Condo vs House: Which Is the Better Buy?

Are you trying to decide between buying a condo or house?

Buying a property is a serious investment, so you want to make sure you make the right selection. There are pros and cons to each housing option, and you’ll need to weigh both before you make a final choice.

Keep reading to learn more about the differences between homes and condos, and which one is right for you and your needs.

What Is the Difference Between a Condo and a House?

The difference between a home and a condo isn’t as simple as you might think. Unlike a single-family home, condos are typically private residential spaces inside of a multiunit complex or building. A condo might have shared amenity spaces such as a pool, gym, and outdoor space.

Condo common areas are maintained by a condo corporation. You will have to pay a monthly fee to your condo corporation to make sure the common areas are kept clean and updated.

Condo or House—Which One Is Right For Me?

Condos offer a lot of great benefits, but they’re not for everyone, and the same is true for a home.  Here are some things to consider that should help you decide which option is best for your needs:

1. Do You Need Amenities? 

In a condo, you will likely have access to a lot of amenities that you don’t have to maintain yourself. Condos are usually in more urban areas, so you might be able to walk to dinner or your local grocery store. You will also have access to whatever amenities your building offers, and while you pay to upkeep these areas, it’s not your job to maintain them. In a house, it will be your responsibility to maintain the property.

2. Do You Want More Space?

In general, houses offer much more space than you will find in a condo and with a detached house, you won’t have any shared walls with your neighbours. You’ll also have a yard that is only yours to use. This factor might be necessary for young families that are looking for extra space to grow into.

3. Do You Want to Decorate?

Houses often allow for more creative freedom, especially on the outside. Condos don’t offer your own yard or patio, so you don’t always have room to express your personal style.

4. Do You Want to Save Money?

Average condo prices in Canada are cheaper than the average house price. Of course, before you commit to a condo, you also need to factor in any monthly fees, because that could drastically alter how much you’re expected to pay.

Our Experts Can Help You Make The Right Choice

Choosing between a condo or house isn’t always an easy decision. As you can see, there are many different factors to consider.

The good news is, you don’t have to make the decision alone. The experts at The Property Team are here to help you find your dream place, whether it’s a house or a condo. Check out the rest of our blogs for more helpful real estate advice, or contact our team today if you’re ready to get started.