House or Condo: What Should I Purchase?
Looking for a new home can be tough, especially when you are not exactly sure what you want. The best thing you can do is make a list of your non-negotiables. What does your new home absolutely need to have? This will make your ultimate decisions a lot easier. In fact, it will even help determine the type of property that will best suit your needs - a condo or a house? There are a few things to take into consideration when choosing between the two.
If you are just looking to invest in a piece of real estate, condos are generally less expensive than detached homes. This holds true, of course, unless you are comparing at a house in the middle of nowhere and condo in the heart of an urban metropolis. That said, if you want to spend the least just to get a foot in the door, then go with a condo. However, if you are looking to flip the place, then a house will usually end up having a higher resale value.
Do you have a big family where each child needs his/her own room? If so, a house would probably be the best choice. Detached homes are usually much larger than condos, and offer other property amenities as well. These might include a front yard, backyard, garage, pool, and more. The additional space will give you and your family room to spread out instead of living on top of each other.
Condos are usually attached to other homes, which means you will be sharing walls or ceilings/floors with your neighbors. If you value your privacy, then perhaps a detached home would be more appropriate. If you could care less about the barking dog next door or the little kids running around upstairs, then a condo could be the right choice for you!
Some choose to buy a home in order to rent it out. If this is the primary intention, then a condo would be the best property. It will be easier to turn around a smaller space and you could probably get competitive with pricing. Since your mortgage will most likely be lower than a house, you can afford to offer the home at a reasonable rate.
Condos come with regular monthly fees in addition to your mortgage. These fees pay for the building upkeep, grounds maintenance and amenities in the building or neighbourhood. Houses do not have regular fees, but they certainly have regular maintenance expenses. Consider whether you are comfortable having someone else mange the spending on the upkeep on your property (condo associations) or if you prefer to manage it yourself.
Whether you go with a condo or house, it is important that you base your decision off of your list of priorities. Perhaps you can forgive some of the other Cons on your list, if one property’s bells and whistles outweigh them. The bottom line is – consider your options and make the decision that is right for you and your family.
We understand how difficult this important decision can be, and we are here to help. Dewar Realty Inc is committed to helping you find the right fit that will have you saying 'Yes, to the address'. Contact us today and let's get started!Greg Dewar on