Are you on the hunt for a new home? There are plenty of factors to consider when buying a property, such as how much space you need and what type of amenities you’d like to have. That’s why it’s important to determine your preferences before you start calling agents or hunting online. If you’re not sure whether a house or a condo is right for you, read this short guide to help you decide which type of property is best for your lifestyle.
There are some questions you should always ask yourself first before settling on a property type, such as how many bedrooms you need, whether you plan to have kids, will the location add to your commute time, and so forth. The answers will help you determine which property type is best for your current and future living needs. For instance, if you are solo or a party of two, a standard condo will likely suit all your spatial needs. However, families with two or more children may need a house or a large 3-bedroom townhome to accommodate the size of the family.
If you’re looking for a property that comes with a number of amenities on-site, your best option is a condo. Most condos come with a range of amenities, including swimming pools, fitness centres, game rooms, party rooms, and more, which are all shared between the residents. Access to these amenities is included in your monthly condo fees so you won’t need to worry about maintaining them as this is the responsibility of the property manager. On the other hand, when you own a home, you’ll have to install any amenities that you want and pay for their upkeep, which can be very costly over time.
Are you comfortable doing repairs around the house, mowing the lawn, and shovelling the snow? If you’re not keen on the idea of doing regular maintenance and yard work, a condo is a better option for you. In fact, building management will arrange for all the maintenance of the building and common areas to be completed as part of your condo fee. All you have to take care of is the maintenance inside your unit.
There will always be restrictions set in place, no matter if you live in a house or a condo. But these can differ quite drastically. For instance, when you own a home, you may have local by-laws that stipulate where you can place a fence, or how high your addition can be, but there are few stipulations regarding the style of your home. With a condo, the restrictions are set by the condo board, and they may not allow certain things like having a BBQ, pets or performing specific changes to the inside of your condo. It’s important to review the restrictions and by-laws first before making any decisions.
What you plan to do with the property will also help you to determine the right type of dwelling for you. Do you expect to live in the home yourself or are you planning to use this property as an investment? Condos are generally more affordable but are still generating high rental rates currently, making them excellent investment properties.
Homebuying is a big decision. If you need professional guidance, contact us at the Medallion Capital Group. We’ll listen to what you need, help you understand your options and give you mortgage advice so you can make a well-informed decision.