So, you’re finally ready to purchase a property. Whether it’s your first or your third, the same things you have to consider remain the same. At the top of your list should be the type of property you want and need. These days, that would be a choice between a traditional house and a condominium. This should not be taken lightly because as you know, a property is no small investment.
What could help you determine which one suits you better goes beyond the cost of the property. Here are some pros and cons for each that you might want to think about:
One of the biggest advantages of buying a house is the fact that you will have total control over your entire property. That means you can remodel any part of the house, make additions, and change the landscape and such without having to ask for the consent of others. Another plus point is the extra space both indoor and outdoor, which is definitely more suitable if you have kids and/or pets. A house would also have more storage in the form of closets, as well as the attic or basement. Traditional houses also offer more privacy because your neighbours won’t live as close as they would if you go for a condo.
Okay, it’s time for you to know about its drawbacks. First, you are solely responsible for the maintenance both inside and out. That includes the upkeep of the trees and all the plants in your yard. While having home improvements done increases the value of your property, they do require an investment of time, effort, and money. Utility bills will also be higher, mainly because a house is typically bigger than a condo.
More and more buyers are leaning towards buying condos over traditional homes in the last few years, mainly because of the popularity of urban living. As you know, condos are often located in urban areas. They’re usually within walking distance to offices, restaurants, shops, and other interesting and hip places. Some condos also provide great amenities within their building, including fitness centres, boutiques, spas, pools, and more. Now that people are getting busier by the day, it is not surprising that condos are becoming an attractive choice because of its offer of convenience and low-maintenance lifestyle. Association fees will cover most of the exterior components of your condo, so you only have to worry about the upkeep of your interiors.
Speaking of those association fees, they are among the major drawbacks of living in a condo. These are collected on top of your monthly mortgage payment. Of course, any decision about the condo building has to be made by all the homeowners. There will also be rules and regulations to be followed.
The biggest fact that you need to factor in is how when you purchase a house, that would include the land where it stands, whereas you only buy the living space inside your condo unit if that’s what you would go for.
Before making any decisions, make sure that you think about how each would cater to your lifestyle, and if you can see yourself living in that type of dwelling for a really long time.