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House vs Condo
For many people, the decision to live in a condo or a detached house is a more difficult choice than many people realize, and to no surprise is a very common question I am asked. Hopefully I will be able to answer any questions you may have about the differences between the two and help you decide which one suits you best.
For many people, the decision to live in a condo or a detached house is a more difficult choice than many people realize, and to no surprise is a very common question I am asked.
Hopefully I will be able to answer any questions you may have about the differences between the two and help you decide which one suits you best.
Market statistics tell us that generally speaking, residential homes (detached houses) will appreciate more and quicker than a condominium unit. The difference would also be felt in the reverse, as detached homes would suffer more in downward market than a condo. For example, compare the average sale prices increase in Winnipeg for both detached homes and condos from 2006-2009.
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The other thing to consider financially is the monthly payments. All market appreciation aside, you need to be able to afford your home on a monthly basis whether it’s a house or a condo. The most popular objection to a condo is that you have to may a monthly condo fee. These fees normally include the property management, common elements, landscaping, and snow removal. In some instances, the condo fees may include utilities such as hydro, heat and water, or other amenities such as parking spaces, pool/gym access etc. It is important to find out exactly what the condos fees include. Note that over time, condo fees only rise and are virtually never lowered.
One defense towards the condo fees, is that a condo is significantly easier to maintain than a house. With a condo, you don’t have to worry about your basement flooding, your roof leaking, sewer backing up or other such expenses you may have to incur during the ownership of your house. Many people also don’t take into account the smaller things you need to purchase to maintain the home such as a lawnmower, rakes, hoses, ladders, etc. One must also factor in the time and effort it takes to perform the maintenance the house requires.
So what does it all boil down to?
Lifestyle. Plain and simple. If you work downtown and want to walk to work. Guess what, you’re going to have to buy a condo as there aren’t many houses in downtown Winnipeg. If you have three big dogs that need a large yard to do their business in, maybe you are more suited for a house. If you are constantly on the go and don’t have the time to brush your teeth let alone mow the lawn, a condo may be your better option. When thinking about what kind of lifestyle you want to live, consider the following:
- Your proximity to work, and available transportation.
- Do you love having guests over for bbq’s and parties?
- Do you own pets or want to own pets?
- How often/long are you at home in any given day?
I hope this helped. If you have any further questions, please don’t hesitate to ask by clicking here.