As the impending winter season draws near, people all over Toronto are looking for real estate for sale to avoid being caught out in the cold. Fortunately, the housing market is finally bouncing back after a slow few months and there are quite a few listings up right now to choose from.
But, there is one question that is plaguing every buyer’s mind right now: should I buy a condo or a house? It’s a debate older than the city itself, but it’s one that people aren’t going to stop having anytime soon. So, if you’ve found yourself racking your brain for the answer to this question, here are a few pros and cons to wrap your brain around:
Owning a Home: Pros
● You get a lot more privacy in a house. Anyone who’s lived in an apartment knows how frustrating it can be to have really loud neighbors. Although most condos are a lot bigger than a standard apartment, you are still at the mercy of thin walls sometimes.
● You call the shots when you own a house. If you want to tear down a wall, you can tear down that wall. If you want to replace your fence, you can replace that fence. Ultimately, it’s your property and you can do whatever you want with it, within reason of course.
Owning a Home: Cons
● Buying a house is expensive. It’s important to note, especially for first-time buyers, that buying and maintaining a home isn’t cheap. There are substantial upfront fees, not to mention keeping up with around-the-house projects can often run up a tab.
● Buying a house is a big commitment. Even if this isn’t your first home, there is still quite a commitment that goes along with buying. So, if you’re in a bit of a transitional period in your life, or not quite financially secure, you may want to review some other options.
Owning a Condo: Pros
● Condos typically cost less than homes. For new homeowners, a lesser price tag can make getting into your new home a lot easier and whole lot less stressful. So, if you’re trying to avoid a hefty mortgage, a condo is where you want to be.
● Condos require far less maintenance than a home. If you’re handy around the house, or just don’t feel like taking on extra projects, a condo is highly recommended. Management takes care of a majority of the work, and no more mowing the lawn!
Owning a Condo: Cons
● Condos come with their fair share of rules to follow. Although housing associations are notoriously not the most fun to deal with, condo property management can be just as much of a pain. So, make sure you read the fine print prior to move-in day.
● Condos don’t have as much space as a home. No matter how big of a condo you buy, it will never have as much space as a traditional home. So, if you have kids or pets, you may want to get into something a little bit bigger.
At the end of the day, the most important to question to ask yourself is what is going to work best for you and your family. You want to be comfortable in your new home and you want anyone else living with you to be happy hanging their hat there. So, before you sign the dotted line, make sure you communicate so that everyone in your house is getting the best deal.