Condos vs. House: Which is the Better Option for a living?
Before you decide on whether to choose Condos or Houses for sale in Calgary, it is a good idea for identifying the priorities of your living space as well as determining how much money and time you will have for putting into repairs and maintenance. Be it opting for a house or condo, it all comes down to your financial state in life, as well as what the preferences are.
The abundant options of housing alternatives, specifically in the urban areas, leave several first-time house buyers wondering about which kind of residence to select. Every type of Real estate option i.e., house and condos- have its pros as well as cons. What you will find is that every housing condition is designed for meeting the occupant’s preferences and needs. And this is the best thing.
Also known as Condominium, a condo is a building that has been divided into various units. These units are separately sold to specific owners. Every unit in the condo comes with its title or deed. Its common areas, like the community area, an elevator, roofing, external walls, and parking belong to every unit owner. Everybody holds responsibility in terms of sharing the price of maintaining these common areas.
In the Real estate market, the word condo refers to apartment-style living. You are the owner of the space that is within your apartment’s walls, however, nothing outside of them comes under your ownership. Anything outside the unit like common areas, land, and exterior of the building, is owned by the separate entity , however enjoyed by the entire community. So, now the question arises is that – Who is the in-charge of maintaining elevators, hallways, as well as the land that is outside of your unit? Well, every condo has the homeowners association which is responsible for caring and managing that property.
In case you buy the house, then you will have the responsibility of paying for all expenses associated with maintaining and owning the property, which includes property taxes, mortgage, insurance, utilities, yard, and house maintenance, as well as any renovations or repairs. The housing option of Real estate in Calgary means buying the single-family home i.e., the stand-alone structure on the foundation. Single-family houses can be the single-story ranch houses or they have multiple stories, and an attic space or a basement.
The house owner enjoys the chance to live with freedom and independence.They hold the right to make decisions regarding the house improvement, style, and decorating it the way they want. While purchasing the house, you do not have to undergo the approval procedure of the condo board for each potential house upgrade / improvement. Also, you get the more personal living space without the disturbance of neighbors living on the other side of your walls as well as a yard is also available to use freely.
Pros of Condos
- No maintenance and repairs, at least on the exterior – It is one of the major benefits of living in the condo. While the house owners are busy painting the home, mowing the lawns, cleaning gutters, trimming hedges, raking leaves, shoveling snow, and pruning trees, the condo owners are busy taking the weekend trips, relaxing at the house, or hanging out at a pool.
- Exceptional features – When it comes to the Real estate in Canada, choosing a condo is the best option. In case you have the heart set on stainless appliances, the open floor plan, and granite counters, the newer condo often has them.
- Safety – Along with other people living nearby, complexes are more often staffed or gated with guards as well as have sophisticated safety systems.
- Luxurious features, grounds, and facilities – Clubhouses, Spas, Tennis Courts, BBQ Areas, and Jogging Trails are among those amenities which are offered to the residents of condos.
- Millennial-generation purchasers with almost no house ownership experience as well as not enough time for house maintenance can have an advantage from beginning in the condo alternative of Real estate in Canada and then upgrading it to the detached home after they learn what is needed for keeping up the house.
Cons of Condos
- You get less space for storage – With the small condo, you need to organize the stuff more effectively or just have to get rid of a lot of it. And in case you think you will add storage, it would be better for you to first have a look at the rules and then proceed further.
- You do not have much privacy – You will be a lot closer to the neighbors. In the Canada real estate market, if you pick the option of a condo, be ready to hear the sound of those high heels clicking on a tile floor just above your room and get annoyed the entire time.
- The rules of the Condo Association may be a lot restrictive, which means that you might not be capable of customizing your unit the way you wish.
- The fees often continue to increase – In case the building is older, it can need more reserves to pay for plumbing, exterior maintenance, as well as roofing, which means higher fees as well as, at times, special assessments.
Pros of House
- Greater self-expression and self-determination – One of the most essential demerits of the condo is the uniformity in the market of Canada Real Estate. Since you do not own the home’s exterior, there is nothing you can do with the same. In the case of buying a house, the entire story is different. You are allowed to paint it the color you prefer, put the flowerbeds all over your property, or build the playhouse in your backyard. The house can conveniently be personalized, in a manner, the condo never can.
- House does a better job in accommodating the life changes – Among all the life’s aspects controlled by the HOA, they can also control who you reside with and what you do for a living. For instance, in case you wish to begin the plumbing business, you can do it out of your house. However, you can’t do it out of an apartment or Condos.
- Another house benefit is the fact that it permits extra outdoor and indoor space that is more conducive to accommodating pets, children, and families.
Cons of House
House ownership has a few disadvantages as well.
- The homeowner is often responsible for all the maintenance outside and inside the property, which includes the upkeep and care of the trees and yard. You should also consider purchasing extra tools and equipment for maintenance when you buy a home. Unlike the Condos, though any modifications you make will likely boost the resale value of your home, they need an investment of money and time.
- Houses have higher initial expenses – When you pay the higher price for a home, you also face the higher one-time charges such as closing prices and mortgage points. Also, it costs more for setting up the household. For instance, when you move from a condo to the house, you might have to buy weed whacker, lawnmower, rake, shovel, ladder, branch cutter and various tools that you never required in the condo.
- House has higher daily expenses – When you purchase the bigger house rather than buying the condo and pay more for it, just about every ongoing expense will be a lot higher. It includes insurance and mortgage payment.
Which is the best option to choose from?
You can also consult with the real estate agent or a mortgage specialist for assistance in deciding whether House or condominium living is the most suitable option for you as well as your lifestyle. House owners buy the home as well as the land it sits upon, while condo ownership includes just the living space within the condo unit as well as the portion of the condo building’s common areas. There are disadvantages and advantages to both kinds of housing, and cost, as well as a lifestyle, can assist determine whether the condo or single-family home is a perfect option for your requirements.
As the human beings love the thought of individuality, they choose House over a condo, however, at the same time, younger generations go for the latter as they know that it is the better investment since, in the future, they can gain back 10 times more as compared to what they have invested. Houses or Condos? This is one of the most debated queries in the market of real estate. However, in reality, “better buy” is always the option that is the perfect one for your budget and lifestyle. Evaluating what that alternative might seem like the tough task, however, you can decide on what is the right one for you through assessing your needs.
Apeksha Goswami is a Digital Marketing Executive at Activant. Her focus is on creating a well-knit digital link between the audience and the company which helps develop a sturdy relationship and drive new traffic towards the clients. She believes in herself a little more and also loves to express her thoughts to the world on Instagram.