Condo vs home
- Thread starter AudiA4Guy
- Start date
AudiA4Guy said:
If they purchase a condo
1.) Price maybe
2.) Saving up for a bigger home.
3.) Maybe they don't need a lot of space and are humble people.
4.) They like elevators and a close-nit community right at their doorstep
5.) Houses cost too much to upkeep
If they purchase a home instead
1.) Privacy
2.) More Room
3.) Better investment
just my 2 cents
maybe one is just about old enough to leave the family nest(or needs a nudge),with the housing market hot a good time to move?
If you're ok with renting part of a home and use an agent to do so to ensure you get some good tenants. Then when it comes to price and mortgage affordability, you may want to consider that condo maintenance fees of say $400 a month and renting say the basement at $800, generates approximately $1200 in cash each month with the house scenerio. This cash increases the ability to carry ~100k-150k of additional mortgage each month, with no increase in monthly cash requirements in comparison to the condo.
Of course this based on many assumptions and my point only is if you consider the monthly condo maintenance fees and if your maybe willing to rent, depending what your looking for in a home, buying a home may be more afforable then you think. Of course not an option if you are risk adverse.
Of course this based on many assumptions and my point only is if you consider the monthly condo maintenance fees and if your maybe willing to rent, depending what your looking for in a home, buying a home may be more afforable then you think. Of course not an option if you are risk adverse.
What about condo fees? A lot of two bedroom apts style condos have condo fees of over $500/month.
Since property tax is dependent on the value of the home houses tend to be more expensive.
But when you look at heating and electricity it would be cheaper to pay these bills instead of the condo fees which will keep going up.
Also, many condos you will have to pay for parking unless the unit comes with one or two spots.
But a condo would have a pool and gym.
House would have more privacy and possibly some private outdoor space.
Condo may or may not have a balconey.
Laundry is also a consideration, ensuite is nice. Laundry room is a pain.
Not a fan of the occasional fire alarm being pulled late at night (maybe once a year).
Not a fan of the time water leaked down into my condo because the person above let their bath tub overflow.
The occasional drop by of maintenance people etc is a bit annoying.
Location is also key. Some might choose a condo to be closer to work. The time and money saved on gas and commuting could be substantial.
I found condo living to be nice mainly for the prime downtown location but I really didn't utilize the facilities much so I was throwing away money on the condo fees.
Since property tax is dependent on the value of the home houses tend to be more expensive.
But when you look at heating and electricity it would be cheaper to pay these bills instead of the condo fees which will keep going up.
Also, many condos you will have to pay for parking unless the unit comes with one or two spots.
But a condo would have a pool and gym.
House would have more privacy and possibly some private outdoor space.
Condo may or may not have a balconey.
Laundry is also a consideration, ensuite is nice. Laundry room is a pain.
Not a fan of the occasional fire alarm being pulled late at night (maybe once a year).
Not a fan of the time water leaked down into my condo because the person above let their bath tub overflow.
The occasional drop by of maintenance people etc is a bit annoying.
Location is also key. Some might choose a condo to be closer to work. The time and money saved on gas and commuting could be substantial.
I found condo living to be nice mainly for the prime downtown location but I really didn't utilize the facilities much so I was throwing away money on the condo fees.
As others have noted, condos generally have a lot of facilities that houses may not have such as the pools, gym, bowling alleys and golf simulators etc. Also, let's not forget that location counts. Some condos are strategically placed very close to public transit which can be important to some.
Additionally, in some cultures it's quite normal for the (adult) children to be taking care of the elderly parents. I would think that in a condo this might be a bit easier since you don't have to worry about things like house maintenance (and therefore can concentrate on the parents).
Lastly, most condos are quite safe and have 24 / 7 security guards. To some people I'm sure this is a very important feature.
Additionally, in some cultures it's quite normal for the (adult) children to be taking care of the elderly parents. I would think that in a condo this might be a bit easier since you don't have to worry about things like house maintenance (and therefore can concentrate on the parents).
Lastly, most condos are quite safe and have 24 / 7 security guards. To some people I'm sure this is a very important feature.
To me, buying a condo is half-way between renting an apartment, and owning a house. I think that the most important time to own a house is when your children are small. There is a big age range when you would be comfortable letting your kids out into a fenced yard, but not comfortable letting them go down in the elevator with whoever to play outside. Then once you are in a house, you might as well stay in one at least until the kids move out. If you do not have children, I don't know if a house would be worth the hassle.
For me a house is worth the hassle, as long as it's detached. Had enough of apartment living where you could hear everything going on around, above and below you.
Now my next step is to have that detached house out in the country with a bit of land to separate me from the neighbours.
Now my next step is to have that detached house out in the country with a bit of land to separate me from the neighbours.
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