When purchasing a property, buyers normally choose between a traditional house or a condominium where most buyers tend to base their decision on their lifestyle at the time of purchase. Many people would prefer to buy a house so that they own the dwelling as well as the land underneath, whereas with condo ownership you simply own the space inside of the condo unit and a portion of the common elements. There are pros and cons to both types of housing but lifestyle and cost is normally the determining factors.
Condo Advantages
Condos have become more popular in recent years due to the heightened demand in urban living. We all know that location plays one of the most important roles in a property’s resale value and condos are usually located within walking distance to city amenities; shops, restaurants, malls, transit, theatres, art galleries and many waterfronts.
Some larger condos also have resort-like amenities like pools, hot tubs, steam rooms, saunas, party rooms, terraces and fitness centres. These luxury items are included in the monthly fees and would be quite costly if you were to buy into a private club membership or to have in your own house.
People with busier lives, travel frequently or own multiple properties find condos a more attractive option because of their convenience and low-maintenance lifestyle.
Condo Cons
The main drawback to condo life is the monthly maintenance fees, which are used towards building maintenance and upkeep of all common elements. Some buildings are more expensive to run so the monthly fees vary from corporation to corporation. These fees will increase as the cost of running the building increases and monies set aside for future repairs are used.
Another con is that all unit owners share in the decision making of the condo building. While many owners choose the condo lifestyle for the sense of community and safety, others don’t like the restrictions and rule that come along with condo living.
House Advantages
The biggest advantage to buying a house is that you have full control over the property. You can make changes to the structure without getting board approval and you can make any changes your heart desires, well with obtaining the necessary permits.
Another house advantage is that it allows for extra indoor and outdoor space and owners have more privacy as their neighours do not live in as close proximity as in condos.
House Cons
Owning a house also has its drawbacks. The homeowner is responsible for all maintenance and upkeep of the interior and exterior of the property. Although many improvements will likely incase of the value of the house the owner needs to set their budget and hire their own contractors. Also, utility bills are generally higher when owning a house.
Read more about the condominium lifestyle:
Costs Associated with Condo Ownership
10 Things to Check Before Buying a Condo
Don't Fear the Condo Fee
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