House vs. Condo…. How to decide on your home?

More and more often these days with so many busy people I work with, the question of “what should I do, buy a condo or a house?” comes up; and the answer may seem simple but the truth is, there are so many variables a buyer needs to consider when firmly deciding the road to take. Though the answer ultimately comes down to the lifestyle the buyer wants to live, and their wants and needs.

If you have a large family you will most likely want space for them to enjoy, which means a condo most likely isn’t for you. If you love your space, privacy, and having absolute control over all the decisions that affect your home, then a condo probably isn’t for you. If you live a busy life and would like to simplify your living arrangements by having virtually no yard work or snow removal, then a condo is in your future! If you’re looking to down size after owning a large home, but aren’t quite ready to give up the comforts a home provides, you might want to consider a detached bungalow condo. If you are a first time homebuyer and owning a house and all that goes with it seems daunting, a condo is probably in your best interest. You can always move into a house down the road if your lifestyle or wants and needs change.

Both houses and condominiums afford many different styles and options. The demand for condos had increased in recent years here in Regina and as a result, new condo developments are plentiful, maybe too plentiful in fact! There are a many different styles of condos, each have their benefits. Apartment style condos are for people who don’t need space and don’t mind a communal environment. They typically have underground parking or outdoor parking that accompany them. Townhouse style condos are for the people who need space with slightly more privacy. These typically come with the option to have a single car garage or not. Lastly we have bungalow style condos, which gives as much room as one who wants it needs, but with little to no maintenance. In any style you choose, I always let my clients know that it is important to sit on the condo board or at least be present for the board meetings.

Quick Recap:

Houses

• Private space
• External Maintenance a must
• Your home to do what you wish to it
• No condo fees
• You pay your insurance
• You do what you want when you want to

Condos

• Typically you have the freedom to do what you wish inside, but outside you normally need permission from the condo board to make changes
• Monthly condo fees that may include water/sewer and if there is a boiler system they will include heat
• Exterior maintenance including snow removal and landscaping is taken care of by the condo association
• Insurance that covers the exterior and the building structure

The bottom line is this: it is important that when you are deciding to buy a home, you determine the type that you want based on your lifestyle and the length of time you plan on staying at the property.

Are you are still unsure of which ownership is right for you? Your Real Estate professional is an excellent asset if you wish to learn more about the current local condo and housing market conditions.