Buy a Condo or House
Both are good options; to buy a condo or house or semi-detached house or a townhouse. Each home buyer will have their own unique needs and requirements. Ultimately a first time home buyer should do her or his homework allowing them to make an educated and well informed decision on whether to buy a condo or a house.
Here are just a few of many factors that a first time home buyer should consider when weighing their options on whether to buy a condo or house.
1) Are you set on where you want to live? i.e. urban or suburban, down town or up town, close to your work or don’t mind driving long distance … you get the picture.
2) If you are set on where you want to live, what are the options available at your disposal based on your income, credit strength and down payment? i.e. maybe there is a nice house in the urban area you like to live, but can you get approved for a mortgage and would the monthly mortgage payments be comfortable for you to pay without putting too much stress on the rest of your monthly expenses.
3) If you know what is the maximum amount of a mortgage you can get approved for, what is within your practical reach; a condo or a house? i.e. sometimes first time home buyers first home will be a condo, and then, for example, when their mortgage is up for renewal five years later, they are ready to move into a house.
4) If none of the above is an issue, and financing is not a problem, then a suggestion would be to consider buying a detached home. You will have the most flexibility and freedom. No condo fee’s to pay, and you will have such benefits as having your own front and back yard, private parking, potentially less noise since there are no neighbours directly attached to your property and more.
5) Should you be someone who likes to travel a lot then a condo might be a better option as it is much easier, and most of the time safer, to just lock the doors and go away on holidays or even longer without worrying about whose looking after your home.
6) Living in a house has some work cut out for you as you have to cut the grass, shovel the snow, water the plants, maintain the outside of the property as it gets older, and other related matters. And if you decide to hire someone to do this work for you, it can become a large one time or monthly expense. Living in a condo you have to pay a condo maintenance fee, but you don’t worry about cutting the grass, shoveling the snow, and maintaining the wear and tear of the outside structure of the building. Plus, the majority of the condominiums will have around the clock security personal look after the premises.