When you’re ready to buy property in Oahu, you still have several choices ahead of you — namely, what type of property you’re looking for. A real estate professional can help walk you through your options, but having an idea of what you want helps every property search go smoothly. Depending on your budget, lifestyle, and dreams for the future, both condos and single-family properties offer exciting opportunities for the future!
Pros & Cons at a Glance
| Single-Family | Condo | |
|---|---|---|
| Pros | More Control over Property More Privacy Personal Customization of Space Fewer HOA & Property fees Includes More Outdoor Space More Location Options | Fewer Maintenance Responsibilities Access to Amenities More Affordable Built-In Community Prime Metro Locations Generally Less Expensive |
| Cons | Fewer Maintenance Responsibilities Access to Amenities More Affordable Built-In Community Prime Metro Locations Generally Less Expensive | HOA/Condo Fees Less Privacy Less Control over the Property Potential for Extra Fees More Rules & Approval Processes |
The Differences Between Houses vs. Condos
On the surface, you’re buying the same thing whether you choose a condo or a single-family home — four walls, a roof, and a place to call your own here on beautiful Oahu. The details change between properties, though, so let’s break down some of the differences!
Condos
Condos, or condominiums, generally refer to an individual unit that’s a part of a larger building or complex, similar to an apartment. These units share walls and common areas with other people living in the building. The purchase price of a condo includes the space within the walls of the unit for sale, as well as a portion of the shared amenities offered by the property. Because condos are part of a larger building, these properties tend to be in dense urban areas, like Honolulu, or other locations with in-demand housing.
Houses
Houses, on the other hand, come in all shapes and sizes with little to no attachments to neighboring structures. Single-family home purchase prices often include the land below and surrounding the house, offering more space for outdoor living than condos can provide. Houses are more common outside of dense urban centers and feature more space between you and the neighbors, as well as generally larger property sizes.
The Concept of Ownership
One of the major differences between buying a condo versus a home is the nitty-gritty of exactly what you’re buying with the purchase price. This also impacts your responsibilities and rights regarding your property. In a single-family home, you own everything — the earth beneath the structure, the air above, and everything else included within your property lines. You make all the decisions, and you’re responsible for all the necessary maintenance and repairs that may pop up.
For those considering buying a condo, the purchase price includes everything within the walls of your unit and a portion of the communal spaces. The building as a whole is owned by all the condo owners collectively, with the common areas and amenities managed by homeowners elected to the HOA board. Though you may pay additional fees to your HOA, you aren’t directly responsible for property upkeep.
Lifestyle & Goal Considerations
Your perfect property can change based on your lifestyle. If you’re a homebody or want space for an art or workspace, the larger property sizes of single-family homes may be something you’re interested in. Condos are perfect for those interested in slashing commute times or looking for walkable communities with all their needs met in a few square miles. Looking for adventure on the island and planning to spend minimal time at home? The lower cost of a condo may be ideal! However, if you’re wanting to stretch your renovation muscles, you’ll have far more freedom in a house than a condo overseen by a homeowner’s board.
Buying an Oahu property is the perfect time to think about your future and find the dream home that fits your goals and vision!
Extra Fees: HOAs, CPRs, and More
Fees and community expenses aren’t just for condo purchases! Many properties in Oahu come with additional fees, whether to a Homeowners Association for the neighborhood’s maintenance or Condominium Property Regime (CPR) costs. These added costs can come with very tangible benefits and quality of life improvements, so deciding upfront if that’s a deal-breaker may open up new opportunities for your future purchase.
Which is Right for You?
Only you can decide what you want from your future home! Whether you only need a place to lay your head as you dive into life’s fast lane in Honolulu, a larger property for a growing family, or anything in between, there are properties here for every lifestyle. The choices can be overwhelming if you’re looking at all of the available options, so narrowing your focus by deciding the “condo vs home” question will help you find your dream property faster!
Navigate the Real Estate Market with Confidence
Buying a property can be stressful at the best of times, but Oahu’s fast-paced market can make it doubly so if you’re not sure what you want! Between single-family homes and condos, the possibilities are endless here. Hopefully, this overview helped you decide what type of property is right for you and can help narrow your search.
Want more help sorting through all the options? The real estate experts at Island Homes Oahu are here to help! We’re dedicated to helping you streamline your property search while making the experience fun and exciting, rather than stressful and overwhelming. Contact our team today to find your dream home!
