The First Time Homebuyer’s Dilemma: House vs. Condo
The decision to purchase your first home is a big one. In fact, for most people, it is the biggest financial decision they will ever make. While investing your first time homebuyer savings into a house has often been the default option, investing in a condominium as a first home continues to grow in popularity, especially with millennials. Aside from the location and price, housing type scores as one of the top decision makers for homebuyers. Are you stuck in the middle of this big condo vs. house decision? Our experts have developed an exhaustive list of the Pros and Cons of House vs. Condo to help you land in the home of your dreams.
|Pros||• Full control over renovations, remodeling, and lifestyle choices
• Indoor and outdoor space
• More accommodating to children and pets
• Ample storage space within the unit
• Greater levels of privacy
• Better potential for good resale value due to short supply and high long-term appreciation
• Greater potential for unique spaces with yards, basements and storage
|• Condos are often more affordable than houses
• Convenient locations with high walk scores
• In-house amenities such as pools, hot tub/sauna, gyms, theatres, party rooms etc.
• Few maintenance and repair responsibilities
• Security features at entry and in units
• Front desk staff to collect mail/parcels while away
• Predictable and consistent monthly maintenance fees
• Social activities within the condo (great for seniors, new families etc.)
• Lower cost of home insurance
|Cons||• Financially responsible for all maintenance of home and property
• Ongoing investment of time and money for maintenance
• Higher utility bills due to greater space
• Risk of unexpected or surprise maintenance and repair costs
• Higher cost for home insurance due to weather-related risks
|• Collection of condo fees in addition to mortgage payments
• Shared decision making processes
• Restricted by rules set by the condo board
• Limited space and privacy
• Lack of control over scheduling of maintenance and repairs
• Neighbours may have loud/irritating maintenance
• Potential restrictions on noise levels, parking, pets, smoking, visitors, paint colours etc.
• Can be more difficult to sell
If you are having trouble determining which of these pros are the most valuable to you (and which of these cons are the most detrimental to you), we encourage you to contact one of our expert Realtors® today to learn more about the best options for you and your family in the Ottawa real estate market.