Pros and cons for houses and condos

If you decide to move, you'll face a critical decision: should I buy a house or a condo? Before choosing, it's important to consider some important factors.

It’s stating the obvious, but you need to decide where you want to live. From there, you can find out about the different options in the area of your choice. If you want to live in the heart of the city, condos will be more available. If you’re comfortable with a commute, you may be able to find a single-family home just a short distance away for great value.

This is important as having complete privacy will be possible in a single-family home while condo living is the opposite: your neighbours will be quite close and you may also not have the option of outdoor space either.

Many condos include maintenance fees that cover off landscaping and sometimes exterior maintenance on the unit. With a home, it is the homeowner’s responsibility.

How much can you afford? This point takes considerable thought. Despite the housing market being in flux, the last thing you want to do is overextend yourself financially. For new homeowners, a condo offers the ability to have an asset that works as an initial investment without having to secure larger financing for a home.

One of the biggest drawbacks to condo life is association fees, which are collected outside of the monthly mortgage payment and used toward building maintenance and amenities. The fees can be expensive and can also increase with little notice when extra money is needed for maintenance or upkeep.

More buyers are deciding to purchase condos over houses due to a resurgence in urban living. Condos are typically located in urban areas and offer extra perks like being within walking distance of shops, restaurants and the local neighbourhood coffee shop. Some also offer resort-like amenities like pools and fitness centres. Plus, condos offer a low-maintenance lifestyle without the worry of outdoor landscaping and snow removal.

Home ownership has more challenges than a condo. The homeowner is completely responsible for all maintenance inside and outside of the property, including care and upkeep of the lawn and trees. When purchasing a house you must also consider the extra cost associated with buying the equipment and tools for the maintenance of the property.

Even though in the long-run such improvements could increase the overall resale of your home, they still require the initial investment of money and time. Another consideration is that utility bills are generally higher because houses have more space than a condo.

The biggest advantage? You have completely control over what you do, how you do it and when. Remodelling or renovations are on your watch without having to gain the consent of others. Plus, the volume of space both indoor and out is larger.

Homes also feature more storage space in closets, along with the added benefit of an attic or basement. Lastly, they have more privacy because neighbours don't live in as close proximity as in condos.