Should I buy a condo or a house?

As you search for your dream home, you’ll likely find both condos and houses that you love. Here are a few key factors to consider when making your choice.

If you’re having a hard time deciding which one is the better option – house or condo – for you and your family, it’s good to evaluate the advantages and disadvantages of both. Buying a home can be one of the biggest purchases in your life, and knowing you made the right decision is important. But what should you base it upon? Here are some key considerations.

If you can afford a house in the area you wish to live in, it’s often your best option

• Houses statistically grow in value quicker than condos do, and you’ll avoid hundreds of dollars per month in condo fees.
• You already have a mortgage to pay and when you factor in condo fees, you end up paying a lot more for a condo of the same price.

Also, when you have a home, you’re in charge.

• Any decisions around the maintenance and renovation of your home are your decision.
• In a condo, you’ll have to share decisions with other people in the building and often join a committee to voice your opinions and suggestions.

Another benefit of owning a home is space.

• Do you want to have a garden or backyard space for the kids?
• Do you need loads more storage space for all of your belongings? If so, then a house may fit the bill for your lifestyle.

Condos are a great option if you want to live somewhere central.

• If you work in the downtown core of a major city, house prices can be extremely high, and condo prices can be fairly reasonable in comparison.
• Condos are usually within walking distance of offices, parks, restaurants, and shops.
• Condos are also great for people with a busy lifestyle because you don’t need to worry about the maintenance of your home. It’s all covered by the maintenance fee you pay every month.
• Some condo buildings even offer luxurious amenities such as pools, gyms, and spas.

If you live alone, don't need much storage space, but do need convenience and simplicity, then condo living may be your best bet.