Should I Buy A House Or A Condo?

Rental home in Collingwood

They say a house doesn’t always make a home. The same can be said for condos. It’s not a home unless it suits your needs and reflects your lifestyle- and houses reflect a different lifestyle than condos. It’s important to be aware of how your investment may or may not be uniquely suited to your daily happenings, and it’s important to know what houses do and don’t offer in comparison to condos. Read ahead for a breakdown of houses versus condos, and the pros and cons of each.

The House

Let’s face it- houses are bigger than condo suites. There’s more room for more of your stuff, and more room to move around, especially for a bigger family. The size can be a double-edged sword however- the more space you have to enjoy and call your own, the more cleaning there is when the time comes. Size, and the implied trade-off between owned space and responsibility, is the most obvious concern when making a decision. Here are a few more pros and cons to consider:

Pros

  • More control over everything, from landscaping to renovations and home improvement.
  • Comes with the land- appreciates better than condos.
  • Better investment property.

Cons

  • More expensive
  • Higher property taxes and mortgage insurance
  • You’re on your own in terms of repairs and maintenance- be it a hole in the roof or snow in the driveway.

 

The Condo

When people think of condos, they tend to think of little families. Single people, couples, or families with one child perhaps. Condos are also ideal for people on the go- who has time to water the garden and shovel the driveway anyway? Certainly not the family with two working parents and school-aged kids. Condos are often seen as the more convenient option in comparison to houses, in that they’re low maintenance for the owner. With that weight lifted off your shoulders comes a price however- and often a hefty one. Here are more advantages and disadvantages to condo living:

Pros

  • Low maintenance- it’s never your job to shovel snow, water plants, or tend to damaged extremities.
  • You can be as neighbourly as you wish. Condos often come with shared grounds for residents, such as games rooms and lounges. You can choose to take advantage of these facilities or ignore them as you wish.
  • The maintenance fee usually covers floor and fire insurance.

Cons

  • Pricey- monthly maintenance fees in addition to mortgage.
  • Tendency to depreciate- value tends to peak after about ten years
  • Little to no control over renovations, landscaping, and other shared grounds.

Money, lifestyle, future plans- these should all be taken into consideration when making the decision to reside in a house or a condo. Your home is always going to be a reflection of you, right down to the type of building staring back at you.

Have questions about buying a house or condo in Vaughan?  Feel free to contact me here, I’m happy to help.

 

 

 

 

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