There are many contributing factors when deciding to invest in a house or a condo. Each has a unique set of advantages and disadvantages. Depending on your lifestyle, either could be the obvious decision. This article outlines some of the differences and how they could benefit your situation.
House - You have your own yard for your kids or entertaining guest in the summer. The freedom of decorating interior and exterior as you would like. More storage space and extra rooms for family and guest is another huge bonus. But all this space means more maintenance. These can be small things like racking the yard, but can quickly escalate into major repairs like a new roof.
Condo - You own the interior space to decorate to your liking and often times a patio, to enjoy the summer evening. Common areas and outdoor spaces are often available as well. Condos are close to the downtown area. This means you will be a short walk away from restaurants, grocery stores, and retail stores. If you do not have much free time for maintenance condo living could be a good fit. A major downside of condos is privacy. Having neighbors on either side of the wall is not ideal for everyone. If you do not find the right condo then noise, location, and privacy can be huge downfalls.
A house may be right for you if:
• You want the freedom to make your own home improvements,
• You want a more private living space and a yard you can use freely
• You’re handy around the house and can do most of the maintenance or repairs yourself
• Freedom to renovate
• In general, easier to sell
A condo may be right for you if:
• You don’t have the time for maintenance/repairs for your house
• You like freedom of owning property without all the additional responsibilities and expenses of a house
• You want the convenience of just picking up the phone to report any maintenance issues
• Condos tend to be less expensive than single-family houses in the same area.
• Condos typically have better security compared to houses.
Whether you buy a house or condo make sure to do your research. Speak to a mortgage specialist or real estate agent to help decide if a condo or house makes the most sense for your lifestyle.