Pros and Cons of Buying a Condo vs. House

Cons of Condominium ownership

• One of the drawbacks to condo life is the association fees or condo fees, which are collected outside of the monthly mortgage payment and used towards building maintenance and amenities. The fees can be expensive and can increase when extra money is needed for maintenance
• All owners provide their opinion in the decision making process in regards to the condo building.
• Less privacy in some units and possibly more noise.
• More restrictions on things like noise levels, parking, pets, smoking, and even the style and colour of things like doors and window coverings.
• Approval required prior to making any changes to unit.
• Slow appreciation is another downfall, because there is no land, which is usually one of the main features that help sell a property.

Cons of House ownership

• You are completely responsible for all the maintenance inside and outside of the home and property which could be quite costly and time-consuming.
• The expense of purchasing extra equipment and tools for the maintenance of property.
• Utility bills are generally higher because houses have more space than condos.
• Houses are not always move-in ready, they could still need some repairs or utilities that have not yet been set up.
• The price of a house is usually higher than condos.

Considering some of the pros and cons listed above, make sure to weigh all your options before making your final decision. Be honest with yourself and the lifestyle you prefer to live. Remember, one is not better than the other, it all depends on your budget, your lifestyle, and the location you want to be in.

Don’t forget that using one of our qualified and experienced mortgage brokers here at Noble Mortgage Architects can assist you with all your financial needs.

Contact us today at Noble Mortgage Architects 416 241-2227. We look forward to helping you.

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