Condos vs Houses
What is best for you?
The answer really comes down to your lifestyle, and your wants and needs. If you have a large family and want a yard with space for them to use freely, then a condo probably isn’t for you. If you really enjoy your space, privacy, and having absolute control over all the decisions that affect your home, a condo probably isn’t for you.
If you live a busy life and would like to simplify your living arrangements by having virtually no yard work or snow removal, then a condo may be what you’re looking for. If you’re looking to down size after owning a large home, but are not quite ready to give up the comforts a home provides, a detached/attached rancher style unit may be what you are after. If you are a first time home buyer and owning a house seems intimidating, a condo is probably a good step to get into the market.
There are a variety of different styles of condos, each with their own benefits.
- Apartment style condos are for buyers who generally need less space and don’t mind the atmosphere of an apartment-style living situation. They generally either have underground, secure parking or outdoor parking available to the owners.
- Townhouses are geared towards people who need a bit more space, maybe a garage and a bit more privacy.
- Detached/attached rancher style units, the next step up, gives people in most cases as much room as a home but with less exterior maintenance.
Condo or house, both are great investments, as long as you are aware of your owner’s rights and responsibilities as they pertain to the dewlling. If you are looking at a condo it is important to familiarize yourself with the strata corporation and how they operate.
Things to watch for when purchasing a condo:
- Pet , age and rental restrictions
- Rules and Bylaws
- Do they have enough money in the reserve fund to cover maintenance and other issues?
- How do they pay for major improvements?
- Are there any plans for future improvements?
- Which items are covered by the strata insurance policy ?