Condo vs. House

The Condo vs. House Debate

Article adapted from The Home Sweet Home Team blog of CENTURY 21 Bamber Realty Ltd. in Calgary, AB.

                                                        

Deciding whether to purchase a house or a condo is often a dilemma among first time homebuyers. Here is a quick breakdown of the pros and cons to both choices:

Condominiums

Pros:

  1. Opportunity to live in a high-profile neighborhood; areas where houses are usually less affordable, such as the downtown core or entertainment district.
  2. Amenities offered with condominiums can include pools, gyms and party spaces. Hassle free maintenance; lawn care and building repairs. These should all be covered by monthly maintenance fees.
  3. Security and peace of mind, especially when travelling.
  4. Depending on the building, utilities are often covered by the maintenance fee.

Cons:

  1. Maintenance fees, on top of property taxes and mortgage payment, can become expensive.
  2. Depending on the size of the condo, there may be no room for a family to grow or work from home.
  3. Approval is needed from the property management in order to make any major changes or renovations to the home.
  4. Little or no real opportunity for an income property.

Houses

Pros:

  1. Generally larger home with greater living space, giving the buyer more home for the same money.
  2. Potential for growing and renovating the property, especially when the homebuyer has a growing family. Depending on location, properties often have outdoor living spaces and yards, which offer more for entertaining and family activities.
  3. Higher earning potential as an income property.

Cons:

  1. Homeowner is solely responsible for maintaining the property, including lawn maintenance and interior or exterior home repairs - this can become very expensive.
  2. Homeowner is entirely responsible for utilities. 
  3. Purchasing a house in a high-profile neighborhood is more expensive – causing homebuyers 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.

Ultimately each home buyer needs to decide which factors are of highest priority to their family. Are you looking for a home that requires lower maintenance because of a busy lifestyle? Or is it more important for you to pay less each month and take care of the maintenance and upkeep yourself? When you decide which style of home will best suit the needs of your family, give The Hisey-McDermott Team a call and we will do our best to find the home that is just right for you!

The Hisey-McDermott Team
Century 21 Miller Real Estate Ltd., Brokerage
467 Speers Road, Oakville, ON L6K 3S4
p: 905-845-9180 x 230
f: 905-845-7674

 

The Home Sweet Home Team is with CENTURY 21 Bamber Realty Ltd. in Calgary, AB. Posted by Home Sweet Home on December 10, 2012

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The Hisey-McDermott Team

The Hisey-McDermott Team

Sales Representative
CENTURY 21 Miller Real Estate Ltd., Brokerage*
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