Want to buy? How do you decide between a house and a condo?
Do you want to become a homeowner and stop paying rent? But are you torn between a house and a condo? Each option has its advantages and disadvantages depending on your needs, lifestyle, and budget. Here's a comparison to help you see things more clearly.
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23 Octobre 2023
Financial aspect: initial cost and expenses to be expected
- Condo: a more affordable option
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Generally, a condo costs less than a house.
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Maintenance costs are shared between the co-owners and are proportional to the surface area of your unit.
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Some condominium associations negotiate reduced rates for services such as electricity, internet, and insurance.
- House: a higher investment but more space
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Buying a home often represents a larger investment.
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You are solely responsible for expenses: maintenance, repairs, snow removal, lawn mowing, etc.
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In return, you benefit from private land, ideal for families and lovers of green spaces.
Environment and quality of life
- Condo: a practical and urban living environment
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Condos are often located in dynamic and well-served neighborhoods.
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They offer services and amenities: gym, swimming pool, common areas, shops nearby.
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Ideal for those looking for a convenient, low-maintenance lifestyle.
- House: more space and freedom
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With a house, you generally have more space inside and outside.
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Perfect if you have children or pets, who will enjoy a safely fenced garden.
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An ideal choice if you prefer peace and privacy.
Peace of mind and security
- Condo: less maintenance, more security
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The maintenance of common areas (green spaces, roof, parking) is managed by the co-ownership.
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Enhanced security with guard, cameras or restricted access.
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A good option for people living alone or wanting to be close to neighbors if needed.
- House: more autonomy, but more maintenance
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You are the master of your own home, with no co-ownership rules to follow.
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On the downside, the maintenance is entirely up to you, which can be an additional burden in terms of time and money.
Profitability and resale: which is the best investment?
- House: a more stable value and a better return on investment
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Easier to resell, as demand for homes remains high.
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Their value generally increases faster than that of condos.
- Condo: a more complex resale
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With the increase in the supply of new condos, resale may be more difficult.
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Often more popular on the rental market than for resale.
What you need to know before you decide!
If you buy a condo:
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Include condominium fees and the contingency fund in your budget.
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Consult the meeting minutes to find out the financial status of the co-ownership and upcoming work.
If you are buying a house:
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Budget about 10% of the purchase price per year for maintenance and repairs.
So, what's the right choice for you?
- Choose a condo if you are looking for:
✔ A more affordable purchase price
✔ Less maintenance and more services
✔ Enhanced security
- Choose a house if you prefer:
✔ More indoor and outdoor space
✔ More privacy and independence
✔ Better resale potential
Your decision depends on your lifestyle, budget, and priorities. Take the time to evaluate all of these factors to make an informed choice. Enjoy your decision and enjoy your future purchase!
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