 TITLE: Should You Buy a Condo or a House? CONTENT: Is a Condo or a House More Affordable?\n--------------------------------------\nIt's easy to assume a condo will cost you less than a house—but the ongoing costs of ownership may be more complicated than you think. Owning a house means you cover all the maintenance yourself, both interior and exterior. Landscaping, rain gutters, painting, fixing the roof, plumbing and more will be your responsibility with a house.\nCondo residents typically are responsible for just the interiors of their living space—the rest is handled by a condominium board (like a homeowners association) that collects dues from residents to manage the community's upkeep, including both maintenance and amenities. Fees are usually paid on a monthly or quarterly basis, and costs can range from a few hundred dollars a month to much higher for more plush facilities.\nDepending on the development, you may pay homeowners association (HOA) fees for a house as well, though this is less common. On average, a homeowner spends about $2,000 a year just on optional maintenance for their home, including things like paying for a gardener, pool service or house cleaning. Necessary maintenance costs around $1,000 or more each year, though experts recommend setting aside 1% of your home price per year for these costs just to be safe.\nAnother major cost consideration should be the condo's amenities themselves. You may balk at HOA fees yet find yourself spending thousands if you decide you want your own pool, a garage outfitted with gym equipment or an extensive home security system. Even some utility costs, such as water fees or garbage pickup, may be covered with condo fees—not so with a house.\nBoth types of property will require you to take out homeowners insurance and pay property tax. You can expect to pay around $500 a year on average for condo insurance, while homeowners insurance costs twice as much on average.\nProperty taxes will depend on the cost of the house or condo so are less of a contrast, but it's wise to check out the rates for any properties you look at: Some condos in a pricier part of town may require higher taxes than a house in a less desirable area. Also, a condo developer may have received tax breaks that it passed down to owners and which could end soon; check with your local assessor to find out if a particular development's taxes are expected to rise soon. END