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Condos vs. Detached Homes: What is the Best Option?
Tuesday, 15 March 2016, 09:35:00 AM

Finding the property that is best for you is the most important decision that you will make pertaining to real estate ownership. The most popular types of properties to own are condominiums and detached (single-family) homes. Although both options are great choices, the ultimate decision will come down to your personal preference, and which of the two options is the best investment for you. 

Transportation Factors 
This will play an important role in your decision between purchasing a home or a condo. Transportation is a part of your lifestyle. For example, do you prefer to travel by bicycle, public transit, or walking to-and-from your destination? It is best to choose a property that puts you in the heart of the city and is close to all of the main attractions. If you own a car, your preferred choice of transportation may be to drive. Therefore, the distance between your home and the city is not a huge ordeal.

Level of Privacy 
Even though a single-family home is near other houses, the level of privacy is not the same when compared to condos. You will be able to move around the home as you would like, without having to worry about making too much noise and upsetting the other condo owners that live within close proximity. condovshome

Keep in mind that some condominiums have private outdoor spaces, but many do not. Therefore, if you are looking for a patio or backyard, a detached home may be the best option for you. 

Maintaining the Property
When you purchase a condo, the agreement will generally include maintenance fees. These fees are used to maintain the unit, which typically includes landscaping and exterior work. As a homeowner, you will need to maintain your property. Some neighborhoods have a homeowner’s association that will take care of exterior maintenance, but this will vary from community-to-community. 

Affordability
Come up with a budget for your new investment and search for properties that fall within that budget. When it pertains to affordability, condos are typically more affordable in comparison to homes. Even with the flux of the housing market, condos still remain more affordable than a single-family home. However, this will vary by the property type and extra features. 

Keep in mind that you do not want to overextend yourself financially, even when purchasing a new home or condo. Therefore, you should always remain within budget. An experienced real estate agent will help you find the perfect property that is affordable, regardless if you are searching for a home or condominium. 

An Investment Standpoint 
A house comes with land, which makes this property a great investment. When you purchase a property with land, there is typically a lot of value in that property. This is true in urban areas throughout Canada, where land is at a premium. In these areas, there is a good chance of appreciation. 

This does not mean that condos are bad investments. Many residents in Canadian cities think of condos as long-term investments. These properties can also be rented out if you choose to purchase another home later on in life. This rental income could come in handy, which makes condos a good investment. 

Restrictions
With a condo, there are generally more restrictions, compared to living in a detached home. The inside of your condo is legally yours to do whatever you would like, but the outside of the home has its restrictions. You will generally need to receive approval before adding fences, painting the home, growing specific plants, and more. Keep in mind that these restrictions could also apply to detached homes that have a homeowner’s association. 

Some condos cannot be rented out, or have strict rental rules. A condo association may also have pet restrictions. These are details that you should always know before making a purchase. 

Condos and homes have their advantages and disadvantages, so ultimately, the decision will depend on your personal preference. Always speak with an experienced real estate agent before making a purchase.


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