Houses and condos have come a long way in the new millennium. With architectural perspectives switching towards the finer details from practicality ruins, it is evident that residential units are found in every budget.
The condo vs house debacle genuinely depends on the type of lifestyle you plan to maintain and your current financial position. Buying or renting either of these options has its own set of pros and cons because each option has a varied effect on different individuals.
The catch here is to keep a flexible mind about residential choices. Remember that one size cannot fit all.
So without much ado, let’s jump straight to the point and delve into the comparison.
Condos are easier on the pocket.
Initial costs
Upfront, buying a condo is more affordable than buying a house. The associations of realtors and independent research have revealed that condos have lower down payments and monthly instalments. The maintenance of condominiums falls on the condo board in each condominium complex. They are responsible for exterior repairs and maintenance.
When you move into a condo, the lawn is mowed, the hedges are trimmed, the paint is perfect, and even the gutters are clean. Such high standards of maintenance ensure that you can save additional costs. The benefits increase twofold when you rent the condo. Because then you are only concerned with the interiors.
They are thus giving you freedom for further exploration of financial pursuits and personal hobbies.
Condos are also typically easier to insure since you usually need less coverage. This is especially true in already-expensive cities like London, Ontario (compare insurance rates there via Surex: surex.com/insurance/home/london-ontario).
Location
The condominium complexes often house amenities like gyms, swimming pools, party rooms, outdoor patios and open barbeques. Independent units dot the downtown areas where cultural and entertainment sites are found in abundance. A condo’s location can help your employment opportunities due to shorter commute times compared to suburban home-owners/tenants.
Community life
We came across a resource on freehold townhouses from Paradise Developments( paradisedevelopments.com/blog/communities/what-is-a-freehold-townhouse-heres-what-you-need-to-know) that left us thinking about the sense of community and social connections built in a condo complex. The complex of condominiums offers detached single families the opportunity to feel connected while still keeping their privacy intact.
The population density in a complex would be higher than the middle row of houses in the suburbs. People with similar jobs and lifestyles gather in each condo complex which adds to intimacy in condos. The common recreational amenities play a vital role in the socialization of everyone housed in a single complex.
Houses offer larger covered areas.
Area
When you investigate the house vs condo debate at a basic level, you will realize that a condominium will not give you any spare land for personal use. But a detached house can fulfil that desire of yours. A house is most likely to have empty slots in the front and back where you can install things according to your own will.
From becoming a gardening maestro like Noah from The Notebook to getting a black swimming pool installed in the backyard, you have the freedom to design your home according to your wishes. You can look up any renovation ideas and get started.
Although the maintenance falls on your own hands, the joys of building something are hard to second.
Creative liberties
All the condos in a complex will look the same from the interior to its exterior. No matter how much you invest in the interior decoration of a condo, it is apparent that the monotony will persist at some level at all times.
However, when you think of houses, the case differs significantly. A house is yours to own, which means you have the creative liberty to renew it according to your wishes. From installing a wrought-iron gate to painting the house a neon colour, you have the authority to build the treehouse that you wanted as a child and even go as far as customizing a den for the boys in the back shed of the house.
Grow bigger with the house
As you transition from one life phase to another, you can accommodate the changes in your house. When your family grows, you can knock down a few walls and add a swing set in the front yard for your little ones. Such advantages are immediately cut down when one imagines a condo instead.
You can run your independent business from a house without the rules and interference of the condominium board. You can live with as many people as you like and add as many pets to your residence as your heart desires.
This is where condo fees vs house expenses can be brought up and compared for reaching better outcomes in the discussion.
Easy come, easy go
Houses are independent properties that can be bought and sold according to your free will. They are a liquid asset that is easy to sell under all market conditions. The sheer room for unique customization in a home pushes the prospect buyer to seal the deal.
When the market is sinking, a condominium owner in Ontario will often rush to sell. This is another reason why houses always stay in demand, and condos end up as rentals on the market.
What is better?
Ideally, a condominium would be chosen by an individual looking for structure and rules. The dynamics of condo complexes and the strict regulations about the number of people occupying a property can seem cumbersome to a solopreneur just starting.
You may get uncomfortable with the larger population occupying a complex. Even your privacy might get perturbed by the mere proximity of people in the shared amenities. If you are not comfortable with these conditions then getting a house independently or on rent, would be the better choice for you!
A house will allow you to be expressive, open, and free about your lifestyle choices. Whether you want to start an art class in the basement or hold a garage sale after spring cleaning, you are free to make your choices.
At the end of the day, it is your lifestyle that genuinely makes the call here.
