When it comes to buying your first property, you may be questioning whether to buy a house or a condo. With the condo market seeing tremendous growth in recent months, it is clear that more first-time homeowners than ever are opting to get their foot on the property ladder by purchasing a condo, either due to financial expenses or convenience. Not sure whether a house or a condo is right for you? Here is a quick rundown of what you can expect with the purchase of either property, which hopefully will help you to decide which option is best suited to your lifestyle:
Purchasing a Home
A home could be right for you if you are searching for a place that you can have complete autonomy over, in regards to home and yard maintenance, renovations, and repairs. By owning a home, you will be responsible for all expenses including the mortgage, property taxes, utilities, and insurance.
Benefits of homeownership:
- The ability to undertake decorations and renovations yourself, without having to apply for approval from a condo board.
- Having outdoor space you can use freely, which is especially useful if you have pets or young children.
- Having more privacy and space between you and your neighbours.
Purchasing a Condo
With the purchase of a condo, you will own the entirety of your individual unit, perhaps with the addition of a parking space. All other common areas will be shared with the other residents of the building. You will pay a monthly condo fee which most often covers the maintenance of the building, heat, hydro, and building insurance.
Benefits of condo ownership:
- Access to various amenities, such as underground parking, a gym, and a pool.
- The freedom of owning your own property without the responsibilities and additional expenses that come with homeownership.
- The convenience of having a maintenance team at hand, should any issues arise.
- Not having to deal with seasonal maintenance tasks such as snow removal, gardening, mowing the lawn, etc.
- Condos are generally more centrally located, giving you better access to downtown living.
If you have any further questions about the difference between condo and homeownership, and need some help deciding which option is most suited to your needs, reach out to one of our experienced RealtorsⓇ today! Our dedicated team brings our values of respect, honesty & integrity to every client looking to buy houses or condos in Ottawa. We look forward to working with you!
