Oakville Real Estate News

Finding The Right Home: House Versus Condominium


Blog by Joette Fielding | June 18th, 2013


Owning a home is more than just a financial commitment. When it's your home, you're responsible for all of the upkeep and maintenance, so it's wise to choose one that matches your lifestyle.

Houses versus Condominiums:Homeownership - House versus Condominium

Houses:
Pros
- You have more freedom to renovate or upgrade your home as you wish
- You only pay for the amenities and utilities that you use, instead of a lump-sum condominium fee that may include services or features you do not want or need

Cons
- Houses require a lot of work, and you are solely responsible for all of the upkeep, repairs and maintenance
- Expenses may vary by month, making it more difficult to budget for your costs

Condominiums
Pros
- One monthly fee usually covers all of your maintenance costs, and you’re free from yard work and other outdoor chores
- Steady, predictable expenses make it easier for you to budget for your costs

Cons
– As a condominium owner, you are subject to the rules of your condominium.  Plus, you have little control over the amount of your monthly condo fees, which are in addition to your mortgage payments.
- Condo fees are subject to change and you may have no choice but to accept increases as they occur

New home construction versus resale home:

New home construction:
Pros
- You may have more flexibility6 when it comes to upgrading the features in your new home, such as finishing materials, flooring, plumbing and electrical fixtures
- In most provinces, a builder warranty is usually available and covers major household systems like plumbing and heating
- New homes are built to meet modern comfort and safety codes, using the latest building materials and technologies  the result is often greater cost- and energy-efficiency

Cons
- Homes in a newly developed area may not be completed on schedule and may not have immediate access to amenities such as schools or shopping centres – these are generally built after the residential population is complete
- Noise and dust from ongoing construction may affect the comfort of your new home until the development is complete
- Brand new homes seldom come with landscaping or fencing, which can both be substantial expenses for any homeowner

Resale home:
Pros
- You are most likely moving into n established neighbourhood, so you can see which amenities and services are already available
- Your property may already have landscaping, fencing and mature trees
- It may already have some upgraded features, such as a finished basement

Cons
- An older home could mean higher maintenance costs in the short term, especially on major systems such as heating, electrical and plumbing
- Resale homes come as they are, and you may have the added expense of changing wall colours, flooring or other interior design elements that don’t suit your taste


Community checklist

Your home is the place where you're going to live for a long time, so make sure that the neighbourhood you choose provides the right combination of services and amenities to meet your long-term needs. Here are some of the lifestyle and financial considerations you'll want to think about

  • Proximity to schools and public transportation
  • Real estate taxes
  • Recreational facilities
  • Distance of commute to and from work
  • Traffic flow and availability of parking
  • Planning and zoning laws that may limit your long-term plans (for example, building an addition)

 

Content courtesy of http://www.tdcanadatrust.com


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