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Condo or house? There are benefits and hindrances to both condos and Houses. To make your decision easier we have investigated both the condominium and house owner. These illustrations may not match your individual character exactly, but we hope that recognizing it, it will help you figure out where to focus your quest for the perfect place!

Hari is searching at buying a apartment.

His lifestyle is active and he is a professional who at the time leases an apartment. Although some of his comrades have moved in different directions, some of his friends still lease. His apartment is starting to feel restrictive and bare. He used to be fine with it, but now he’d like to spread his wings a little bit – get a bit more room to accommodate friends, and have the option of really painting and getting some better furniture. Hari works drawn out hours at the office, so it’s important for him to minimize the commute and the time spent running errands, shopping, picking up healthy take-out, grabbing his dry cleaning, and going out for fun. Hari doesn’t have any pursuits that require a lot of room – in fact, he really doesn’t want a very massive space that he has to spend time and money persevering. In the space department, Hari only really wants storage space and a nice flat wall for his flat-screen TV. He adores clean lines and new accessories. A garden that needs looking after is a clear no-no. He doesn’t want to tinker with a fuse box or fix the sink – he desires someone to take care of these things as soon as they go askew, with no surprise bills to pay. Hari has his own circle of friends so doesn’t want neighbours that are continually calling. He’s friendly and doesn’t mind some noise now and then – it’s part of life. But he draws the line at personal security – that’s why he really likes knowing that the apartment building he’s considering is patrolled and monitored 24 hours a day. When it comes to taking care of himself, Hari cares about his health, so it’s great that the building has state of the art exercise facilities and a nice pool – there’s a savings on his gym membership right there, because the monthly apartment fees cover all the resources! Hari’s investment mindful, so though he doesn’t have a car, he’s partial in a unit with parking because it really helps with the resale amount. He needs to consider the years ahead as there is always a point when someone moves on. The future has not happened yet, so who knows how the situation will change. For someone in this situation now, the benefits of apartment life make sense.

Susie prefers living in a house.

Having a personal space is one of the things Susie likes the most. From the times at college, she still recalls how it felt having only a thin wall between her and her neighbours, and doesn’t want any of this anymore. Having privacy and enough space far outbalance the amount of time Susie spends travelling to work, and when it comes to shopping, she takes the SUV and loads it up at the supermarket once a week. When Susie was a kid, she used to play around the yard all the time. And this is what she wants also for her own two kids, who mean everything to her. Another advantage is that a lot of other families with school age kids live around, and it’s really handy to know the other parents and talk about experience with school sports, the best babysitters and the new off-leash park. And also it’s possible that Susie and her husband Stuart may have one more child in the future (although they haven’t really planned it yet), or possibly Stuart’s mom might need some help later and would move in with them. So having enough space for the possible family growth is a necessity for them. In a house, there is also enough space for hobbies – for instance Stuarts has a vintage car in the garage where he likes working and their daughter Jenny plays the drums. Both of this wouldn’t be possible to do in a condo. The drums are already loud enough when Jenny plays in the basement, so they are planning to soundproof it and put in a bathroom, which would make a great teenage retreat. On weekends, they enjoy having a garden – Susie likes to tool around and pick fresh vegetables while Stuart fires up the grill for a barbecue. Susie and Stuart also consider very important the fact that they actually own the land they live on. Well, if the roof leaks (as it did last year after all those storms), it’s still their own roof and they had some cash for such emergencies set aside. Occasional home repairs just come with the territory. Susie and Stuart don’t mind staying on top of the servicing work, because they each have their own chores and responsibilities (Susie cuts the grass and Stuart takes the recycling to the curb). As far as safety is concerned, Susie believes that their new system will keep the burglars out of their house. And also there is a residents’ association that keeps an eye on what’s going on in the neighbourhood. She is just happy in their safe region and wants to stay there long-time and put down roots.

Final advice

Which profile resonated with you the most – Hari’s story or Susie’s story? It is possible you don’t fully match either one – in this case, you may enjoy the benefits of living in a condo town house, which can combine a lot of the advantages of both condos and houses.

If you ascertained that a apartment could be a better fit, never let the monthly apartment fees, combined with property taxes, mortgage and insurance, outstrip 30% of your monthly income. Always look at the economic health of the Homeowners Association (HOA) to see if the monthly apartment fees actually cover pricey repairs to the building, or whether residents have to pay an additional premium every so often (this depends on the health of the reserve fund, which your real estate lawyer can examine for you, as well as the apartment by-laws; sometimes, for grave or unexpected repairs, provisions are made for special assessments to cover these costs). What is made available in your fees? If there are extra facilities included do you really require them? You may not have a pet but if this is an issue check to find out if your building permits them. Also ask around to discover what your utility bills may be. Supplementary bills could enlarge your monthly expenses greatly if they are not included in your fees.

If you decide to purchase a house, then we recommend that your mortgage together with all property taxes shouldn’t eat up more than 25 per cent of your monthly income, just to make sure you have enough cash left for any necessary upkeeping. First try to estimate the necessary upkeeping costs and also to what extent you are able to manage the repairs needed, as all the responsibility (from a leaky faucet to a flooded basement) will be only upon you. And how much will be your expenses for transportation? Don’t forget about these, as it is important to be considered, especially when moving to a suburb. Make sure that you examine a recent home inspection to prevent any surprise problems with the home’s mechanical systems, from wreaking havoc with your budget. For example, a fixer-upper with an ancient furnace, old wiring and insufficient insulation will demand a more or less immediate cash infusion just to make the house liveable.

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