House or Condo: Which Is Best For You?

When buying a property, there are many factors you must consider. Whether to look for a house or a condo should be your first one. At this point in your life, which is best for you? Here we discuss the differences for you so that you have the necessary information to make the best decision.

The most important factor in this equation is how much time you want to spend on maintenance. If you enjoy spending time in your garden, home ownership is probably your best bet. What about children? Your kids may not be happy living in the relatively small space afforded by a condo? On the other hand, condos usually come with amenities. If having access to a dedicated exercise room is a key part of your life, or if you want someone else to do the shoveling and lawn-mowing, then condo living might be the better choice.

A big advantage of choosing a house is the freedom you get to make changes to the property as you desire—within the guidelines set out by your new residence's municipality, of course. With this flexibility, you can make your house the perfect space to support the sort of lifestyle you want. By contrast, in most condos, you must abide by set rules. You must also consider condo fees when purchasing a condominium, although even if you live in a house, it’s a good idea to put this same amount aside, for general upkeep.

No matter what you do, make sure to read up on all available documentation on the rules of your prospective community, whether this be a condo association or the local community where you are looking to by a house. By doing this, you are on the right track to making the best decision for your future. For instance, purchasing a home within a gated community might conflict with how you want to live your life. Similarly, living in a condo with rules on how you can improve your residence might restrict you from developing your property in the ways you would like. That said—living in an environment where the maintenance is taken care of for you may be exactly what the doctor ordered. You have many options open to you, and we are here to help you through the decision-making process.