When you’re ready to buy a property, you’re often faced with the challenging decision between purchasing a house vs. condo. Each one has its own benefits, but only one is best suited to your lifestyle. So when you’re stuck choosing between which property type is right for you, first ask yourself these five questions before planning.
How Much Space Do You Need?
Always consider the amount of space you need for your lifestyle. If you’re single or if it’s just you and your partner, then a condo might provide you with all the space you need. On the other hand, if you have a growing family, you may not be able to find enough space to live comfortably in a condo – especially if you would like to have a room for each child and a backyard area where the kids can run around.
Do You Need Privacy?
Privacy can be more easily attained when you live in a home but is often sacrificed when you live in a condo. Even if you choose a semi-detached home where you share a wall space, at least you won’t be sharing the ceiling and floor space with others. If you really enjoy having absolute control over your privacy, noise level, and the decisions you make, a condo probably isn’t for you.
Can You Handle Household Repairs?
Not everyone is good at tackling repair and maintenance tasks. If you’re a DIY type of person or someone who has some trade experience, then you may enjoy all the household responsibilities that homeownership requires. However, if the idea of cutting your lawn every week, cleaning your windows, fixing the leaks, or handling snow removal doesn’t sit well with you, then a condo is a better choice.
Do You Prefer To Have Control?
Many people like having the control over the decisions that go into their home, like the type of windows and HVAC system. When you live in a condo, you often must abide by the condo corporation’s rules surrounding the use, changes, and upkeep of your property. You may not be allowed to have a BBQ, pets, or children in the unit. When it’s your own home, you can do as you like, as long as it’s within the bylaws and up to code.
Do You Need Amenities?
Sure, when you own a house you could put a pool and hot tub in, create a gym space, and add a party room space, but it will cost you big time. If you like the idea of having several amenities right at your disposal, then you may prefer condo living. Many condos come fully equipped with lounge areas, party/game rooms, pools, gyms, and even stores on site. So if convenience and amenities are a necessity for you, a condo is the way to go.
When faced with the decision between a house and condo – which is right for you? Your budget and lifestyle should be a big part of the decision making process. Just remember that both types can be a great investment as long as you know what is better suited to your lifestyle.
Contact us at The Mortgage Advisors today if you’re thinking about making a move.