Homebuyers have plenty of decisions to make, one of which is what type of property to purchase. Two common options are a house or a condo. Choosing either one will result in different living and financial situations. It’s essential to take both into consideration, as they each have their benefits. Here are the differences between buying a condo and buying a house.
Benefits of Buying a Condo
Condos Tend to Be Cheaper Overall
In most cases, the price of condos will be lower than the price of houses. This makes condos easier to purchase, especially if you’re a first-time buyer. It’s not just the initial price that makes condos cheaper than houses, though. They’re also much less expensive to maintain, as condo maintenance is mostly covered by your monthly condo fees.
It’s Easier to Get a Condo
It’s easier to find available condos than it is to find houses because of how densely packed condos are. This is fantastic if you work in the city and don’t want to have to drive through heavy traffic to get to and from work every day. It also means that you’ll be close to the activities, shopping, and entertainment that you frequent.
Condos Come with Great Amenities
When you buy a condo, you aren’t just paying for your living space. There are often a ton of amenities that come with the building that will also be covered by your condo fees. These shared amenities can include swimming pools, gyms, pet parks, and much more. Not only that, but the shared amenities will give you the opportunity to socialize and bond with your neighbours, which you wouldn’t be able to get with a house.
Benefits of Buying a House
Houses May Be a Better Investment
If you’re a first-time homebuyer, purchasing a house rather than a condo can be a better investment. To start, there are multiple first-time homebuyer programs in Canada. You may only be able to claim the maximum amount possible from these incentives when buying a house rather than a condo.
Land Comes with the House
In a condo, you may have a shared park for all the residents, but you won’t have your own private land. When you buy a house, you can always choose someplace that will have your desired amount of property. You can then choose to do whatever you want with your land. Install a fence and a pool, host events, and let the kids and pets out to play.
You Can Renovate and Expand Your House
Families tend to change with time, as they can get larger or smaller. If your family grows in the future and you find you need more space, you won’t necessarily need to move into a bigger home. Instead, you have the option of expanding your house to accommodate your increasing needs. If you live in a condo, this may not be possible.
Condo vs. House: Which Should You Choose?
What you choose will ultimately depend on your needs and your resources. If you can afford a house, and the location and amenities offered by the condo aren’t a huge factor for you, then a house is a great choice. On the other hand, if you don’t care as much about the land and renovation potential offered by houses, condos may be the preferable choice.
Of course, expert advice from an experienced real estate agent for your personal situation is always a fantastic idea. They’ll be able to weigh in on the pros and cons and pick out the best houses and condos for you to see.
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