For many, the choice is easy. The benefits of living in a condominium are far too great to overlook. No weekends spent cutting the grass, no worrying about small repairs, and you might even get a swimming pool or tennis court thrown in. Others can’t stand the thought of additional condo fees on top of a mortgage, neighbours crammed up against each other, and small living quarters. For these homeowners, a house is the only way to go. But what if you can see yourself living in either a condo, or a house? Well then, the world really is your oyster! And by looking at just a few factors, you’ll be able to determine whether or not your next dream home is a spacious house or a studio-style condo.
You may find condo living ideal if:
- You want to own your own home, but you don’t have a lot of money to spend on a mortgage.
- You don’t mind living in a tight space with many other people, and you like the idea of being part of a small community of people.
- You are a single person, or a couple, that does not want or need a large property.
- You don’t mind giving up some control of home ownership to a Homeowner’s Association (such as if a rule is imposed wherein you cannot have barbecues out on your balcony.)
- You live in a large city, such as Toronto or Vancouver, where condo living is very popular.
- You have a very busy lifestyle but still want to enjoy things such as swimming pools or tennis courts; but you have neither the time or money to maintain these amenities.
A house might be a better fit for you if:
- – You already have, or want to have, a large family.
- – You enjoy your privacy and don’t like the thought of living in very close proximity to your neighbours.
- – You don’t want to give up any control over your home ownership.
- – You want or need a large yard because of pets or because you enjoy working in the garden.
- – You are planning on selling your home in the future and are looking for large resale value.
- – You live in a small town or rural area where condos are not very common.
Your own lifestyle and your present and future plans will mostly be what affects your decision as to whether you should invest in a house or a condo. In either case, it’s important to research the neighbourhood in which the condo or the house is in. Any sound home investment needs a good neighbourhood to back it up, and that will ultimately be a deciding factor in how happy you are in the home – both today, and tomorrow.
