With the condo boom that’s been occurring over the past decade, it’s become increasingly difficult for homebuyers to choose between purchasing a condo or a house. There are plenty of benefits to owning either style of property, and there are key factors to consider that will help you determine which one suits your lifestyle best. So, if you’re stuck in the great debate: house vs. condo, read further as we help you decide which is best for you.
Affordability
It’s worth noting that in most cases condominiums are much more affordable than homes. That statement, however, doesn’t include luxury condos in major cities like Toronto or Vancouver. For most buyers, when you compare the price of an average two-bedroom condo unit to an average two-bedroom home, you’ll find that condos have a much lower price tag. With a house, you’re not only paying for more square footage, but also the land, and because of this fact, a home will usually yield a higher price.
Overall Space
If you have a family or are planning to start one soon, a condo might not provide you with all the space you need. Most condos are one or two-bedroom units, and often do not provide the space that most families need. However, if you are single or a part of a pair, a condo can provide an adequate amount of space and offer attractive amenities, like gyms, pools, and on-site shops, for example.
Maintenance and Home Care
Some people prefer to make all the decisions when it comes to altering, maintaining, and improving their property. With a home, you can control exactly what you want to do with your home and when. On the other hand, with a condo, there are restrictions on what you can and cannot do to alter the unit and maintenance fees that come along with your purchase. These maintenance fees are not always set in stone and can increase over time. For this reason, it’s always best to consider what your lifestyle preferences are when it comes to home care and maintenance.
Starter Home?
When you’re a first-time homebuyer, it’s easier to save for a down payment and qualify to buy a condo. Since condominiums are more affordable than homes, they make for great starter properties. With the lower monthly mortgage payments, you can focus on building up your equity and financial security to later sell and then buy a home.
Privacy Requirements
Depending on how much privacy you want will also help decipher whether condo living vs. house living is better for your lifestyle. In a condo, your neighbours share your walls, and often your privacy is limited. This might not bother some, but if you have younger children, you may prefer more of an intimate family setting.
When you need to make the big decision between house versus condo, don’t just consider your budget, consider these important factors as well. When stuck at a crossroads, just remember that a professional financial advisor can always help point you in the right direction based on your own unique situation.
