A single-family home offers more privacy and freedom, but also more upkeep. With a single-family home, you own everything: yard, roof, furnace, etc. and you will have to maintain and repair all these items yourself. If the lawn needs mowing, it’s your responsibility. The same goes for plowing or shoveling, putting in a new furnace, painting the exterior, etc. You will also have to solicit bids and deal with contractors yourself. On the other hand, you have the freedom to make whatever changes you want to the property, be it adding extra rooms, enlarge the kitchen, add on a deck, plant trees, flowers or shrubs, etc.
You do not typically have these kinds of freedoms in a condominium, but you will have much less responsibility for maintenance or upkeep. Many of the things that require upkeep are owned commonly by all residents. Unit owners pay a monthly condo fee to take care of the maintenance for the building and outdoor areas. The potential downside with condos are there may be rules or restrictions in a condo – no pets, for example, or no smoking in common areas – that you will have to abide by. And, because living arrangements are usually more dense, there is also typically less privacy in a condo than in a single-family home
Borrowing for single-family homes or condos will provide the same tax advantages and the opportunity to build equity. So make your decision based on the option that best fits your lifestyle.