Deciding where to buy your next home in San Diego is a major decision choice. San Diego’s perpetual sunshine, gorgeous beaches, and vibrant community make it one of the most desirable places to live in Southern California. However, how do residents decide between buying a condo vs a single-family home? Both types of properties come with pros and cons. It’s important to align your real estate investment decision with your lifestyle, financial capability, and long-term goals.
Here, we take a deep dive into whether you should buy a condo versus a single-family home in San Diego and the benefits that come with each property type.
Buying a Condo in San Diego: The Pros
Buying a condo in San Diego comes with several appealing benefits that coarse hopeful homebuyers into making offers. Making the decision to purchase a condo in San Diego can be an exciting step towards embracing a convenient, urban lifestyle. The city offers an array of condos, from luxury high-rises to charming low-rise communities, each with its unique perks.
With a condo, you’ll enjoy the benefits of home ownership without the time-consuming responsibilities of yard work and exterior maintenance. Typically, these are handled by the Homeowners Association (HOA). Additionally, condos often come with attractive amenities like pools, gyms, and community rooms. Being centrally located, you’ll have easy access to San Diego’s thrilling Gaslamp Quarter and sunny Torrey Pines Beaches. The purchase of a condo in San Diego can represent not just an investment in real estate, but an investment in a vibrant and fulfilling lifestyle.
1. Condos are More Affordable
If the price is right, buy that condo! Buying a condominium unit versus a detached house in San Diego has financial advantages. Normally, San Diego condos are available at lower price points compared to a single-family house that sits on a huge piece of land. While they’re not as cheap as San Diego mobile homes, condos still offer a good deal compared to bigger single-family structures.
Condos are naturally more affordable because they share common spaces, roofs, and structures. Single-family homes come with private yards and more square footage, which increases the price. For those who place a high value on location, a condo in a prime urban area of San Diego can be a much more cost-effective way to live in a desirable neighborhood than purchasing a single-family home in the same area.
2. Hassle-Free Maintenance
One of the biggest draws of buying a condo is the ease of maintenance vs a house. It’s the perfect option for those who value a lock-up-and-go lifestyle. When you own a condo, you’re not responsible for external maintenance, gardening, or general upkeep. San Diego condo owners can sit back and relax as their HOAs handle the majority (if not all) of the exterior maintenance.
It’s a pretty sweet deal, minus the HOA fees that condo owners pay. On average, expect to pay $327 per month to your HOA after buying a condo in San Diego.
3. Prime Locations and Amenities
When locals buy a condo instead of a single-family home in San Diego, their purchase oftentimes comes with a more convenient lifestyle. Many condominiums are located in bustling urban areas. They offer easy access to public transportation, shops, and restaurants.
Do you prefer to kick back at your house instead of galivanting around SD? Buying a San Diego condo with premium amenities can keep you busy while staying at home. There are countless condos that offer amenities like pools, gyms, game rooms, and community spaces.
Buying a Single-Family Home in San Diego: The Pros
Purchasing a single-family home in San Diego can be an incredibly rewarding experience. Imagine having kids running around the backyard or your puppy trouncing up and down the stairs. Sounds like the dream, right? This type of home offers something that many homeowners highly value – space and privacy. Forget about sharing walls or floors! A single-family home provides its occupants peace and quiet that is sometimes hard to find in a large condominium building.
Don’t forget about the bonus of outdoor space! Single-family homeowners will sometimes have their own front or backyard area. Outdoor spaces on your property can be used for entertaining guests or working from home. People value being outside now more than ever, which is why home shoppers are drawn to single-family homes in San Diego.
1. More Privacy and Control
Another huge perk of buying a single-family house versus a condo is the control you get. There are zero limitations to painting walls, upgrading the kitchen, or adding an extra room (unless there is an HOA with rules regarding these). But typically, condos have stricter HOAs vs single-family properties.
If you value privacy and want to maintain complete control over your living space, a single-family home could be your best bet. You’ll have your own yard and won’t share walls with neighbors. Plus, you’ll have the freedom to customize and renovate your home as you see fit, something that condo owners might not enjoy.
2. Greater Potential for Appreciation
Historically, single-family homes have shown greater potential for appreciation compared to condos. As of June 2023, the median home value in San Diego is $903,000. San Diego single-family homes are valued higher than condos due to the range of factors they offer. They provide more space (both indoors and outdoors), granting homeowners room to grow, entertain, and enjoy outdoor activities.
Additionally, homeowners have more freedom to renovate and customize a single-family home to their liking, potentially increasing its value. Single-family homes also normally sit on land, which also adds to the property’s value. Homes outside San Diego can offer even larger plots of land, which helps detached homes apricate. For example, you can quickly sell your home in El Cajon which sits on large pieces of land by attracting multiple types of buyers to the listing. All these factors contribute to higher demand (and prices) for single-family homes compared to condos.
3. Resale Value: Condo vs. Single-Family Home
People don’t want to invest in a property knowing that it won’t resell for more years later. In San Diego, single-family homes tend to hold their value and appreciate more than condos. Single-family property owners can sell a house for cash after years of owning it by taking advantage of huge appreciation gains.
Although condos have their own appeal, they usually don’t resell for as much money compared to single-family homes unless the amenities are killer, or the location is prime. At least reselling a condo for a smaller price point helps reduce the capital gains tax that you would pay to California.
Research Before Buying a Condo vs Single-Family Home in San Diego
Ultimately, the choice between buying a condo and a single-family home in San Diego boils down to your personal preferences and lifestyle. If you love city life and hate yard work, a condo might be your dream come true. On the flip side, San Diego residents that prefer more space and value privacy would likely be happier buying a single-family home.
Whichever you choose, remember that owning property is not just about finding a place to live—it’s also about making a sound investment. Your perfect home is out there waiting for you, whether it’s a modern condo with city views or a charming single-family home with a spacious yard. Take your time, research the options, and prepare yourself for the exciting journey of homeownership in San Diego. You’re about to make an incredible investment – not just in property – but in your future.