Ready to buy property but can’t decide between a condo and a house? You’re not alone as many buyers face this challenging decision.
There are plenty of benefits to owning each, which is part of the reason why the decision can be so hard. It’s important to know all the factors before deciding on one or the other.
Let’s look at what is best for you and your individual lifestyle:
If you have a large family, you may need the space and privacy that a house can provide. Although you can find larger condos on the market, most will not meet the spatial requirements that exist when you have a larger family – especially if you’re keen on having a backyard for the kids or pet to run around and enjoy.
However, if you’re single or a plus one, a condo might just be all the space you’ll need. Many condos include amenities and common shared spaces that are more convenient for adults and can also provide a social environment.
If you have a busy lifestyle and want to simplify your arrangements with limited maintenance and yard work, a condo might just be the perfect solution since everything is done for you.
“While Condos offer a low-maintenance lifestyle, you need to budget for Condo or Association fees to cover maintenance for the building exterior and common areas.”
Alternatively, if you prefer to have control over the decisions that go into your property, such as the design of the landscape, then a house would be a better option for you.
First Time Buyer
If you’re a first-time buyer, a condo may be a better option when it comes to taking that first step into the market. Saving for an initial down payment is usually easier with a condo, as they are usually more affordable than homes. You can always sell the condo and move into a house when you have saved enough equity and are ready for the financial responsibilities.
Need some tips on how to save for your downpayment quicker? Check out my blog.
Tolerance to Restrictions
When you own your own home, you set the restrictions in regards to how you use your property. You may have local bylaws in regards to cutting down trees or building on your land, but beyond that, it’s yours to do what you like. When it comes to a condo, many restrictions are governed by a condo board. So for example, you may not be allowed to have a BBQ or pets, depending on what the condo board has agreed to. Knowing how much control you want over your living space will decipher whether condo style living or house based living is better for you.
When faced with the decision between owning a condo or a house, it’s a choice that should be carefully considered. Your budget and lifestyle should be a big portion of the decision making process. Just remember that both types can be a great investment, but knowing which one is best suited for your lifestyle is imperative before making a decision.
If you need assistance with understanding your home buying budget to help you determine if you are better suited to a condo or house, contact me to assist you with your budget and also answer any of your mortgage questions.