Pros and Cons of Buying a Condo vs. House

Are you wondering if Condo living is the right choice for you? You may like the idea of not shoveling snow or warming up the car before you head out.  However, you may not be happy about not being able to fire up the BBQ to grill your favourite dish as you will have to comply with the Condo corporation rules or a bylaw.

Before you get ready to put the shovel away, consider these Pros and Cons when deciding whether or not a condo fits with your lifestyle, personality, and finances.  Or is the thought of a landscaped backyard with a two-car garage more to your liking.

Even though there are advantages and disadvantages to both types of housing and lifestyle, the cost can help determine whether a single-family house or a condo is more suitable for your needs.

Pros of Condominium ownership

  • Condos are usually located in urban areas and within walking distance to shops, restaurants, and other places of interests. Some even have the amenities that have a resort-like setting, such as; pools, fitness centers, cafes, games rooms, or media viewing rooms.
  • Some Condos have enhanced security features, such as; 24 hour concierge and security guards. Which can give some people a piece of mind when they are on vacation.
  • Monthly maintenance or condo fees are usually expectable.
  • As a condo owner, you have voting rights and can be elected to the board of directors.
  • No hassle of shovelling snow, cutting the grass, or outdoor chores.
  • More likely to connect with neighbors in the same building.
  • If you prefer everything on one level and not have to worry about using stairs; most building have elevators.

Pros of House ownership

  • The freedom and independence of implementing your own ideas, design and style indoors and outdoors.
  • More space which is more accommodating for growing families and pets.
  • More indoor space etc. closets and storage.
  • More outdoor space; front and back yard. If you have pets or children, having a backyard would be great for them to run free in a fenced in area. Not to mention, sitting on your patio/relaxing.
  • More privacy.
  • No monthly fees for amenities.
  • Higher chances of the value of the house to rise.
  • Houses retain their value better even during a down time and increase in value a lot faster
  • Choice between a bungalow or Multi-level home; each level serves a purpose, feels bigger.

To be Continued…

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