To Buy a Condo or a Home: That’s the Question

So you’re finally ready to embrace residential property ownership after several years of sacrifice and hard work. The question is: should you buy a condo or a single-family home?

Buying a condo

Boon: Most buyers choose a condo over a home because the former tends to be located in highly urbanised settings. This means that the condo is a mere stone’s throw away from the essentials: supermarkets, groceries, bars, restaurants, parks, recreation centres, and health care facilities or clinics. Higher-end condos now even have in-house pools and fitness centres.

Bane: Condo owners have to pay association fees which will be used to maintain or repair common areas like gardens, gyms, parking space, and driveways. Also, condo owners can’t implement some changes in their property without the approval of the association. For instance, if the condo allows two pets per owner, and you’re thinking of adding another one to the brood, initiate a discussion first with your fellow owners and see what comes out of it.

Buying a home

Boon: Homeownership affords you the benefit of freedom. This means that you can own as many pets as you want, do remodelling as much as you want, and have parties until the wee hours of the morning.

Bane: The downside of this is you have the maintenance responsibility all to yourself. Most times, you have to invest in quality home improvement tools if you don’t want to call in contractors every time there’s something wrong with the house.