Key points:

1. In a real shortlist, a house and a condo generally differ in condition (age) and location. House size tends to be larger. However, for comparison, let’s normalize:
2. at the same location, for the same condition and (living area) size, houses offer more or less double the appreciation potential (due to land) and also x% higher psf due to yard, basement, attic, etc. (If total running cost is lower for a house, then additional y% psf.) These features command x% additional psf due to supply and demand. On the demand side, it seems most buyers value them more than I do, so it’s actually SILLY for me to pay that extra x% rather than 0.5x%.
   • For illustration, consider a home in a “happening place” with galleries, pubs and restaurants, so there’s 10% psf premium, but I want to avoid that premium
   • For illustration, homes in top school districts might command 50% psf premium, but the bachelor would avoid that premium
   • For illustration, homes close to transportation hubs command z% psf premium, but some drivers prefer privacy and space, so they should avoid paying the premium

— advantages of condo

• smaller price tag at the same location. See i always prefer small investments, esp. property
• size —- many smaller units like 1200 – 1500. Smaller price tag
• street cleanliness —- at the same standard, a house often costs more.
• age and condition —- most of the houses I have seen are low-end and very old wood structures
• maintenance —- see my post maintenance cost: landed^condo
  • water pipes, heating equipment, wiring … less to worry about
• often no stairs
• Smaller range of variations in condition, quality, value.. —- fewer variables; more boundaries set by the condo. I see this as an advantage not limitation. Most of the decent “houses” are luxury by my standard.
• renovation budget? —- probably more predictable and lower for condo. If a house of the same size requires the same renovation budget, then the house probably has a bigger price tag.
  • initial set-up cost —- and uncertainty thereof
• pool, gym, playground
• backyard? I see it less as an advantage, more as a burden, though kids may like it
• gated community, feels safer
• probably lower electricity, heating …
• often concrete, rather than wood

— advantages of independent houses

• easily collocate with tenant, either MFD or SFH with a back entrance.
• tax + HOA ? —- (60% sure) in Bayonne I feel overall house is better for the same size + location + condition. See my post pTax^condo fee
• no rental restrictions by committee
• for the same usable size,
  • appreciation based on land
  • expansion potential? I have seen many examples, but every house I have seen has too many rooms than I need.
  • lots of storage space like basement, attic, after you spend some money and time working on them? I won’t need so much space. They encourage a wrong life style
• wood is easier to modify with a contractor.
• condo mortgage approval is harder and mortgage rate could be higher (in theory) so resale could be harder.
• condition? often less luxury and more modest, leading to smaller psf price
• maintenance —- you have cheaper options
• less restrictions on re-layout? I won’t need it.
• often more parking space