per square/feet of land. Taxes are generally lower on a condo because of the higher density zoning (although a component of land value does play a factor). My taxes jumped about $1800/year with the purchase of a house. That difference alone almost makes up for any "presumed" savings on maintenance fees.
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In summary: A condo vs. a house is a lifestyle choice. We wanted a place that afforded some privacy with a back yard for entertaining and barbecues. Also, it is nice to sit on a private patio in the morning and enjoy the paper while having a coffee. (One could also do this on a private balcony, but being surrounded by trees and a garden is more aesthetically pleasing).
Also, speaking of gardening, it's nice to be able to plan and design the layout of a backyard garden space, without having to get consensus from 50 other unit owners. (That is, if there's a backyard garden space to begin with - as many condo's have only a rooftop patio).
Net/Net: I believe a condo is less expensive in terms of maintenance and upkeep costs... the question is how much are you willing to pay to enjoy having a private barbecue in the backyard?
