Thinking About a Condo Instead of a House? Five Key Decisions You’ll Need to Make

Posted by Robbie Johal on Thursday, December 5th, 2013 at 6:01pm.

Investing in real estate is one of the most important financial decisions in a person’s life. Therefore, it is vital to consider whether a condo or a house is right for you. Regardless if it is your first home or your retirement villa, there are many versatile options in the Surrey real estate market. Here are the five key decisions you will need to make in order to choose between a house and a condo.

A Preference for High or Low Density

First of all, it is paramount to consider your preference for neighbourhood density. Condos offer high density living with sometimes 100 or more residents in one building. This can make for vibrant community living, but it is important to consider if you prefer more seclusion. Many detached houses are in neighbourhoods that have lower population density and can often be quieter places to live.

The Reality of Repairs: Individual or Group

Owning a house requires plenty of maintenance, and the responsibility of upkeep rests solely with the homeowner. However, these owners have the flexibility to decide when and how they will look after major repairs and minor maintenance. In contrast, condo owners make monthly payments to a condo association for these matters. This can be a benefit for those unfamiliar with renovations; however, it is important to remember that unexpected repairs can spring up and may result in a condo levy.

The Right Space for You and Your Lifestyle

For those looking for more space to stretch out, with a garage for automotive work or space for a home office, a house may be the ideal choice. Alternatively, for those who don’t want superfluous spare rooms, a condo may be best as it optimizes square footage and offers all the benefits of a turnkey lifestyle. Many condos in Surrey are conveniently located within walking distance of shops and restaurants, and may offer modern amenities such as gyms, pools and games rooms. However, it is important to consider if this is a priority for you, because if a big backyard to host barbeques is more your style, than a house might be a better choice.

The Right Financial Investment

Purchasing property is an important investment, and price is one of the key factors in determining what type of home you purchase. It can therefore be beneficial to consider a condo, as they are generally priced lower than detached houses. This cost savings can be used for homeowners to make investments in their retirement or business. Alternatively, purchasing a condo can be a great first step toward owning a house if that is your ultimate goal.

Low Maintenance Can Come With Restrictions

Maintenance of a property is not just about repairs – it also includes tasks such as mowing the lawn and shovelling snow. It is important to consider the time and energy that goes into owning a house, as well as the extra tools that are required. For those looking for less maintenance, these types of tasks are generally looked after for you in a condo. However, if you are the type of person who likes to tackle a DIY project on the weekend or adopt a dog, it is important to keep in mind that condo associations may have rules and restrictions that do not apply to houses. For example, associations may limit flooring options or may not allow pets.

Once you have considered these five important decisions in choosing whether to purchase a condo or a house, the next step is to find out what homes are available. You can now enjoy the excitement of looking at different styles and options all while knowing that you are making the decision that is best for you and your lifestyle.

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