Pros and Cons of Buying Condo Vs. House in 2020

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While owning a home has been a major traditional symbol of the American success story, the difficulties and inconveniences that come with it are not necessary or practical for everyone. The time and resources demanded by homeownership are not compatible with all lifestyles. Condominiums have come a long way since first gaining popularity in the 1990s and are becoming a popular choice among small families and seniors. Still, condo living has its drawbacks, not for everyone.

The potential benefits of buying a condo

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1. No yard work

With a condominium, you need not worry about landscaping or external maintenance of any kind. Lawn maintenance, gardening, pest control, exterior painting, fencing, roofing, and any other outside jobs are either unnecessary or taken care of through monthly maintenance fees. While the sound of a fee is unappealing, they are generally similar to those imposed by typical homeowners’ associations.

2. Less interior space to clean

As with landscaping, house cleaning takes time and effort. If you are not intent on using the extra space that comes with a house, then why deal with the nuisance of cleaning it? Singles and couples without kids will find that condo living is far more convenient than home owning.

3. Location

Location tends to be much more favorable for condominium owners than homeowners. Because they take up far less land than houses, condos are often located right downtown as well as in areas surrounding the city. Compared to the often remote locations of reasonably priced housing developments, condo living can cut significant time and gas mileage off your daily commute.

4. Cheaper than buying a house

Condos are generally cheaper than houses, and the process of buying a condo can be far easier than that of buying a home. Building a house can be a tedious, high pressure, time-consuming process. Your condo is already built for you, and, unlike developing regions, you are not going to see the mess of home construction in your neighborhood.

5. Access to recreational facilities

Many condominium complexes have recreational facilities like a community pool, tennis and basketball courts, or a gym. Depending on your building, your monthly fees may permit you access to such facilities. You will have to remember that these are shared rather than personal commodities.

However, not all lifestyles mesh with the realities of condominium living. There are some disadvantages that can be deal breakers for many.

Disadvantages of choosing a condo:

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1. Low resale value

If you are not looking for a long-term commitment, a condo can be a risky investment. As condos are usually cheaper than houses, they similarly usually have far less resale value. In addition, condos tend to be more difficult to sell. When you own a condominium, you only own the space within your walls – you do not actually own any land.

2. Lifestyle restrictions

The close proximity between residences requires consideration for the other people in your building. There are noise requirements that must be observed, meaning you cannot play your music too loud or hold a party too late. Also, on occasion, there can also be restrictions on or rules against keeping a pet.

3. Parking

With a condo, you will usually have a small area where you can park your car or cars. If you have guests over or are having service done in your home, limited parking can become an issue in some communities. Before making a commitment, find out how your complex handles the parking situation.

4. Limited influence in the community

Although you do have a say in how your monthly fees are used, as a condo owner, you are but one voice among many. It is unlikely that your opinion will hold much clout with the condominium board when it comes to making rules and using the monthly fees. If you do not like the paint color of the building or the appearance of the lawn, you could very well be out of luck.

Buying a Condo in Canada

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Condos now make up one of the largest percentages of the available real estate on the market in Canada. With a booming cultural atmosphere, a lively nightlife, and beautiful scenery, both natural and man-made, there is something for everyone looking for the right condo in the best areas in Canada’s main cities.

When you first start looking at the market, it can be a little intimidating. Condos can cost a lot depending on the features, square footage, and location. This is where a real estate agent can truly assist your search, especially when you are willing to consider buying a condo assignment.Condo wizard, for instance, knows the best value condo in various cities and areas where you can find the perfect condominium that’s within your budget.

With a lot of hard work and a business mind, you could negotiate your own deal, but there are many advantages to hiring a real estate agent. One of these reasons would be strong negotiation skills and a real eye for value in the Canada condo market. Another advantage of using a knowledgeable real estate agent in your search is having someone on your side who knows the area as well as the basic value of the houses around the properties you may be looking at. As anyone will tell you, it’s all about location. Having someone who knows the neighborhood can either guide you to a diamond or save you from a piece of coal.

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When you start making your plans to buy a Canada condo, it’s also important to look for a real estate agent who can not only help you buy a new home, but also negotiate the sale of your old home. Some real estate agents will even help you set up a marketing plan and a philosophy for the sale of your property after even your first visit.

If you’re ready to be close to quality theaters, world-class museums, high-end shopping, and more recreational opportunities than you could ever imagine, then buying a new condo is the perfect option for you.

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