Condos Vs Houses
CONDOS VS HOUSES
Where do I want to live? What type of lifestyle am I looking for? What type of home ownership best suits me and my family? What are the differences and what are the costs? Are all townhouses condominiums? How can a single family home also be a condo?
These are questions that many Buyers ask and I can answer them to help you determine the best choice for you and your family. Understanding the differences between living in a Condo or living in a House is important .
What is a Condominium?
A Condominium is a type of ownership. Owners buy into a corporation that has a condo board of directors that determines how the property is managed and maintained. The costs of these decisions is shared by all the Owners thru their condo fees. Each condominium built is required to have 10,000 Unit factors that are allocated by the builder to each condo at the time of development. Your monthly condo fees are based on your unit factor. Condo fees usually cover the reserve fund, building management, repairs and maintenance of the buildings exterior and the common property. Water and sewer and utilities can be included in your fees depending on the style of the condo and how the fees are structured. Interior repairs and maintenance are the direct responsibility of the Owner. Each Condo corporation is different and it is important that you understand what the condo fees cover.
What choice is best for you?
Condo Are you looking for the freedom to lock and go? Not worry about maintenance? Are you a first time Buyer that finds owning a house with all its responsibilities a little intimidating? Maybe a condo is the best choice for you.
- Generally freedom to do what you wish inside (within the law and the bylaws of your condo agreement)
- Changes to the outside areas normally need permission from the condo board for changes and/or improvements.
- Monthly condo fees usually cover the reserve fund, exterior maintenance, snow and landscaping. Fees often include water and sewage and in some cases heat and electrical.
- Insurance that covers the exterior and the building structure itself are part of your condo fees. You will need your own personal insurance for the interior and your personal affects.
- Bylaws are set in place that sometimes have restrictions for the owners regarding things like pet ownership, age restrictions and parking assignment (if parking is not titled)
- How healthy is the Reserve fund for the condo corporation? How are major improvements handled and paid for? Are special assessments levied or does the corporation raise its monthly fees? Have the condo documents inspected by a professional to learn all you can about the building.
Houses Do you have a large family and want a yard with space to use freely? Do you enjoy your privacy and do you want absolute control over all the decisions that affect your home? Maybe a house is the best choice for you.
- Private yard.
- Parking, if not a garage, is usually close to your front door
- All maintenance and its associated costs are the complete responsibility of the Owner
- Not required to ask permission to paint, renovate, or make changes
- No condo fees
- Payment of all utilities are the Owners responsibility
- You are responsible for all insurance costs.
- You have total control (within the law) of what you can do to your property
- No restrictions of when you want to do repairs or upgrades
- What kind of condition is the house in? Are there major repairs or maintenance coming up that need attention? Have the home inspected by a licensed professional before you buy.
More and more people are considering condos, and as a result, there has been a huge rise in the development of condos in the real estate market. It is important, though, that when deciding to buy a home, you determine the type and style of home that works best for you.
Feel free to contact me at any time to learn more about the condo and house market, and I would be more than happy to provide additional information on the benefits of both.