One of the major decisions you would have to make in the home-buying process is the type of home you want to buy. Would you prefer the independence and privacy of a house or the convenience and facilities of a condo? Deciding between a house or condo homeownership will largely depend on your budget and the living style you are looking for in your new home.
It might seem like a daunting and confusing task, but understanding your own needs will help you in determining which option will be ideal for you. Remember to consider the cost of maintenance and repairs that will come with a house and the lack of space and control in a condo. Make sure you weigh in both the pros and cons of both options.
Advantages of Buying a Condo
Here are the many benefits of condo ownership:
No Maintenance and Repairs on the Exterior
The major advantage of being a condo owner is that you don’t have to worry about the exterior of the building. While house owners have the responsibility of shoveling snow, raking leaves, pruning trees, cleaning gutters, and mowing the lawns, condo owners don’t have to deal with these tedious tasks.
The structural and exterior maintenance of the condo is the responsibility of the building owner or association. That means you get more free time to focus on other aspects of your life.
Condos are smaller than a house and densely packed, which is why they are typically situated near various amenities. Thereby, living in a condo means you will be closer to various entertainment, shopping, and cultural facilities. Moreover, you are likely to have a shorter commute as condos are usually in or closer to the commercial hub, unlike houses, which are in exurban or distant suburbs areas.
Condos also offer plenty of shared amenities to the residents, depending on the size and area of their location. These amenities include jogging trails, parks, golf courses, gyms, tennis courts, and swimming pools. People living in houses typically have to walk or drive to public facilities to use these amenities.
Increased Social Connections
Condos have various units on a single floor, which means you have more chances of interacting with different people. Single houses, on the other hand, are detached from the neighbors. It reduces the chances of building social connections. Living in a condo means you have a certain level of intimacy and have the opportunity to meet with people that have similar interests and backgrounds.
Moreover, the amenities available in the condos create an even better chance of co-mingling with society. It forms a close-knit bond with the neighbors.
Advantages of Buying a House
Here are the many perks of buying a house:
Owning a house means you will have a bigger space as compared to a condo. While condos are compact, a house often has some space at the front or back or both. This land comes with the property, and you have the freedom to use the additional space as per your wants and requirements. You can create a beautiful garden, install a private pool, add in a few swings for the kids, and make a barbeque area. There is so much you can do with the additional space. The fence around the house also means your kids can play safely.
Increased Creativity and Control over Exterior
When you buy a house, you have the advantage of having more control over the exterior of the property. You can be as creative as you want to be while customizing it. The owner of a condo doesn’t have any control over the exterior of the building. With a house, you can paint the exterior, start a vegetable garden, plant flowerbeds, or make a playhouse for the children.
The house can be easily customized the way you want to in ways that a condo can’t. Additionally, each house has its individuality that can be appealing to the buyers, but the condos are uniform.
Suitable for Growing Families
A house is ideal for families as it has enough room for the children to grow. It is big enough to accommodate all the family members, from a toddler to a teenager. With the additional land, you also have the choice to extend the house if there is a need for more space. You can even have a guesthouse on your property if there is sufficient room.
No Restrictions or Limitations
Condos have certain limits on the number of people you can have in a unit. If any of your loved ones want a place to stay in for a few days, you will find it difficult to accommodate them in a condo. You won’t face this issue in a house. There is plenty of space, and there aren’t any restrictions on the number of people residing in the house.
Aside from that, you also have more control over your property and can use it for commercial use as well. For instance, if you want to start a mechanic shop, you can do it in a house but never in a condo.
Easier to Sell
It is difficult to sell a condo since it is mostly viewed as a substitute house. As mentioned before, all units are uniform which might not be an appealing factor for most of the buyers. Houses, on the other hand, have distinctive features and usually attract at least a few potential buyers. You can easily find a buyer for your house whenever you decide to sell.
The House vs. condo debate continues for much interest. However, there is no right or wrong answer here. The better buy is usually the one that meets your budget, lifestyle, and other requirements. If buying a house is working well for one person, it doesn’t necessarily mean it will work well for you too. Therefore, you must evaluate your needs and requirements first and assess the advantages both options offer you.
I aim to make this choice easier for my clients, whether you are a first time home buyer or are looking to downsize or upgrade your home. No matter how many queries and concerns you have, I am here to help you out with a range of services. I understand this is one of the most important decisions you will make in your life, which is why I want to make sure you are happy with the choice you make. I will help you find the best possible solution for you as per your needs.
Here’s a bit of exciting news – the first-time home buyer incentive is finally launched! The mission of this incentive is to make it easier for individuals to buy their first home. It reduces the mortgage costs by 5% to 10% of the overall cost of the house for first-time buyers. You are eligible to opt for this incentive if you earn $120,000 or less annually.
I am here to help you take this first step towards homeownership. Don’t forget, I built my business on referrals, and I am always ready to assist them with all real estate queries. Get in touch today!