When thinking of purchasing a new home, many people now decide that a condo is the right choice for them – but how do you know which is right for you? Let's explore the differences, so you have more information to determine whether you are more suited to a condominium or a house.
The main factors when deciding which type of dwelling you want to call home is the type of lifestyle you have. If you are an avid gardener, and have always wanted the white picket fence and a swing in the yard for the kids, than you are probably more suited to a home with a yard and space. Many families with children will decide that they prefer the neighbourhood with the yard, and prefer not to live in a condominium setting because a house offers more room and access to the outdoors.
Many condominiums have wonderful amenities such as exercise rooms, games rooms, tennis and basketball courts and swimming pools that offer choices that a house in the same price range could not possibly give, but there is an elevated price for those amenities. Condos are in high demand in urban areas and will appreciate most often a little less than a house of the same value, as the fees bite into the purchasing power of potential owners, but don't require the work and need for outdoor repairs and care of the yard or home.
A person who wants total creative say in how they make changes to their home may prefer to live in a single family home rather than a condo, as most condos do have some sort of dual ownership and clauses that do not allow you to make certain changes to the dwelling. Most condo owners are bound by the condo board or association's set of rules and will need to pay condo fees in order to cover the costs of maintaining the common areas. They will need to follow the stipulations put forth by the board or association when it comes to any changes or renovations that they may wish to make and follow the rules that all condo owners in the building are bound to. A house owner has more say in changes they wish to make, and are only bound by the laws of the city or community that they live in.
It is important when buying a condo or home to especially read the rules of the Corporation, and also understand the contracts and fees that are associated with the purchase of the property. Buying a home in a gated community or a condo with strict rules may not be what you are looking for. On the other hand you may enjoy the innovative style and carefree life of living in a condo in the middle of the city with no grass to cut, a sauna outside your door and no large repairs to worry you. Plus in many cases, the price of a home in an urban center is just outside of your price point, so from a mere payment perspective, it's an affordable way to get an urban lifestyle.
Many retired couples or busy working couples find that a condo is the perfect answer for them, as they appreciate the lack of need for upkeep, the options for recreation, and the location. Others find that they need and love to have grass out their front door, the ability to change whatever they want, and the beauty of a single house dwelling. Either way, it is always important to understand the restrictions, rules and costs involved in your choice, and to shop around to see what is available.