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:
- Opportunity to live in a high-profile neighborhood; areas where houses are usually unaffordable, such as the downtown core or entertainment district.
- Great selection of amenities offered with condominiums; pools, gyms and party spaces being a few examples.
- No hassles of many property maintenance tasks; no need to cut the lawn, take care of curb appeal or do any building maintenance. These should all covered by the maintenance fee
- Support from building management for repairs and fixes.
- Security and peace of mind, especially when travelling.
- Depending on the building, utilities are covered with the maintenance fee.
- Maintenance fees, on top of taxes and such, can become expensive.
- Depending on location, living space can limit growth, especially if a homebuyer wants to raise a family.
- You need management/builder approval for major property changes, which can be a tedious process.
- No real opportunity for an income property.
- More bang for your buck, with greater living space.
- Potential for growing and renovating the property, especially when the homebuyer has a growing family
- Depending on location, properties come with great backyards which can serve for entertainment purposes and a space for kids to play.
- Potential for an income property.
- Homebuyer is responsible for maintaining the property, including taking care of the lawn, property maintenance and much more – this can become very expensive.
- Utilities are the homebuyers responsibility.
- Purchasing a house in a high-profile neighborhood is very expensive – thus, homebuyers need to move further away, creating the need for everyday transportation.
- 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.