Buying a condo not the same as buying a home

NORTH COUNTY – Stringent lending policies and the escalating costs of home ownership have led many prospective home buyers to consider condominiums instead of single-family homes.

Condos are typically less expensive than single-family homes, which makes lenders and borrowers alike feel more comfortable. Lenders feel better because the loans aren’t as large, while borrowers are more comfortable because such loans allow them to improve their standing with lenders, potentially setting the table for a low-interest home loan down the road.

But the differences between buying a condo and buying...