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Condo or House??


Blog by Claire LeLacheur | February 10th, 2016


Condo or House?

 

If you’re planning to purchase a property in Vancouver, you may be wondering whether a condo or house is a better buy. Aside from the location, the type of housing is an important decision, especially if you’re taking into account the property potential such as future return on investment and renting. There are certain advantages and disadvantages to both types of property, and there’s more to consider than the fact that one property has a yard and the other doesn’t. Here are a few pointers that may help you decide whether a condo or house is a better buy.

 

Convenience

Condos definitely boast the convenience factor, as many are based in urban areas and have access to grocery stores, restaurants and other amenities within walking distance. Living centrally also means more access to public transport, which is perfect if you don’t own or don’t want to own a vehicle. Many condos have gyms, swimming pools and other leisure activities within the building, which may also make your property more desirable if you’re hoping to rent it out at a later date. On the flip side, a house may be a better buy if convenience isn’t an important factor. Especially if you own more than one vehicle, you may struggle to find a parking spot and congestion around urban areas at peak times can be a huge drawback.

 

Maintenance

Both condos and houses require maintenance, but this applies less so to condos. Whereas building maintenance is included in the condo fee, houses come with additional responsibilities such as snow removal and yard maintenance. If you’re a busy professional and you don’t have time to allocate to these types of activities, a condo may be a more practical investment. However, if you want extra privacy and the freedom to do what you want with your property, a house may be better suited for you.

 

Space

The huge drawback of condos is the lack of space. While you can find large condos, most houses come with significantly more space and many with yards that you can use freely. If you have pets or a large family, or simply a desire for lots of space, a house may be better suited to your lifestyle. On the flip side, if space isn’t hugely important for you and you would like simple and convenient living arrangements, a condo may be the best option. You should also consider the fact that condos come with restrictions and you are bound to your condo agreement, which can limit how many changes or improvements you can make to your space. Houses, on the other hand, allow you much more freedom as you can use your space how you wish and you don’t face building or pet restrictions.

 

Cost

The cost of buying a condo compared to a house is often much cheaper, but you need to consider the upkeep costs of the property before you make your decision based on price. You will generally pay less for a condominium, which means your mortgage will be lower, but you need to take into account the monthly fees associated with condo living. You may have to pay out up to $1500 a month in condo fees depending on your building and its amenities.

 

Ultimately, your decision needs to be based on your lifestyle and property intentions. If you’re planning to live in the property for the coming years, consider your personal preferences and needs, however if you’re purchasing a property as an investment, consider what will survive better in the marketplace and which type of property will see a better return on investment.


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