As part of the home buying process, you will have to decide on your dream home. Therefore, ask yourself do you prefer the privacy and independence of a single-family house? Or is the convenience of condominium living more appealing to you? Before deciding which option is right for you, understand the differences.
Buying a Condo
With a condo; you will own the interior space of your unit, and in some cases a parking space. Common areas and outdoor spaces will be owned by other owners in the building. You will also pay a monthly condo/maintenance fee, which can cover items like heat, hydro, water, landscaping, building insurance, and other amenities.
Benefits of a Condo:
- Requires less time or ability to take care of the regular maintenance or repairs of a house.
- You like the convenience and freedom of owning property without all the additional responsibilities and expenses.
- Access to amenities, which could include parking, concierge, gym, pool, common space, etc.
- You don’t mind living in a large community with neighbors living in a close proximity.
Buying a House
When buying a home; you will be responsible for paying all expenses related to owning and maintaining your property. Including the mortgage, property taxes, utilities, insurance, maintenance (including indoor and outdoor) and any repairs or renovations.
Benefits of a Home:
- Independence and freedom to make your own home improvement, decorating and style decisions.
- No approval process for every potential home improvement.
- Private living space, and a yard you can use freely.
Speak to a Sunlite Mortgage Specialist, or your real estate agent- for help deciding whether condominium or single-family house living is best for you!