What to Buy... a House or Condo?

"Making the decision to buy a home is just the first of many choices first time home buyers face. Assessing your lifestyle is the next step and that leads to one big question in particular: house or condo.

“There are benefits and pitfalls to both houses and condos – especially for first time home buyers' budgets,” says Chris Wisniewski, Associate Vice President, Real Estate Secured Lending, TD Canada Trust.

Wisniewski recommends buyers weigh the pros and cons of houses and condos before making their choice. Some pros and cons include:

Houses

Pros:
• You don't have to pay fees for amenities and services you don't use.
• You can renovate more freely to personalize your home.



Cons:
• You have to maintain your home and property.
• Your expenses are not always predictable.
• Affordability often equals to a longer commute

Condos
Pros:
• Your building may feature some additional security features that you may appreciate such as a doorman or cameras and convenient amenities like a gym, a party room or a pool.
• Your monthly expenses are relatively predictable and usually cover your maintenance – from shovelling the driveway to mowing the lawn.
• Usually located in an urban environment meaning less of a commute.

Cons:
• In addition to your condo fees, you may face additional payments for expenses your condo corporation deems necessary such as roof repairs.
• You're often living in much closer proximity to neighbours which can equate to more noise." ~ NewsCanada.com

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