It all comes down to location, location, location.
A condo in front of the ocean will accrue in value more than a home on the other side of the 405.
That said, pros of a home are:
Freedom to do most anything you want, or decorate how you want to.
No problem, noise, etc., from neighbors above, below, or on either wall.
No home association fees (HOA).
Homes, in the same locality as condos, will accrue more in value than condos.
Pros of condos:
No yard maintenance.
Any exterior repairs get taken care of by the HOA
More security when compared to a single family home.
Cons of a house:
You need to take care of landscaping, painting, any repairs.
Cons of a condo:
HOA monthly fees, and fees that can come up during the year to fix other things. You need to pay the fees as they become due, no waiting for later. You may have to pay for things you don't want or need.
Follow all the HOA rules. Some can be very restrictive.
Only you can make the decision of where its best for you to live in. Some, swear by condos; others would not get caught dead in a condo.
Any concerns, ask on this forum, or contact me via my profile.
Realtor, Certified HAFA Specialist (CHS )
Coldwell Banker Residential