It can be exciting to purchase a new home, but you may also have a lot of questions. After all, a home is a big investment, there are a lot of factors to consider, and you want to be sure you’re making the right decision.
One of the most common questions home buyers have is whether they should buy a condo or a house. Read on for some of the pros and cons of each, with the help of real estate agent Rylan Fischer.
Should I Buy a House?
A house may offer more space, a private yard and a garage. But you may also have to move farther away from your desired city or neighbourhood in order to afford one. If you’re considering a house, here are some pros and cons to think about first.
PRO: Ultimate Privacy
Not a fan of sharing walls with your neighbour? Do you prefer to enter and exit your home without having to chat with someone else in an elevator? A home can offer that kind of privacy, from your own garage to a landscaped backyard.
CON: Unexpected Maintenance Costs
When you own a house, you’re in charge of paying any unforeseen maintenance costs. So if the roof needs new shingles, the windows are old, or the air conditioner breaks down, it’s on you to hire and pay someone to do those jobs.
Related: Real Estate Agents Across Canada Share Their 2024 Predictions
PRO: Full Control Over Renos
When you own a house, you get to decide what kind of renos you want to do. Sure, you may need permits for certain projects, but unlike a condo, you don’t need the approval of an entire board before proceeding with new floors or layouts.
CON: Higher Upfront Costs and Expenses
Unfortunately, homes come with a few more expenses than condos, from lawn maintenance and property taxes to insurance. Houses also tend to cost more, which could mean a higher down payment when you’re first signing on that dotted line.
PRO: Potential Land Value Appreciation
When you own a house, you own the property it sits on. As we’ve seen in the past, land can appreciate over time. So, even if your house gets older, the land you purchase that house on may still grow in value as the years tick by.
Should I Buy a Condo?
Condos can offer the ultimate living experience thanks to the included amenities and proximity to a downtown core and transit. However, you may have less control over these units than you would a home. If you’re thinking about condo living, here are a few pros and cons to consider first.
PRO: Maintenance Covered by Management
An upside to condo living is that major maintenance items are covered by management. So if the air goes or your building needs new windows, it’s not on you to fix. In most cases, you also won’t have to worry about shovelling snow or cutting the lawn, which can save time and add peace of mind for busy homeowners.
CON: Limited Privacy
When you live in a condo, you inevitably run into neighbours. That’s true while getting your mail, riding the elevator, or parking your car in the underground garage. You may also run into your neighbours while using common areas like the gym or barbecue area.
PRO: Access to Amenities
Condo amenities are where it’s at: movie theatres, golf simulators, squash courts, outdoor living spaces, party rooms, gyms, pools and more make up some of the available amenities out there. Each condo building differs, of course, so be sure to check what’s included with yours.
CON: Condo Board Can Limit Property Control
When you live in a condo community, you need to consider the entire community before you make any changes to your own dwelling. Boards often have to approve any changes, and those same boards set the condo rules you agree to abide by while living there.
PRO: Lower Initial Costs
Certain costs associated with closing the sale of a home may be lower with a condo, like home inspections or land transfer taxes. Because many fees are a percentage of the purchase price and the cost of a condo is typically lower than a house (depending on the area), you may pay less for these services and taxes.
PRO: May Include Utilities and Insurance
Maintenance fees are an unfortunate part of condo living, however sometimes those fees can cover some or all of your utilities and insurance. In some cases those maintenance fees also include things like basic cable, so be sure to ask what’s included and compare that to what you would be paying for solo with a house.
