When considering what type of property to buy, an early question may be, “should I buy a condo or a free-standing home?” Looking into the benefits of each of these options may help determine what best suits you and your lifestyle.
Condo Ownership
Purchasing a condo is an excellent choice for a first-time buyer. Condos typically have a lower monthly mortgage, even with condo fees. When you buy a condo, you own an individual unit in the building, with your fees contributing to the maintenance and upkeep of the entire building. Not worrying about structural repairs and exterior maintenance reduces stress as a homeowner. With a smaller living space, condos have less maintenance and less to clean. Most condos have an association that will take care of larger maintenance projects, so the owner doesn’t have to worry about it. Downtown condos, or those in urban areas, typically appeal to working professionals or those looking to be part of the excitement and near shopping and restaurants. Condo ownership can be ideal for owners who prefer not to drive or pay for parking but still want access to shops and entertainment. Urban condo living means owners have access to all their needs.
Condo ownership is also excellent for owners who want to travel and explore in retirement. A unit in a condo provides more security while owners are away. When travelling during the winter, the association makes all the arrangements for snow removal on the property. Even if the owner isn’t retired or planning to travel, the added security of living in a condo unit is another benefit to condo ownership.
What is a condo without the perks of amenities included? While some condos provide more amenities than others, their fees may reflect that. Decide which amenities are important to you and how much you are willing to spend on condo fees. Onsite amenities typically include a sauna, swimming pool, exercise room, game room with puzzles, and a pool table. Others may offer woodworking rooms, a theatre room, and more. With these perks, you can save time, gas, and membership fees at other facilities.
Condo ownership is ideal for those embracing a minimalist lifestyle. With less space, a condo unit can still feel warm and homey even with minimal furniture and décor. When buying a condo, there is no need to purchase appliances like refrigerators, ovens, washers, and dryers. These items are usually part of the unit, with warranties and repairs that the condo association may cover.
Home Ownership
One of the first benefits of homeownership is that it is cheaper than renting. Typically mortgage payments are lower than monthly rental rates as well. Owning your own home means you can customize it however you like, from paint to flooring and everything else, without seeking approval first.
There are also tax deductions homeowners can take advantage of, from green energy initiatives to mortgage interests and even property tax. Having a home means having an excellent long-term investment that can have great returns down the road.
A backyard is also a significant benefit of home ownership, regardless of size. Whether it’s home to a play structure for the kids, the site of a thriving vegetable garden, or just a place for outdoor relaxation with a patio and a pergola, the choice is yours!
Another benefit is the endless location options for purchasing a home. Enjoy the tranquility and open skies when choosing suburban or rural living as a homeowner. Feel like a part of the community by meeting neighbours and participating in neighbourhood events and activities. With a home, there is space for recreational vehicles and private yard space for hosting summer BBQs with friends and family.
There is no right or wrong choice regarding a condo or home ownership. It’s just a matter of defining what you’re looking for and deciding which one is most suited to your lifestyle! As you can see, there are benefits to both options, and a realtor can help you to determine what is best for you.