While purchasing a property, buyers always find themselves in a rift between a condominium and a traditional house. After the location, the type of housing you want is the second most crucial decision.
Both housing types have their pros and cons. To help you make an informed decision, here are some advantages and disadvantages of both – houses and condos.
Condominiums
Condo ownership provides the living space inside your respective condo unit along with a portion of the common area.
Pros of Purchasing a Condo
In recent years, more and more buyers are choosing condos over houses because:
- Condos are generally located in urban cities where shops and restaurants are within walking distance; along with other places of entertainment and interest.
- Some condos also provide resort-like amenities like pools, gyms and fitness centers that one can’t really afford in his/her traditional house.
- People working in urban cities have a busy lifestyle. Thus, a condo seems attractive because of their low-maintenance and high convenience.
Cons of Purchasing a Condo
Buying a condo may have the following drawbacks:
- The association is one major disadvantage of living in a condo. They are collected for building maintenance and various other amenities.
- The association charges can be expensive for some and can even be increased when extra money is needed for a big maintenance project.
- There is often no input in the decision making process, which can sometimes lead to discontentment with the ultimate decision made.
Traditional House
In this case, homeowners purchase the house and the land underneath.
Pros of Purchasing a House
- Total control over the entire property, including remodelling or renovations.
- Extra space, indoors and outdoors which can be used to accommodate a larger family, and pets.
- Houses have much more storage space in terms of closets, attic or basement. Moreover, they give a lot more privacy in comparison to condos.
Cons of Purchasing a House
- You are often responsible for all forms of maintenance inside and outside of the home, which includes upkeep of the trees and the yard.
- You must buy tools and equipment for any minor repair jobs that may arise, which require extra time and money.
- High utility bills. Since a house is much bigger than a condo, they use more energy.
Buying a property is a big decision, so you should evaluate every single point before you make your move. If your workplace is in the city and you like urban lifestyle, then a condo is the ideal place for you. However, if you like living in a spacious house and don’t mind the little maintenance jobs here and there, then nothing can beat a traditional house.
No matter which type of home you select, closing your deal with help of an experienced real estate lawyer is always advised. We, at Nanda & Associate Lawyers are a leading law firm in the Mississauga,Toronto and Brampton area. Call us NOW to set up an appointment with one of our associates.
