Want to buy? How do you decide between a house and a condo?
Are you tired of paying rent and would you prefer to put your money towards a mortgage to become a homeowner? But how do you make the right choice between a condominium and a house? Discover the different advantages of each solution.
From a financial point of view
Opting for a condo will be less expensive, simply because the fees will be shared by all the co-owners and will be calculated according to the living space. You may even be able to take advantage of rates negotiated by the condominium corporation for your electricity, internet and certain insurance bills!
On the other hand, the purchase of a house may require a larger budget because, when you say house, you also say land! Of course, owning a piece of land is an advantage because it gives you more space outside. But it also requires a certain amount of maintenance because you will be the only ones to have to face expenses that will come back regularly…
From an environmental point of view
A condo brings together many people who need access to certain services. This is why you will find most of the time a gym, relaxation areas, common rooms for entertaining, shops, a pharmacy, which are sometimes integrated to the complex or located nearby. A way of life that can be pleasant!
Do you have children or pets? Then choosing a house is the best solution: with its enclosed grounds, you will be perfectly reassured! Moreover, houses are often more spacious than condos. If you are planning to have another child, for example, this is something to consider.
From a peace of mind point of view
In a condo, you don't have to take care of the maintenance of the common areas or worry about snow removal, mowing, taking care of the green spaces or the roof, etc. As a homeowner, this is a real advantage… And the assurance of having more time for your leisure activities!
On the other hand, if you live alone, if you have a certain age, choosing a condo can bring you the security you are looking for. Indeed, the entrance is often watched by a guard or secured by a camera system. Finally, your neighbors are never far away in case of need!
From a return on investment point of view
If you are buying with a view to reselling later, choosing a house is more interesting than opting for a condo. First of all, a house has a higher value and is easier to sell. The construction of condos is constantly increasing and most buyers prefer to invest in new homes. Condos are therefore not very present on the resale market and more often on the rental market.
Note before you decide!
If you want to buy a condo, think about integrating the maintenance costs and the contingency fund into your budget. Also, take the time to read the latest minutes of the co-owners' meetings: this will tell you about the work to be done, the agreement between the residents, etc.
If, on the other hand, you opt for a house, remember to put aside about 10% of the purchase price each year: this amount will be used to maintain your property.
So, have you made your choice? Do you see more clearly between a house and a condo?
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