When it comes to housing and property investment, many people get stuck on whether to buy a house or a condo. The truth is, both condos and houses have their own advantages and disadvantages. The best decision will mostly depend on your specific needs in terms of your lifestyle, budget, and future plans. All the same, choosing between investing in a condo and a house can prove to be a daunting task. But it doesn’t have to make you scratch all the hair from off of your head. Here are some pointers that can help you decide which investment is better for you between a house and a condo.
According to Mary Dempster, the pioneer of Toronto’s Mary Dempster Realty, “Your house or condo is not just a building with four walls. Rather, it is a huge investment in time and money.” On this note, the best living unit for you is the one that will meet your lifestyle needs. With a condo, for instance, it is very easy to choose one that is close to your place of work, entertainment, and city life. On the other hand, houses for sale in such locations can be really scarce.
There is also the issue of size. In most cases, condo units are less spacious and as your family grows and your belongings increase, you can easily outgrow your living unit, creating the need to move into a bigger housing unit. In most cases, houses tend to provide more space, which makes them suitable for people of all age groups. Houses also offer more privacy, freedom, calm, and comfort compared to condos.
Depending on the location, size, features, amenities, and other factors, pricing for both houses and condos can vary greatly. Nonetheless, purchasing a condo is generally cheaper than purchasing a house. Additionally, the costs of maintenance are also less for condos compared to that of houses.
However, it is important to note that according to several research studies, condo prices have been noted to increase faster than that of homes in most places. This means that buying a condo with the intent to sell it or rent it out later can be more rewarding to the owner. But then again, houses tend to be easier to finance and in most places, you don’t have to worry about HOA dues.
Due to their small sizes compared to houses, condos tend to be easier to maintain. For one, a condo unit will most likely have a limited amount of appliances and systems such as plumbing. You will also not need to worry about things such as roofing, your home’s exterior or the structure for a condo as much as you would worry in the case of a house. As a matter of fact, most repairs and maintenance in condominium units is done by the property managers, even though the unit owner may be required to pay for the costs incurred.
On the other hand, a house requires you to regularly check the structure, roofing, plumbing, electrical, and appliances such as air conditioning, ensuring prompt repairs to keep your home well-maintained.
In terms of return on investment, homes happen to take the day. This is mostly because homes appreciate faster than condos, along with the fact that you can always do some upgrades to increase the value of your home. Additions such as swimming pools, spas, gardens, and landscaping can increase the value of your home by hundreds of thousands of dollars. Additionally, when you buy a house, you also get to own the land it sits on.
And there you have it! In summary, both condos and homes are great living units that you can pick depending on your preferences and circumstances. If you happen to be on the crossroads between choosing a condo or a home, it is best to base your decision on what you need now and also in the future. The above pointers can make it easier for you to make your choice.