Should You Get a Condo or a House?
Posted by Niels Madsen on
When it comes to making a choice about which is the right property for you there are so many criteria to consider and options available, that even the simplest starting points can seem daunting. But it’s important to have a clear idea of what you’re searching for before you start looking. If you’re just scanning every available property you’ll waste not only time, but you’re unlikely to find the one you want!
There are a number of choices that can help you narrow down your search, and one of the biggest is whether you’re looking to purchase a condo or a house. In this post we’ll cover some of the key differences between the two, and how you can go about figuring out if you should buy a condo or a house for your next move.
The Difference Between A Condo And A House
Let’s start with the simplest point of difference. A condominium is a single unit located within either a multi unit building, or sometimes a larger community development. A house is the more traditional option with no shared areas or common spaces.
While condos can be located in a wide range of dwellings, from townhouses to more modern apartment style developments, there will be shared features. Such as shared common areas available to all owners within the unit, which they will be expected to contribute towards the upkeep and related expenses for. This can include courtyards, pools, gyms, and other recreational or leisure facilities.
Because of this shared responsibility, a condo unit will be overseen by a board of directors for the corporation or entity that owns the unit as a whole. As an owner of a single unit, you will be expected to abide by the rules set and agreed upon by this body. These rules can affect your ability to make renovations or aesthetic changes to your property, as you will need to seek approval. Compared to a freehold home you are in complete control of the property.
How To Know If A House Is The Right Option
One of the most important considerations when it comes to deciding if you should opt for a home is your future plans. For example, if you’re planning on expanding your family and will need to accommodate that with more space, or if you’re looking for a property that you can renovate and change in order to match your tastes, then it might be better to opt for the flexibility and security a home can provide. This is ideal if you’re not interested in moving again, and want somewhere that you can stay for many years to come.
This also makes a home an investment, not just in terms of the initial cost, but also in the maintenance and upkeep you will be solely responsible for, such as plumbing, landscaping, and other issues.
How To Know If A Condo Is The Right Option
A condo is an ideal option for first-time homeowners, whether you’re moving on from renting or in search of an affordable starter family property. Because condos offer a more affordable and low maintenance option, they’re ideal for those with no experience of homeownership. Plus much of the upkeep and potential costs will be mitigated by the ownership structure.
A condo is also a great option for professionals who live a busy and fast paced lifestyle and won’t necessarily be looking for large amounts of living or recreational space, especially if you’re focused on living in an inner city area. In keeping with this lifestyle, the amenities that come with a condo, such as parking, concierge, gym, pool, and common spaces can provide tremendous additional value to the right buyer.
What To Keep In Mind When Buying A Condo
Because condo buyers are often first-time owners, and because it is a uniquely different process to that of buying a regular home, there are some important checks you may want to make. And keep in mind when viewing properties to ensure that you wind up with a good deal on a property that will be right for you.
The most important thing to do before you buy a condo is to look into the homeowner’s associations or other body that governs the unit. Because you are as much buying into the building as you are the property, you need to make sure that the organization is well run, as well as knowing the full details This will include any major planned building works, and how they are being funded, as well as making yourself familiar with the association's rules, regulations, and bylaws.
You should also be sure to check out the amenities thoroughly, including the parking situations, whether there’s exclusive access for residents, reserved spots, and any additional fees. You should also check to make sure areas such as pools and common spaces are kept in good condition and accessible for residents.
No matter what path you take on your journey through the property ladder, the best way to ensure you find the right place for you is to put your trust in the hands of experts. Here at Madsen Langlois, we have the experience and expertise to ensure you get the right property for you, to find out how we can help you, whether you’re buying or selling, get in touch with us today.