When thinking about your next move, there are a lot of factors in play. A house is a big commitment, and so is a condo! Both have pros and cons, and the best option depends on what factors are most important to you.
If you’re considering purchasing a house or condo, here are a few questions you should ask yourself.
How much space do I need?
In general, houses provide more space than condos. The amount of space you want depends on a few factors. Are you considering having multiple children, or already have kids? A house might be better suited for a large family, as it provides more indoor space to play and larger outdoor space. It could also depend on how much storage space you need. Sometimes even without kids, couples want to purchase a home for the sheer sake of space for storage. Maybe you expect family to be in town often, or like having guests stay over.
What amenities am I looking for?
This is a big one, and one that is often overlooked when searching for a new property. Most homes come with basic appliances like a washer, dryer, HVAC, etc which can save you money up front. On the other hand, condos might have building amenities like a pool, gym, on-site convenience store, etc, and these amenities might not be included in every neighborhood). Regardless if it’s a home or a condo, you should put in a good amount of research when searching for nearby amenities. It all depends on what’s important to you. Maybe you’d rather be in a more rural area, where shopping, gyms, entertainment, etc. aren’t as important to you. Or maybe you’re looking for a more suburban area, and want all of those things close by.
How much renovation do you want to do?
Keep in mind that getting a condo might not allow for some of the renovations you’d do on a home. And because homes are larger by default, you’ll almost always have more work to do on a home regardless. With condos, you can usually modify the inside, but have little control over the structure of infrastructure as it may disrupt neighbors. If you’re looking for some easy in-building maintenance, get a condo. If you’re looking to create your dream DIY home, a house is probably the better option.
What kind of privacy are you looking for?
A condo means you are living in pretty close corners. And you’re usually sharing amenities, like a dog park, mailboxes, community pool, etc. If you don’t mind community spaces, a condo might be a good option for you. But if you’re looking to build your own pool, want to build a garden, or need private space for the kids to play, a house might be the better option.
While there are more factors that play into your decision, these few questions will provide a baseline to set you up for success!