House vs. Condo: Which Option is Best for You?

May 26th, 2014  |  Home Insurance

There is a lot to think about when you are exploring your options when buying your first piece of real estate. One consideration that often comes up, especially for first time home buyers is the decision to choose a house or a condo. Determining which option is best for you can be challenging and your answer to the question will undoubtedly have a major impact on your life and lifestyle.

The house versus condo debate is not only about the financial aspects of the transaction. It is also largely about your lifestyle preference, where you are in your life, and where you see yourself for the foreseeable future.

Do you want to live in the city and have a more urban lifestyle? Do you want to live in the suburbs in a spacious home and enjoy a quieter lifestyle? Do you want something that falls somewhere in the middle?

There are all questions that you will have to think about when weighing your options. The following takes a look at some of the considerations for each option:

The Considerations for a House

• In general, you will have more freedom as a homeowner
• You will have more space (in most cases)
• On average, a mortgage for a home is more expensive
• You will have more control over design – you can do renovations to the home or property if you want
• You will be responsible for regular maintenance and upkeep – Is that in your budget?
• You will have to pay property tax
• You can likely enjoy a private back yard
• You are responsible for all insurance costs

The Considerations for a Condo

• Building maintenance and repairs are handled for you
• You are only required to have insurance for your unit and belongings
• You will have to pay condo fees
• You will have access to all the amenities of your building (pool, gym, etc.)
• Condos have a more community focused living – shared spaces and less privacy
• Condos tend to be in busy urban areas
• You may be limited by restrictions and rules as it relates to pets, renting your unit, guest parking
• Majority rules – changes may be made to your condo building even if you don’t agree
• There are different type of condos to consider

The decision to buy a house or a condo is a personal one and can only be made by you. Think about these considerations and make the decision that best fits your lifestyle.