When buying a property, it is a huge decision to decide which type of property to purchase; a condo or house. Both of these options depend on a few factors such as financial situations and the type of living you enjoy. Houses and condos both have their benefits, so let’s discuss the differences.
Benefits of buying a condo
Condos are usually cheaper
If you are trying to be cost effective, a condo may be the right choice for you. Condos are typically lower in price than a house, making condos easier to purchase as a first time buyer. Condos are less expensive to maintain, as maintenance is usually covered in your monthly condo fees.
Condos are more readily available
Finding a condo is much easier as there are more available than houses due to how densely packed they are. Condos are usually closer to activities, entertainment and shopping making them more convenient.
Condos include great amenities
When you are purchasing a condo, you are getting more than just your unit. A lot of newer builds include better amenities to appeal more to buyers. These shared amenities could include gyms, swimming pools, outdoor recreational spaces, and more.
Benefits of buying a house
Houses can be a better investment
Purchasing a house over a condo can be a better financial investment. Canada offers many first time home buyer programs which can assist in your down payment. Houses also typically go up in value if you plan to renovate and add property value.
You’re also purchasing land
When buying a condo, you are limiting what you can do with your property as you won’t have your own private land. When buying a house, depending on permits, you can choose how you would like your property to look and adjust it to your lifestyle by adding things like a pool, expanding your home, or install a fence.
You have the freedom to renovate
Condos can often times have limits on what you can do with your space, whereas in a house, you have complete freedom on the inside of your home. As years go by, technology and interior trends change. A simple kitchen or bathroom renovation can add a lot of property value to your home.
Should I chose a condo or a house?
When choosing a type of property, you need to consider your lifestyle. Condos offer great benefits such as amenities and close proximity to shopping and entertainment, whereas a house gives you the opportunity to grow and customize to your needs. Talk to an agent and see what is best for you!