Should You Buy a Condo or a House?

For many, picking the right house is not an easy decision because at the end of the day you want to live in a place that you can call home. Choosing between a condo and a house is a tough decision to make, as both types of accommodation have their pros and cons. Whether you’re an experienced buyer or a first time buyer, the thought of purchasing and moving into a new place can be overwhelming.

The following information will help you choose between a condo and a house.

Buying a Condo

Usually, couples with no kids or individuals living alone prefer to live in condos. A standard condo has two-bedrooms, two-bathrooms, and is located in the hustle and bustle of a city. In the city, restaurants, theatre, malls, and other amenities are at a walking distance.

While these features may sound attractive, one has to keep in mind that a condo is an expensive purchase. Furthermore, the residents of the condo have to make group decisions with other tenants about maintenance and upkeep as well as the use of shared amenities such as a common swimming pool. An individual also has to purchase their own parking spot which may cost up to $300 per month.

In order to make a constructive decision, an individual might consider various factors like budget, commute to work or school, and nearby facilities.

Buying a House

Purchasing a house should be a well-thought out decision and people should look at all the scenarios before finalizing their purchase. For example, a person with no kids or spouse may decide to live in a “condex” instead of a single family unit. A “condex” is a two-family home with a shared wall separating the two tenants.

While a condex may seem like a better option for individuals living alone, it fails to provide the privacy offered by a single family unit. A condex does cost less than a family home, but it may feel a little cramped and congested at times.

How to Make the Correct Decision?

You want to purchase a home, but don’t know if you want live in a house, a condo, or a condex? These five points will help you make an effective purchasing decision based on your personal preferences:

1. Location: An individual looking to make a purchase should consider the type of location they prefer. Ideally, your home should be located close to your workplace and your children’s school. It should also have other amenities such as hospitals, malls, and parks nearby.

2. Privacy: If you prefer your privacy, a house in the suburbs will be better for you as compared to a condo or a condex.

3. Space: If you and your significant other are planning to expand your family in the near future, a condo or condex is not a good choice for you.

4. Maintenance: If you buy a house, you will have to look after the maintenance and the upkeep. In a condo, the board usually takes care of such issues.

5. Budget: The amount of money you can afford to spend is a major factor when purchasing a house or a condo.

Before buying a house or a condo, you should consider these points and make the correct purchasing decision.