The Condo Vs. House Debate

Deciding whether to purchase a house or a condo has been a dilemma among first time homebuyers.

Here is a quick breakdown of the pros and cons of both choices:

Condominiums

Pros:

  1. Opportunity to live in high-profile neighborhood; areas where houses are usually unaffordable, such as the entertainment district
  2. Great selection of amenities offered with condominiums; A pool, gym and party space being a few examples
  3. No hassles of property ownership; no need to cut the lawn, take care of curb appeal or do any building maintenance – all covered by the maintenance fee
  4. Support from building management for repairs and fixes
  5. Security and peace of mind, especially when travelling
  6. Depending on the building, all utilities are covered with the maintenance fee

Cons:

  1. Maintenance fees, on top of taxes and such, can become expensive
  2. Depending on location, living space can limit growth, especially if homebuyer wants to raise a family
  3. You need management/builder approval for major property changes, which can be a tedious process
  4. No real opportunity for an income property

Houses

Pros:

  1. More bang for your buck, with greater living space
  2. Potential for growing and renovating the property, especially when the homebuyer has a growing family
  3. Depending on location, property’s come with great backyards which can serve for entertainment purposes and a space for kids to play
  4. Potential for an income property

Cons:

  1. Homebuyer is responsible for maintaining the property, including taking care of the lawn, property maintenance and much more – this can become very expensive
  2. Utilities are the homebuyers responsibility
  3. Purchasing a house in a high-profile neighborhood is very expensive – thus, homebuyers need to move further away, creating the need for everyday transportation
  4. Unless a part of a gate community or in an area where local services like neighborhood watch are in effect, security can be a big question.

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REALTORĀ®
CENTURY 21 Bamber Realty Ltd.
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