House vs Condo in Oakville. Pros and Cons Of Each
If you’re thinking of buying a home for the first time, you may be grappling with the decision of buying a single family home or a condominium apartment. There may be several factors influencing your preference, however, the location and price of the property should be a priority. It’s important to know the pros and cons of each type of housing because it will help you make a rational decision.
Below are the pros and cons of living in a condominium.
- Affordability: Condominiums are cheaper compared to single family homes. If you’re a first time home buyer with a small budget, you may consider buying a condo.
- Amenities: Most condos come with amenities such as a fitness center, club house, and a pool. An average home owner may not afford to have all these amenities in his or her home due to price and space.
- Security: Condos provide gated entries, doormen and an array of security features. You’re also living close to many people so in the case of an emergency, you can look out to many people for help.
- Maintenance: Another advantage of living in a condo is that there are people hired to cut grass, maintain the roof and grounds. If your lifestyle involves a lot of travelling, or you’re busy due to your career, a condo may be the best option for you.
- Hard to sell: Most condos are similar, hence they prove difficult to sell. If you live in a condo that has empty units, they’re likely to sell first. You may have to move out first or sell at a lower price to entice the buyers.
- Lack of privacy: With a condo, there are neighbors on the other side of the wall. There are other people walking up and down the hall and the grounds every other time. If you want to enjoy peace and quietness in your home, a condo may not be a good option.
- Slow appreciation: The value of condos does not appreciate as fast as a single family home because you do not own the land.
- Live by rules: You have to follow the management rules which at times could be impeding.
Single Family House
Below are the pros and cons of living in a single family house.
- Easier decision making: You can do all the remodeling without having to consult anyone. You won’t have to put up with special assessment surprises.
- Privacy: You’re living in a detached house so you won’t share a wall with your neighbor. You’re able to enjoy peace and quietness around you.
- More space: The rooms in a single family home are larger than those of a condo. There is also a yard outside the house which you could use for other projects.
- Appreciates faster: With a single family home, you own the land; therefore, the property is likely to appreciate much faster.
- Easier to sell: Each home has unique features which may be appealing to a certain buyer. Therefore, when it comes to selling the house, its uniqueness will serve a competitive advantage.
- Repair costs: If the pool door or window breaks, you’ll pay for the repair costs. You also have to insure your house against fire, earthquakes and other utilities.
- High maintenance: You have to meet all costs that pertain to housekeeping such as lawn care, caulking and roof maintenance.
- Expensive: A house is more expensive than a condo because you are buying the land too
Most people tend to think that buying a condo is not as involving as buying a house which is not the case. You can talk to people who have previously lived in condos and try to learn from their experience.