About a third of the closings we handle in Stamford and Norwalk are condominiums, and the question that decides it is almost never the price per square foot.
What the association actually covers
Read the budget and the last two years of minutes before you sign anything. The common charge is easy to compare; the reserve behind it is not. An association with a thin reserve and a roof at the end of its life has a special assessment coming, and it will arrive as a letter rather than a negotiation. We read these documents with every buyer, and we have walked two clients away from a building because of them.
What a house costs that a condo does not
A house in the same price band comes with the roof, the boiler, the driveway and the yard. Budget one to two percent of the value a year for that work and you will be about right. A condominium moves those costs into a monthly charge you can see, which is worth something on its own if you travel or if you would rather not own a ladder.
How long you plan to stay
Under five years, the condo usually wins on cost and on how quickly it sells again. Over ten, the house usually wins, because the land is the part that holds its value. Between the two, it comes down to whether you want a Saturday back.
Bring us the listing and the association documents together. We will tell you which of the two you are actually choosing.